Crested Butte Market Stats April 2019
The first quarter of residential sales 2019 in the Upper Valley was down slightly compared to sales volume of first quarter 2018. 27 residential units were produced totaling $20M+ sales. Although the number of units is down 19% from last year, price per foot continues to climb across all residential unit types. Beginning Jan 2019, we have seen an increase in condos for sale and also a decrease in days on market for these property types. Inventory continues to decline for these reasons. There are currently 22 condos under contract to close totaling $11.5M ranging from a studio at Evergreen condos (near the base area of CBMR) to a luxury ski in/ ski out Westwall condo listed for $2,375,000 (under contract in less than five days on market). As you will notice from the list of 22 pending condos, all properties with the exception of two, are listed for less than $650,000. Properties that are listed below $450,000 have an average Days on Market of less than 60 days and many of these are less than 30 days. There continues to be a high saturation of Grand Lodge units for sale with a new head count of 24 available units. The only two currently under contract are among the more affordable list prices, $168K. One of the two luxury ski in/ski out condos currently under contract, I am representing the Buyer.
From March 1st to date, we sold $15M in sales volume, and have since doubled these numbers with more than 41 residential units set to close in the next month ($31M+ total pending). The highest sale of 2019 has not exceeded $2M, and now we anticipate one of the highest sales of the first two quarters to be a ski in/ ski out home in the Prospect subdivision which has just gone under contract at $3.5M. Very rarely do these homes reach the market. Stayed tuned for an upcoming luxury home in Downtown Crested Butte that I will be listing next month. More details to follow.
Single family inventory across all areas is down significantly from last year with only 36 offerings ranging from a 2,100 foot home on Mt. Crested Butte priced at $750,000 to a newly constructed $5M home in the heart of Downtown Crested Butte. Median list price across the board is a shocking $1.55M, while well-designed and finished homes in Crested Butte South are being listed closer to $1M. There are only five homes available in Crested Butte South with another 7 under contract. This beautifully renovated condo in CB South went under contract in less than two days with multiple offers. Beautiful properties priced competitively don’t last long. The average list price in Crested Butte South hovers $822,000. See what’s available.
22 land offerings have sold in the Upper Valley from January to date totaling $8.3M. Three parcels have closed for over $1M, none of which were significantly large however all were in close proximity to Downtown Crested Butte. The most affordable land offerings continue to reside in both the Crested Butte South and Buckhorn Ranch subdivisions. There’s so many great land deals available currently. If you’re looking for large tracts to build, take at look at these parcels. Best prices for location and size.
Seven out of Nine lots currently under contract are listed for under $255,000! One of these listings is 35+ acres offered at an unbelievable list price of $250,000. I represent the Buyers of this parcel (closing price coming soon). Lot 18 at Aperture is now under contract and scheduled to close for $1,210,000 this month. 18 homesites remain in what is sure to be one of the finest and most impressive subdivisions in the Gunnison Valley. You will begin to see stunning homes being built this year at Aperture. Read the latest about this unique opportunity here. The spec home at Lot 6 (rendering in link) is already available for purchase and construction has begun.
As you can see, it may be quiet, restaurants are closed, there are not many cars parked alongside Elk Avenue, and the ski lifts are no longer running, but real estate is still moving. The “off-season” isn’t so off.
If you’ve been thinking about selling your home in the Crested Butte/Gunnison area, I am happy to help you by offering you a FREE competitive market analysis. It’s always helpful to know and understand the value of your property in a rising market. If you’ve been thinking about purchasing real estate in the area, I’m happy to discuss opportunities that satisfy your specific needs, and offer you insight and area knowledge. Call, email me, or click HERE.
Thank you for reading today, and feel free to share this information with others who may find it helpful.