2014 Year End Review

I remember thinking as the early months of 2014 marched on, closed transactions in residential sales were down significantly; something crazy like 38{23633f02edd09c24e6445700eef72965eacceae4d7daeb2d68dcdc9d694b1af0} compared to 2013.  It was not until August that closed transactions were in line with 2013 sales numbers.  In a nut shell, 2014 closed transactions finished within 1{23633f02edd09c24e6445700eef72965eacceae4d7daeb2d68dcdc9d694b1af0} of 2013; there were 6 more sales than 2013, however a decrease of roughly $812,500 in dollar volume.

A few of the highlights in 2014 include a $3,200,000 single family home in Trappers Crossing South; a $3,900,000 single family home in Trappers Crossing at Crested Butte and a single family home on 70 acres in The Ridge Subdivision located in upper Crested Butte South which sold for $3,275,000.  Overall most of the transactions were for condos $300,000 or less in Mt. Crested Butte.

Vacant land closed transactions were down by 46{23633f02edd09c24e6445700eef72965eacceae4d7daeb2d68dcdc9d694b1af0} throughout most of the year.  By year end however, we had made up part of the difference.  A total of 55 vacant land transactions occurred and Rural Crested Butte and Crested Butte South lead the way with 17 and 14 respectively.  As the inventory of existing homes declines, I foresee a rise in vacant land sales which will translate into new construction in the future.

In regards to construction, in Downtown Crested Butte, a total of 83 permits were issued for all types of construction and of those, 9 were residential new construction and 45 were for residential remodels with the remainder going towards commercial construction.  And in Mt. Crested Butte a total of 62 permits were issued with 6 going towards residential new construction and 38 residential remodels.

For the stats, the areas used were Crested Butte, Mt. Crested Butte, Rural Crested Butte, Rural Mt. Crested Butte, Irwin and Crested Butte South. 

The information collected for this post comes from the Gunnison County Multiple Listing Service and is deemed reliable however may be inaccurate and the compiled information does not include any For Sale By Owners transactions.