The first quarter of 2017 began with snow storm after snow storm and January alone ended with a 136 inches of snow. It really created a difficult situation as potential buyers could barely see the outside of most homes as snow piled up past the roof line. Along with the snow, there was a decrease in inventory which added up to a small decrease (-1.7%) in overall sales volume compared to the first quarter of 2016.
The single family home segment of the market was up in the non-incorporated areas. Rural Crested Butte homes, Crested Butte South homes and Almont and Rural Gunnison homes all saw sales volume increases between 12% and 21%. The towns and cities in our area saw decreases in sales volume, between (-16%) and (-65%), which included Crested Butte, Mt. Crested Butte and Gunnison. As we saw in 2016 the condo and townhome market continues to be strong in 2017. A staggering 88% increase in Mt. Crested Butte. We continue to see an influx of Denver metro buyers flocking to Crested Butte and entering our real estate market in the more affordable condo and townhome segment. The land segment of our market was slow but that is to be expected when most lots are covered with 10 feet of snow.
As we enter the second quarter of 2017, we are seeing an increase in sales volume as the upper valley already has 90 properties currently under contract with a current listing value of over $61 million. Another influencing factor is that the second quarter historically is when we see an influx of listings. During the second quarter, sellers are putting their property on the market before the busy summer selling season. Some of these new properties will hit the market, go under contract and close all within the second quarter.
As noted above this is a great time to list your property as there is a decrease in inventory, average prices are continuing to rise and we will see an influx of buyers during the summer. Contact us so we can show you how Benson Sotheby’s International Realty gives your property the greatest worldwide exposure available in our market.