May 2019 Market Update

Current Market Conditions for May 2019

We are in the midst of a steady market for 2019, despite a general feeling of a slowing market due to lack of inventory. Properties under a million remain in high demand and continue to go under contract quickly. There are currently 6 single family homes over $1 million under contract, 1 more than last month.  

April Sales

Looking at the overall residential market through the end of April, sales volume is down 17% ($36,842,200 down from $44,644,370) and transactions are down 31% (50 compared to 72 same time last year). However, if you look at all current inventory under contract through June we should end up mid-year with only a $1.3 million deficit in sales volume. Areas experiencing the most increase in average sales price are Mt. Crested Butte condos, likely spurred on by the Vail Resorts acquisition last September, and CB South single family homes. 

In April, we had 6 single family home and 9 condo/town home sales in the upper valley, two of which were our team’s listings. These 15 sales totaled $10,990,700, and were down one sale from the previous month. Sales ranged from a studio unit in the Skyland Lodge selling for 250,000 to a ski-in/ski-out condo in the West Wall Lodge selling for $2,375,000. 

Land sales slowed a bit with 3 sales, down from 5 the previous month, totaling $1,568,199. Prices ranged from a Villas at Mt. Crested Butte lot for $219,199 to a lot in Aperture for $1,100,000.

SF = single family residence

Active Listings

A lack of inventory has been the theme of the year. Two of our strongest markets – Mt. Crested Butte and Crested Butte South – are significantly down. Compared to the same time last year, there are 31% fewer condos and a shocking 91% fewer single family homes available in Mt. Crested Butte. In CB South, there are 40% less single family homes.This lack of inventory has resulted in less transactions, however, as noted above it has not significantly affected sales volume. 

Currently there are 14 single family homes on the market in the town of Crested Butte, down 3 from last month. There are 4 condos on the market, no change from last month. Mt. Crested Butte has 13 active homes, down 6 from last month. Mt. Crested Butte condo and town home inventory had a decrease in listings with 61 active condos and town homes on the market, down 9 from last month. Rural Crested Butte inventory has dropped a bit from last month with 48 single family homes and 11 condos and town homes on the market. Crested Butte South continues to have extremely low inventory with 5 single family homes and only 6 condos/town homes available.

SF = single family residence

Leading the Market

So far in 2019 our team has sold $14,099,700 representing 14 transactions and 9.63% of the market, nearly 4% more than any other agent in Gunnison County. We currently have another $4,494,400 under contract due to close soon.

*Source: CREN May 2, 2019

Source: CREN. All reported statistics were not necessarily listed/sold by Crested Butte Collection. Information is intended only to show trends in the area.