Q1 2021 Real Estate Perspective: Record pace of sales continues

The real estate market has not slowed down and in fact it seems to be accelerating with people just discovering Crested Butte and Gunnison.  Buyers and Sellers are finding themselves in multiple offer situations which drives up closing sales prices.  Recently a Single Family Home in Crested Butte South came on the market and received 8 offers within 24 hours; can’t wait to see what the property closes for.

The 178-acre parcel that is located within the Prospect Subdivision in Mt. Crested Butte has been under contract since January 11, 2021.  We learned that the Due Diligence time-line may last up to 2 years prior to a closing.  This is a huge parcel with single family homes, multi-family properties and commercial components.  The entitlements that the Sellers had received through the Prospect Design Review Board, Mt. Crested Butte Town Council and Planning Commission expired over a year ago so the Buyer will be staring over with the process to develop and build out the subdivision.

Another development project moving forward is the North Village parcel in Mt. Crested Butte.  There will be a virtual public open house on March 11, 2021 where the developers will share their progress on the Planned Unit Development (PUD) with the public.  Prior to the Coronavirus last winter, the owners of the parcel had 2 public open houses to find out what the local community would like to see happen within the Planned Unit Development. 

Residential transactions in January 2021 were up 81% over January 2020 and a little over half of those transactions were Single Family Homes.  The median sales price of a home in Downtown Crested Butte was $2,363,500; Rural Crested Butte was $1,325,000; Crested Butte South was $850,750 and Downtown Gunnison was $390,000.

In Condo and Townhome transactions, there was an increase of 6 sales this year compared to January 2020.  Mt Crested Butte had 9 sales with a median sales price of $417,500 followed by Crested Butte with a median sales price of $661,000 and Rural Gunnison with $365,000.

Since our residential inventory of active properties is so low, Buyers are turning to purchasing land and building as evidenced by 26 land transactions in January 2021 compared to 5 in January 2020.  Sales of vacant land during the winter months usually slows down but not this winter.  For the first time in a very long time, the vacant land inventory is light is some areas like Buckhorn Ranch and Downtown Crested Butte.