970.209.2421 // Gary.Huresky@SIR.com

Crested Butte Sotheby's Internatinoal Realty

Third Quarter Market Report for 2018

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!

Feel free to contact me at (970) 209-2421 or Gary.Huresky@SIR.com.

Click the Quarter Report image for full report.

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. Visit us in beautiful downtown Crested Butte to learn more about these statistics and how Crested Butte Sotheby’s International Realty can help you in your real estate endeavors. Our staff of professionals have a wealth of information, and we’re here to help!

 

Second Quarter 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 significate 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.

Crested Butte Real Estate 2018 Q2 Market Report

First Quarter Market Report for 2018

Although this winter resulted in light snowfall and will be referred to many as the winter that wasn’t, 2018 is showing very positive signs for certain real estate segments.

 

Overall property sales are up 21% over 2017 Q1 with almost 12% more properties sold, but perhaps the most exciting data thus far is in land sales. Total dollar volume sold for parcels over 10 acres jumped a staggering 847%! Land sales in Rural Crested Butte and Gunnison area were also up 292% and 232% respectively, proving it’s not just the large parcels that are making a come back in our valley.

 

Condo and Townhome sales were down compared to the beginning of 2017 overall as inventory declined, however the town of Crested Butte saw a slight increase in sales. Despite a decrease in Single Family home sales in Crested Butte and Rural CB areas, Gunnison areas, Almont, and Mt. Crested Butte showed a significant increase in sales.

 

As we transition out of the slower winter season, we are looking forward to the spring of 2018. Quarter 2 typically yields the largest increase in inventory for the year, and with 114 properties currently under contract, it looks to be a very successful sales quarter as well.

Feel free to contact me at (970) 209-2421 or Gary.Huresky@SIR.com.

Click the Quarter Report image for full report.

First Quarter 2018 Market Report Crested Butte Real Estate

Fourth Quarter Market Report for 2017

The Crested Butte real estate market experienced robust growth in 2017. Overall average price, numbers of properties sold, and sales volume all increased between 18% and 41%. Each of these metrics was the most we have seen in the Crested Butte area in the past ten years.

 

The single-family home segment saw sales volume growth in almost all areas with Rural Crested Butte, Crested Butte South, and Rural Gunnison and Almont homes having 40% plus rates of growth. The condo and townhome segment also saw high rates of sales volume growth in Mt. Crested Butte and the surrounding areas, with growth rates above 33%. The Land segment saw extremely high rates of sales volume growth in both Mt. Crested Butte and Rural Crested Butte. Mt. Crested Butte land sales volume was $2.9 million in 2016 and $7.4 million in 2017. Rural Crested Butte land sales volume was $7.6 million in 2016 and $18.2 million in 2018.

 

There are currently 51 properties under contract in the Upper Valley with a listing value of $29.6 million.

 

We are expecting an active real estate market in 2018, with average prices expected to rise throughout all market segments. With over half the available properties currently on the market being land parcels and residential lots, we expect an upward trend in land sales.

 

At Crested Butte Sotheby’s International Realty, we finished 2017 as the number one brokerage for the seventh straight year. In fact, we doubled our competition in both in sales volume and transactions.

Feel free to contact me at (970) 209-2421 or Gary.Huresky@SIR.com.

Click the Quarter Report image for full report.

Year End 2017 Crested Butte Real Estate

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Third Quarter Market Report for 2017

We are excited to inform our base about all the change and uptick in the market. Our overall sales volume for the upper East River Valley has increased a staggering 47.3% year to date. We noted in a previous report about the influx of new people discovering Crested Butte, as well as Colorado yet these numbers are almost stupefying. The first quarter of the year was slightly down from 2016, thus this entire growth has happened during the second and third quarters of 2017.

 

Rural Crested Butte single family homes and lots are both up 127% compared to last year. Condos in Mt. Crested Butte sales volume numbers continue to grow over the last year and a half. This summer land has also started to rebound as the average price of residential properties continue to increase year over year.

 

As of the middle of October the overall sales volume more than $200 million for the upper valley and there are 76 pending contracts with a listing value of $48 million. We could end up at the quarter of a billion mark for the upper valley for the first time in our history.

 

At Crested Butte Sotheby’s International Realty, we continue to lead the real estate market and almost double our competition in number of transactions and sales volume.

Feel free to contact me at (970) 209-2421 or Gary.Huresky@SIR.com.

Click the Quarter Report image for full report.

Crested Butte Real Estate Q3 2017

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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.

Crested Butte Real Estate Quarter 1 Market 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.

Quarter 1 2016

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.

Quarter 4 2015 Market Report for Crested Butte

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.

Second Quarter 2015 Year End
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