Third Quarter Market Report for 2017
Feel free to contact me at (970) 209-2421 or Gary.Huresky@SIR.com.
Click the Quarter Report image for full report.
First Quarter Market Report for 2017
The first quarter of 2017 began with snowstorm after snowstorm 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.
Click the Quarter Report image for full report.
Second Quarter Market Report for 2016
The overall real estate market in Crested Butte and Gunnison continues to climb as we reach our peak summer selling season. Most of our overall sales volume gains are not because more properties are being sold but because properties are being sold at a higher average price then compared to previous years.
We have seen the average price of homes in the towns of Crested Butte and Mt. Crested Butte increase by over 50% compared to last year at this time. Condos and Townhomes have also steadily increased in value throughout our area.
The one segment of our market that has seen a dip in 2016 is the land market. It is an indication that many buyers would like to purchase a home or condo and enjoy the beauty of Crested Butte right away without having to go through the building process.
The summer selling season looks to be as busy as ever as currently there are 122 listings currently under contract with an asking price value of $42.7 million. Considering that Crested Butte is poised to have its busiest summer tourism season ever and that federal 10- and 30-year interest rates reached an all time low this week, our market should see an increase in sales volume and average price through all residential properties. Click the Quarter Report image for full report.
First Quarter Market Report for 2016
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.
Year End Market Report for 2015
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.
Market Report for Q3 – 2015
The overall real estate market has continued strong growth throughout 2015 while being up almost 15% over 2014 for the upper valley. The main reason for the overall growth is that single family homes just outside of the Town of Crested Butte and south all the way into the City of Gunnison have all seen large sales volume growth in between 43% to 173%. Also all segments of vacant land and lots have seen huge growth from 2014. The segments that have leveled off or even dipped are single family homes, condos and townhomes in both the towns of Crested Butte and Mt. Crested Butte.
The fourth quarter of 2015 looks to level off quite a bit compared to the high sales volume numbers that happened during late summer and early fall. We forecast that our local real estate market will end up with a growth between 5 and 10 percent. Click the Quarter Report image for full report.
Market Report for Q2 – 2015
The first half of 2015 has been very strong. We have had our largest sales volume months in May and June since 2007. Almost every segment of our market has seen increases in total sales volume and increases in median and average price. Some of the larger gains were made in Rural Crested Butte homes and Gunnison area homes. Vacant land has also started to trade again with more parcels selling around Gunnison County.
The outlook for the rest of 2015 remains positive. The summer selling season will be another strong one as there are more visitors in the area, prices here are still favorable compared to other resort towns and historically we close on more real estate in August, September and October. Average prices will continue to increase as inventory continues to decrease.