Memorial Day Weekend, the official start to the summer season, arrived just in time as we adjust to the new normal. Yes, things are different. Yet they are also the same – epic biking and hiking, backyard barbecues, hustle and bustle of Elk Avenue hosting your favorite local cuisines, friends and (socially distanced) activities. Nonetheless, memories will continue to be made as family tradition continues with the annual summer vacations in these mountains that we cherish. I am grateful to see these comforting traditions returning soon to Crested Butte. The new normal also means an unbelievably high interest in purchasing homes in safe havens such as Crested Butte.
Per the latest public health order from Gunnison County, everyone is welcome (very welcome by all residents) to return without requirements of self-quarantining upon arrival or reporting your presence. Real estate activities have been lively through May. From May 1, 24 new listings hit the market in the Upper Valley with half being condo/tomehomes, a third of these offerings listed above $1M and three listed at/above $3M. There are currently 18 properties under contract with a total sales volume at $19M; 11 of these listings are single family homes which are experiencing a bump in activities and interest compared to this time last year. The most affordable of these homes is a manufactured home on Butte Avenue at $700,000. Six 2 bedroom 2 bathroom condos are pending with a low at Timbers condominiums for a whopping $349,000/ $580 sq. ft. and high price-tag at the ski in/ ski out Gateway condos at $599,900/ $617 sq. ft. which we rarely see listed. Both are these sales will be new record highs once they close. Three homes have closed in the past two weeks, and each of these for full asking price. From 1 Jan 2020, 63 units have closed in the Upper Valley for a total sales volume of $50M (not including pending sales). This is down $1M compared to 2019 but with 7 fewer units sold. Needless to say, the market holds steady despite restrictions, and the anticipation and continued interest for summer grows rapidly. We are not experiencing huge reductions in asking price, low ball offers or panicked Sellers. Average days on market hovers under four months with many not lasting one month, and 96% list price fetched across the board.
This year, 18 lots have closed totaling $3,9M which is down 62% from the same period of 2019 due to four significant sales above $1M, including one at $1,9M. There is undoubtedly no shortage of construction and custom homes going up throughout the Valley. Based on demand, it is unlikely this will change anytime soon.
The surrounding areas and City of Gunnison are a thriving housing market. 14 homes have closed since the beginning of second quarter for a total sales volume at $4,9M, and high sale at $620,000. Homes are closing at 97% full list price and average days on market of 3.5 months or less. 46 sales have occurred since 1 Jan 2020 totaling $16,9M which is down 16% from 2019 however with 18 fewer units sold this year. The current median sales price is $404,000 which is 24% higher than the same period of 2019!
Click here to read the current health order pertaining to business operations in Gunnison County. Wednesday, May 27 is an exciting date for everyone! One thing is for certain – Crested Butte and Gunnison County has not been the same without YOU. We look forward to seeing you very soon, and embracing the new normal while making it a summer to remember.
Crested Butte Trails Conditions and Reports: Start riding bikes!
Kebler Pass is Open! More road conditions here.
What will you be doing this summer? We will still have a lot to offer.
Fly Gunnison – Crested Butte Regional Airport
Thank you for reading today. I enjoy hearing from you. Please feel free to contact me anytime, day or night, and please share this information with others.
Kind regards,
Jenna
