The National Association of Realtors reported that roughly 16,000,000 people have relocated and bought property either to move to a less populated area or to where they like to spend their free time. Crested Butte and Gunnison transacted 443 residential properties from March 13 – October 31, 2020 and most of those transactions were in the 3rd quarter. In doing a quick search for previous years within the same time frame, the data shows a fairly consistent sales pace; 2019=331; 2018=415 and 2017=421. The dollar volume has nearly doubled in 2020 and that is primarily related to Luxury transactions.
Where the information becomes interesting is that Single Family Homes have sold for a premium this summer and the Luxury Market saw transactions double so far this year. Luxury properties, those sold for over $1,000,000 in the 3rd quarter stood at 43 vs 18 in Q3-2019 and there are currently 38 pending luxury transactions. If we continue on this pace we’ll close over 100 transactions with closing prices over $1,000,000. This will be a new record for the county.
Real Estate transactions in the 3rd quarter of 2020 were up 80% over Q3-2019; this year there have been 247 residential transactions and last year there were 137. The area that has had the most sales was Rural Crested Butte followed by Downtown Crested Butte and then Mt. Crested Butte. In breaking that down a bit more, Single Family home sales were up throughout the county and closed transactions went from 83 in 2019 to 152 in 2020, this represents an 83% increase in the number of sales.
In Condo and Townhome transactions, interestingly, in 2018 there were 86 sales, then in 2019 there were 43 sales and then this year the number of sales was back up to 86. Most of the condo and townhome sales occurred in Mt. Crested Butte with 42 transactions this year compared to 19 in 2019 and the median sales price was $500,000+/-.
Vacant Land sales were slow in the first half of the year however as Buyers were not able to find an existing home, they began buying up home sites to build their dream home. Closed transactions in the 3rd quarter posted 120 transactions compared to Q3-2019 which had 77 transactions.
Residential vacant land in Downtown Crested Butte is becoming harder to come by with 8 more parcels sold in Q3-2020 alone. And then the Aperture subdivision that is adjacent to Downtown Crested Butte has sold 5 home sites with 4 under contract and 13 active; one spec home has sold as well. This is a great little area with larger lots than the average Downtown Crested Butte home sites. Surprisingly Crested Butte South had less sales in Q3-2020 compared to Q3-2019.