As the third quarter closes and we reflect on the year thus far, one thing is certain; 2018 is the year of change for Crested Butte. We can undoubtedly expect even more change in the coming years with the recent acquisition of Crested Butte Mountain Resort by Vail Resorts.
We reported in the second quarter of this year that land sales were improving, and this is still true. With the exception of the Town of Crested Butte, land sales have increased by 60% or more in every area in Gunnison County compared to 2017. Parcels of 10+ acres continue to see the most growth year over year with an astonishing 318% increase in sales volume (due in part to a $5.3 million sale in March) and 84% more properties sold than in 2017. Crested Butte South experienced the second largest jump in properties sold with 78% more than 2017.
Looking at all property types, prices are down 15%, causing a 9% dip in total sales volume compared to last year; however, we are seeing an increase of 6.1% in total units sold. Single family home sales were divided; the Town of Crested Butte and outlying areas continued to see a significant decrease in sales over last year, while Mt. CB sales were up 50% and Crested Butte South enjoyed a spike in sales volume of 65% in the third quarter. As inventory improves, condo sales appear to be equalizing slightly over Quarter 2 with sales in the Town of Crested Butte remaining strong and Mt. Crested Butte down just 5% over last year (compared to -33% last quarter).
As the winter season kicks off and the new resort ownership takes shape, we are excited to see how the expected improvements affect interest in our small town. As tourism continues to grow in the Gunnison Valley, we expect the real estate market to follow suit.
Please visit me in beautiful downtown Crested Butte to learn more about these statistics and how I can help you in your real estate endeavors. I’m here to help!