Current Market Conditions for August 2019
The overall residential real estate market is down slightly from last year due to the almost nonexistent June traffic we experienced because of an extremely high level of snowpack. Sales volume through July was $86,390,200 down $4,712,669 from last year. Amount of transactions is also down (115 compared to 156) but the average sale price, $751,219, is up 22% from $583,992. With summer now in full swing, the arrival of a whole new wave of interested buyers and increased contracts, we are still expecting record breaking sales volume the second half of the year. Currently another 28 residential properties under $1mil are under contract, a 29% increase over last month. 13 properties over a million are under contract, four of which are over $2mil, and represents an increase of 77%.
In July, we had only 6 single family home and 8 condo/town home sales in the upper valley. These 14 sales totaled $9,806,500 which was down over $10mil from last month. Sales ranged from a one bedroom Mtn Edge condo selling for $264,000 to a newly built home in Buckhorn Ranch selling for $1,875,000.
Land sales transactions were up 2 over last month with 9 sales totaling $3,294,000 in volume. However, this represents a decrease of $5,282,351 over last month as this sale had occurred in June. Sales ranged from a Almont parcel for $112,500 to an in town parcel bordering ranch land selling for $1,000,000.
SF = single family residence
Inventory increased slightly with only 7 new listings this month.
* Change from last month in parentheses
Current InventorySF = single family residence
Leading the Market
Through the end of July the Crested Butte Collection has been involved in $20,565,200 of sales volume representing 6% of the entire real estate market in Gunnison County.*
*Source: CREN July 31st, 2019
All reported statistics were not necessarily listed/sold by Crested Butte Collection. Information is intended only to show trends in the area.
If you’re looking to buy or sell in Crested Butte and the Gunnison Valley, please contact us. We are happy to provide information on the area, a list of properties that suit your criteria, and/or prepare a complimentary comparative market analysis to assess the value of your property.