The Crested Butte Source – Winter 2018/2019
Variable is the word that comes to mind when describing the real estate market in Gunnison County as we look at our 2018 statistics. This has been expected with the acquisition of Crested Butte Mountain Resort by Vail Resorts, and we foresee change to continue in the next year.
Certain categories, such as vacant land, have seen a dramatic boost in sales this year. More 35+ acre parcels have sold in 2018 than any year in the past decade. Vacant land inventory is the highest we have seen in the past 10 years; therefore, land prices have not rebounded to the highs of 2007. Rural Crested Butte and Crested Butte South saw the largest increase in sales compared to last year, so the building movement is not likely to slow down anytime soon.
Residential inventory on the other hand is down compared to last year, resulting in less sales. The average sold price for Gunnison County also dipped from 2017. Specifically, Rural Crested Butte experienced the largest decline in residential sales, with total properties sold thus far down 36% and sales volume down 37%. Contrarily, Crested Butte South saw a 19% spike in residential sales volume and a significant increase in average sales price – the highest CB South has seen in the last ten years!
With new resort ownership this year, the real estate market is expected to grow, and with new developments underway, we expect the next year to be very exciting here in Crested Butte!
Feel free to contact me at (970) 209-2421 or Gary.Huresky@SIR.com.