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In 2015, the real estate markets in Crested Butte and Gunnison grew more than was predicted. The Crested Butte area market grew by a strong 9% compared to 2014 while the Gunnison area market grew by a staggering 93% compared to 2014. Not only was sales volume up in both markets but also average price and the number of properties sold increased as well. The market segments that did exceptionally well in sales volume increases were Single Family Homes in Mt. Crested Butte (47%), Single Family Homes in Rural Crested Butte (65%), Single Family Homes in Almont and Rural Gunnison (65%) and Single Family Homes in Gunnison (172%). Also all land markets did well with sales volume increasing in all segments. CB South grew by an astonishing 183%.
As we enter into 2016 we expect to continue to see healthy growth in our real estate markets in our area. Growth in tourism throughout both the winter and summer months and more people telecommuting, will in turn create more of a demand for properties in our area. So far we are off to a strong start in 2016 with currently over $40 million in properties under contract as of January 7th. Click the Quarter Report image for full report.
The real estate market in Crested Butte and Gunnison continues to march at a strong pace with significant gains in several sectors. Although activity has tapered during the holidays, both the number of properties sold and the sales volume increased approximately 15% in the first three quarters of 2015. The most notable rises in home sales occurred in the rural valley areas (32%) and in Gunnison (58%), with sales volumes of $102 million and $65 million respectively. Condos in the rural pockets also sold well, with a 47% increase in volume representing over $10 million.
Leading indicators for building activity are the strongest in years with lot sales volume increasing 114% to $41 million in the Gunnison valley. CB South led all sectors with 32 lot sales, an increase of over 250% over this time last year! Even though new home building activity will level upward pressure on existing home prices, it reflects strong buying demand, and it supports a healthy overall economic outlook for 2016.
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