Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

Sept. 8, 2019

Mid Year Market Report 2019

2019 has been a great year.  Year to date the number of transactions is down from 2018, but the average sales price is up 25% and the average days on market is down 23% across the county.    In town we are seeing single family homes and vacant land having the largest increase in price, while condos and townhomes have actually come down in price.  The opposite is true in MT. CB where condo and townhome prices have increased by nearly 65% as single family homes and vacant land have both decreased in average sales price.  Crested Butte South is the only area in the north end of the valley that has seen a steady increase in sales prices in each of the three sectors in our market.  Believe it or not, one of the strongest market areas in the county year-to-date is Gunnison.  Please have a look through the full market report in the link below and as always, call me with any questions.

 

Posted in Market Updates
April 19, 2019

2019 First Quarter Report

The Crested Butte Sotheby’s International Realty Quarter Report offers a summary of the real estate market analysis for the Crested Butte and Gunnison areas. As the first quarter of 2019 ends, we are grateful for a successful and snowy 18-19 winter season. The Crested Butte Sotheby’s International Realty office had a fantastic start to the new year and saw some exciting changes. In March, we announced our new alliance with LIV Sotheby’s International Realty. This partnership will elevate the already excellent service we provide our clients and will expand our network throughout Colorado and beyond! Read more about LIV Sotheby’s International Realty on page 11 of this report.
 
As we look at the sales statistics thus far, the overwhelming trend throughout Gunnison Valley is that we are seeing a continued decrease in inventory at lower price points, resulting in higher demand from buyers. This is driving prices up and causing quicker sales in many areas.
 
One exception to this trend is residential lot sales in the Town of Crested Butte and Mt. Crested Butte. Both areas experienced one lot sale each in Q1, while available inventory at the time of publishing this report shows 15 lots in town and 38 lots in Mt. CB. We are attributing less interest in residential lots to the dramatic increase in price and building costs. Crested Butte South, on the other hand, is seeing more demand for lots (specifically those located in the flats) as we see properties selling 25% faster than last year even with higher prices.
 
Condo / Townhome sales show a substantial decrease in price for properties in the Town of Crested Butte over last year; however, only two sales have closed in the first quarter of 2019, one of which was among family members with private concessions made. For this reason, the data shown is not comprehensive and will likely equalize as the year progresses.
 
Single-family home sales are generally seeing a decrease in average sold price over last year apart from the City of Gunnison, which saw a 27% bump in sales price. Impressively, Gunnison also experienced a 67% increase in the number of properties sold over 2018, meaning this area is continuing to gain popularity for buyers!
 
For a more in-depth market analysis or assistance with all your real estate needs, stop in our office located at 401 Elk Avenue in Crested Butte or contact me today!
Posted in Market Updates
Feb. 21, 2019

2019 Resort Report

Living in a resort community offers a unique and attractive lifestyle, abundant with scenic views, recreational opportunities, and like-minded people. Buying and selling real estate in resort communities is unlike most transactions, which is why LIV Sotheby’s International Realty, with the help of other Sotheby’s International Realty affiliates, compiles a Resort Report focused on these one-of-a-kind communities. The Annual Resort Report analyzes 2018 year-over-year data from 12 prominent resort areas throughout the western half of the United States to inform consumers about the resorts’ performance, and what makes each one unique.

There are many factors that can impact real estate in these resort communities, including the changing seasons, available amenities, transportation offerings, and shifts in employment. Representing an increase in demand for a resort-driven lifestyle, most of these communities reported an increase in average sold price and average sold price per square foot, in combination with a decrease in average days on market.

Understanding the market is a critical piece to real estate success for both buyers and sellers. The 2019 Resort Report is assembled as a detailed resource for consumers to make informed decisions about their financial future. 
 
Contact me today to get a more in-depth view of the Resort Report 2019.
Posted in Market Updates
Feb. 9, 2019

Help Save Long Lake

If you are familiar with Crested Butte you have probably heard of Long Lake.  Long Lake sits just about Meridian Lake, and has always been a favorite of locals and visitors alike.  It is a great swimming hole, a peaceful place to hang by the water and one of the easiest places to access for a quick adventure.  Unfortunately we are at risk of losing access to this Crested Butte treasure.  Fortunately the Crested Butte Land Trust is working hard on our behalf to save Long Lake and forever preserve the public access to this community hot spot.  Below is a snapshot of what is going on.  You can follow the link at the bottom to see the CB Land Trust website for more information.  If you are interested in getting involved please let me know or reach out to Noel Durant with the CB Land Trust.

 

 

 Easily accessible from the town of Crested Butte, Long Lake is a balance of scenic views, wildlife habitat, recreational access, clean water, and critical ranchland connectivity. Currently, Long Lake is part of the Gunnison National Forest and managed by the United States Forest Service (USFS). This 120-acre tract is a maintenance burden for the USFS and is slated for auction or sale. If sold to a private developer, our community could lose Long Lake forever. 

The Crested Butte Land Trust has assembled a land exchange with the USFS that will protect Long Lake, add nearly 630 acres to the Gunnison National Forest, reinvest over $2,500,000 in affordable housing, and allow for better water planning in the Upper 

Gunnison Valley

The acquisition of Long Lake will achieve the following:

Ensure permanent access to Crested Butte’s swimming hole

Add 628 acres to the Gunnison National Forest

Conserve 120 acres of land around Long Lake

Reinvest over $2,500,000 in affordable housing

Protect 44 acres of grazing corridor

Create 380 acre-feet of renewable water storage potential

 

For more information and opportunities to give contact 

Noel Durant, Executive Director, at 

Noel@cblandtrust.org or 970-349-1206 

Visit our website to learn more! cblandtrust.org/long-lake

 

Jan. 31, 2019

2018 Year End Report

Curious about the year end real estate numbers in the Crested Butte area?  Below you will find a link to the full report, but here are a few quick stats:

Total Sales for Upper Gunnison Valley: $243.7 million

Total number of properties sold: 470

New record sale for single family house in town: $3,850,000

CB South single family home average price up 9.2%

Average lot price in town up 55.2%

Average lot price in Mt. CB up 11.4%

Rural CB land prices up 4.8%

CB South lot prices up 12.8%

And once again for the 7th year in a row Crested Butte Sotheby's International Realty led the market in total sales volume with a total of $116,212473. 

As you can see lots/land have been a hot item for 2018.  If you are interested in a more detailed report please click on the image below.  

Posted in Market Updates
July 31, 2017

Curious About Local Real Estate?

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Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

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You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.

We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.

Posted in Market Updates