All I can say is “WOW†we are off to a great start to 2015 compared to 2014; closed transactions for residential are up 163{23633f02edd09c24e6445700eef72965eacceae4d7daeb2d68dcdc9d694b1af0} for the 1st quarter; and in comparison to 2013, sales are within 10{23633f02edd09c24e6445700eef72965eacceae4d7daeb2d68dcdc9d694b1af0} of closed transactions. As a footnote here, residential sales for 2013 and 2014 were within 1{23633f02edd09c24e6445700eef72965eacceae4d7daeb2d68dcdc9d694b1af0} of sales volume and 2014 had 6 more sales than 2013. If the pace of the 1st quarter is any indication of the entire year, we are in for a busy year. The average sales price was $427,815 and the median sales price was $375,000. When analyzing the Downtown Crested Butte numbers, the average sale was $658,500 and the median sale was $492,500.
Also notable is that there were 5 transactions over $1,000,000 in the first quarter with 8 more under contract. On average, we see 21-23 million dollar plus transactions per year and with the potential of 13 transactions closing in the first half of the year that number could be higher this year. We have many nice opportunities in the $1,000,000 – $5,000,000 category.
You might be asking yourself, how can that be? The inventory of available residential properties is so low right now, what is there to buy? My thought is that because of the low inventory levels that we are experiencing, Buyers are making offers on properties they like because they know that even with the low inventory, prices are going to trend upward. So if they see a property that works for them, they are going for it.
My recommendation to all Buyers: get to know the inventory of homes and condos so that when a new listing or an existing listing that has a price adjustment becomes available, you can jump on it. Although random, we are seeing a few more multiple offer situations appear in the market again.  One thing that Buyers can do is to get pre-qualified for a mortgage; this will help a Buyer know their personal price point that they need to stay within and in a multiple offer situation, a Buyer with a pre-qualification letter stands a better chance of getting the property because the Seller knows they are working with a Buyer that can close the transaction.
As anticipated, when the residential inventory is low, vacant land sales come into play. The first quarter of this year has experienced a 262{23633f02edd09c24e6445700eef72965eacceae4d7daeb2d68dcdc9d694b1af0} increase in transactions; 2015 has had 29 closed transactions and 2014 saw 8. So this indicates that there will be new construction on the horizon in all areas of Crested Butte.
The area receiving the most action in relation to vacant land is Crested Butte South. In the first quarter, 5 residential home sites closed and 1 commercial/residential site closed, the average closed sales price was $55,900. Currently 3 more are due to close within the next month.
Currently there are 14 vacant land parcels in the Crested Butte area under contract and one of them is a 35 acre residential home site in Smith Hill Ranches in Rural Mt. Crested Butte.
It is a great time to Buy or Sell real estate in Crested Butte! Call me to explore the opportunities. You can contact me by cell at 970-209-1603 or email at lisa@cbproperty.com
My data is compiled from the Gunnison County Multiple Listing System and the areas covered are Downtown Crested Butte, Rural Crested Butte, Crested Butte South, Irwin, Mt. Crested Butte and Rural Mt. Crested Butte. The information is deemed reliable however may not be accurate.
