Q2 2020 Real Estate Perspective: What is happening in Real Estate!

Real Estate activity around Colorado resort towns is robust.  Back in April when I began to hear about people wanting to move out of the cities and into suburban areas, beach towns and mountain towns, I did not imagine so many people would actually pick up their lives and move to a new location.  But it is happening in a huge way.  

After reviewing the residential transactions for the first 6 months of 2020, and taking into consideration the Coronavirus was beginning, we are only 34 transactions shy of the first half of 2019.  In looking at the number of under contract properties at this time, I believe we’ll end up close to the 2019 figures by the end of the year.

In residential single family home transactions in the first half of 2020, there were 91 homes sold which is one more sale than the first half of 2019 and closed sales prices are up this year roughly 4% depending on the location of the property.  Downtown Crested Butte, Rural Crested Butte and Downtown Gunnison had the most single family sales in the first half of 2020.  In the overall market, I am observing that residential Single Family homes are the most desired property at the moment vs Condo or Townhome properties.  Families want more spaces for home schooling and working from home as well as outdoor space for gatherings.  Condo and Townhome sales are down by 30 transactions in the first half of the year.

Vacant Land sales are down by approximately 27% in the first half of the year.  It seems like more Buyers are preferring to purchase a home that is built rather than wait a couple of years for one to be built.  There are many homes in various stages of construction and I have not heard of many of them being contractor spec homes. A new vacant land record has been set in Downtown Crested Butte-a .22 acre vacant land parcel sold for $2,279,500.  This parcel backs up to open space, is on a dead end street and the view corridors are amazing.  

This summer, the selection of luxury properties has never been better.  Currently we have 140 Luxury listings throughout the County and 28 properties are under contract.  List Prices of the under contracts for luxury homes range from $1,025,000 to $3,550,000.