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Gary Huresky’s Crested Butte Real Estate Resource
Gary Huresky’s Crested Butte Real Estate Resource is a resourceful tool for anyone interested in buying or selling real estate in Crested Butte, Mt. Crested Butte or Gunnison.
Please Contact Gary Huresky, your knowledgeable Crested Butte Realtor, with any of your questions. Buyers can Browse Crested Butte and Gunnison featured properties or Search the Crested Butte and Gunnison MLS. Either way you will find a diverse property selection.
The first significant snow fell last night and the last of the aspen leaves are falling at this exact moment. So we say goodbye to fall and hello to the beginnings of winter. The overall sales volume in the Crested Butte real estate market is almost exactly where we were in 2015 with only a marginal 0.2% increase. So far this year there have been fewer homes that have sold but those that have sold have sold at a higher average price.
The high end luxury market has been soft as we have only had 5 homes sell for over $2 million and nothing over $3.3 million. This trend seems to be happening throughout the nation in the second home market and especially in the Colorado ski/resort market. Much of this can be contributed to two major factors. The first is it is a presidential election year where historically luxury buyers wait to purchase luxury items. The second is oil prices have continued to stay relatively low these past two years.
Now it is not all bad news. This year we had huge gains in the condo and townhome segments throughout the area but especially in Mt. Crested Butte. Most of this can be contributed to the influx of people moving to the front range of Colorado which in turns means an influx of buyers coming to Crested Butte to get their foot in the door and enjoy the mountain/ski lifestyle.
It looks like the fourth quarter will be slightly stronger than last year as there has already been $11 million worth of closings in the early part of October and we currently have $42 million worth of listings under contract in the Upper Valley.
Our local real estate market is going to finish 2016 with a bang. The fourth quarter sales brought our market up from zero growth in overall sales volume at the end of the third quarter to now being up by almost 10%.
Multiple factors have helped our strong real estate growth. The overall national economy, and in particular the stock market, continue to grow. The DOW is about to break the 20,000 mark as of this writing. Also Colorado and Crested Butte continue to be discovered by visitors and new families who are looking to relocate here for a lifestyle change.
Looking back at 2016 our strongest market segment was the condo and townhome market in Mt. Crested Butte. More buyers, particularly those from the metro areas of Colorado, were looking to get there foot in the door before prices rose too much. These are buyers that have been priced out of other ski resort markets such as Vail, Aspen and Telluride. The condo sales volume was up over 80% compared to 2015. There were over 100 condos sold in 2016 under the $250,000 price point.
Our market will continue to see average prices rise in 2017. Our biggest concern in 2017 is going to be listing scarcity. As Crested Butte grows there will be a lack of listings as there was a deficit of new construction here after the crash.
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