Crested Butte Collection Newsletter
May 2019 Edition
With winter behind us and summer quickly approaching, we’ve taken the last couple weeks to enjoy the peace and tranquility of the ‘off-season’.
We’ve used this time to take a sharper look at the market for the last 4 months, as there seems to be a general sense the market is slowing. However, this feeling is in sharp contrast to results our team has produced. By the end of May our team will be over $18 million in sales volume. Last year, same time period, we completed $9.7 million, so we’ve sold nearly twice the volume this year over last.
Looking at the overall residential market to date, it is in fact down compared to last year so far. Sales volume is down 17% and transactions are down 31%. However, if you look at all current inventory under contract we should end up mid-year with only a $1.3 million deficit in sales volume.
This leads us to feel confident that we have a strong market, that is holding steady, and that perhaps this sense of slowing can better be attributed to a serious lack of inventory. We firmly believe once more inventory hits the market the demand is there and sales will increase significantly. As always, we are here to answer any questions you may have about buying or selling in the Crested Butte area.
Business aside, we hope you have plans to bike, hike, pedal or pole this summer. The wildflowers this year should be absolutely amazing due to the heavy snowfall we experienced so do not miss it!
Appreciatively,
Corey | Stacey | Trevor | Erin
Email 970.596.3219
Leaders in Crested Butte Real Estate
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
Current market conditions
There’s been a lot of speculation on what the Vail Resorts acquisition of Mt. Crested Butte Mountain Resort will do to our real estate market. The short answer is prices have increased over the last year. Not surprisingly, condos on the mountain have been most affected, seeing a nearly 40% increase in average price from $350,000 to $490,000 in just one year. That being said there have been fewer sales due to lack of inventory, nearly half as many as this same time last year.
Crested Butte South has seen the largest growth, after Mt. Crested Butte, and is driven by primary home purchases. Our community school registrationcontinues to grow indicating more families moving to the valley. While other areas have seen steady increases, the rural Crested Butte market has not recovered yet with homes staying on the market longer, higher inventory and lower sales volume.
For a comprehensive view of last month’s sales and May inventory, view our May, 2019 Market Report.
View Our May, 2019 Market Report
May Inventory
Local Expertise
Spring into Real Estate
67 Cinnamon Road
Mt. Crested Butte
5 BR | 5 Bth | 4,527 Sq Ft
$2,850,000
25 Cinnamon Road
Mt. Crested Butte
7 BR | 10 Bth | 4,935 Sq Ft
$2,195,000
2074 Wildcat Trail
Crested Butte
4 BR | 4 Bth | 4,725 Sq Ft
$1,850,000
9 Hunter Hill Road
Mt. Crested Butte
3 BR | 3 Bth | 1,607 Sq Ft
$850,000
701 Gothic Road
Mt. Crested Butte
1 BR | 1 Bth | 406 Sq Ft
$195,000
465 Teocalli Road
Crested Butte South
.33 Acres
$159,000
Town Events
Off-season is winding down here in Crested Butte and the Events Calendar is filling up. Trails are drying out and biking season is just around the corner. Don’t miss the Original Growler Race coming up May 25-26th.
We build our business on integrity and service. The highest compliment we can receive is the referral of friends, family and business associates. Thank you for your trust.
Corey Dwan | Broker Associate | Team Leader
Crested Butte Collection
Bluebird Real Estate
211 Elk Avenue | PO Box 1788
Crested Butte, CO 81224
c 970-596-3219
corey@crestedbuttecollection.com
