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During the first quarter of 2016 we’ve had an influx of both second homeowners and tourists alike. Our restaurants and watering holes have been full to capacity every weekend with everybody enjoying the entertainment scene in Crested Butte. The ski resort closed last Sunday to a very enthusiastic last day of great skiing, fun costumes and crazy antics.
Getting to the really important things… statistics. We’re excited about our average price and sales volume being up 49.9% and 27% respectively. Fewer properties sold this quarter compared to 2015’s first quarter yet the gains were highest in residential sales. The residential markets were up in every micro market except Crested Butte South. Land sales were unpredictable as most people would like to see the bare ground before buying!
We are off to a great start for 2016 and expect our busiest season, summer, to grow again this year. With sales volume slightly down due to a smaller inventory we will continue to see growth in average prices throughout the market. 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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