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!