Second Quarter Real Estate Market Report for 2018
With low snowfall this previous winter, summer 2018 began early and the outdoor activities are in full swing! Dry conditions have many locals doing their rain dance as we are entering our second month under a fire ban. However, July typically brings afternoon showers, so Crested Buttians are hopeful for moisture soon.
The overall statistics below are a bit deceiving. A fall in overall average price reflects a shift from high ticket single family home sales to more affordable residential and land sales. Single family home sales were down 23% in the Town of Crested Butte and down 44% in Crested Butte South compared to 2017. Mt. Crested Butte saw a significant increase in sales volume, however, the total number of single family properties sold throughout Gunnison County over last year was down 11%. Condo sales saw the largest increase in the Town of Crested Butte, with an impressive 185% increase in sales volume over last year, and a 250% increase in number of units sold Despite this increase, the average price of condos and townhomes has fallen throughout Gunnison Valley. Perhaps the most surprising statistic in condo sales is the 33% decrease in Mt. Crested Butte. Mt. CB is typically the stronghold of condos and townhomes; however, a lack in inventory has driven buyers down valley.
Thus far, 2018 appears to be the year of land sales with Mt. Crested Butte, Rural CB, and CB South seeing sales increase 59%, 94%, and 106% respectively. Lower Gunnison Valley shows 123% increase in land sales, and the number of parcels over 10 acres have doubled with a staggering 613% increase in sales volume thanks in part to a significant sale of 420 acres for $5.3 million. Needless to say, local builders are busy!
It’s already been a very exciting summer, and our busiest quarter is still to come!
Feel free to contact me at (970) 209-2421 or Gary.Huresky@SIR.com.
Click the Quarter Report image for full report.