Fourth Quarter Market Report for 2018 – Year End
Real estate sales throughout Gunnison County were down slightly in 2018 over 2017. The Upper Gunnison Valley saw a decline of 7.1%, due in part to higher prices and less inventory.
Single-family home buyers gravitated toward the more populous areas of Mt. Crested Butte, Crested Butte South, and the City of Gunnison for single-family homes, while rural area sales dipped 23% over 2017. We witnessed (and represented the seller of) the highest sale to date in the Town of Crested Butte, a beautiful single-family home selling for an impressive $3.85M!
Since the acquisition of Crested Butte Mountain Resort by Vail Resorts earlier this year, Mt. Crested Butte sales have been on everyone’s radar, especially for condos and townhomes. Although we have noticed increased interest in mountain properties, inventory remains low so sales have remained roughly the same as in 2017. Condo sales were down 8% in rural areas but jumped 72% in the Town of Crested Butte with an impressive 40% reduction in days on market.
While the rural areas generally saw a decrease in residential sales, these areas were booming in land sales. More buyers turned to building due to increased residential prices resulting in a 35% increase in Rural Crested Butte, and an incredible 86% increase in Crested Butte South. Rural Gunnison witnessed a substantial sale of 420 acres for $5.3M, the 7th largest sale recorded in Gunnison County!
It certainly was a fantastic year, and I am looking forward to what 2019 brings!
Feel free to contact me at (970) 209-2421 or Gary.Huresky@SIR.com.
Click the Quarter Report image for full report.