Market Update May 2020

Current Market Conditions for May 2020

Despite current events, residential sales volume through April totaled $50,360,573 which is up $13,521,373 from the same period last year. Number of transactions were also up (66 compared to 50). The average sales price, $763,038, is also up from $736,784. Average off of list price though April was 12% whereas last year was only 4%. Currently there are 15 properties under contract totaling $14,641,800; 5 of which are listed at $1mil or more including this modern 6 bedroom home in the town of Crested Butte. Undoubtedly 2nd quarter numbers will be a disappointment as we missed out on three weeks of Spring Break but all things considered the real estate market here is holding up fairly well. We have not experienced a rush of price reductions and interest for the summer has been buiding. With the Gunnison Valley opening to tourists May 27th we should experience some serious pent up demand from those who have been quarantined at home for almost two months. 

 

April Sales

Due to the spring break closure of town we had 4 single family home sales and 5 condo/townhome sales in the upper valley. These 7 sales totaled $5,498,750 which was down $16,985,600 from March. Sales ranged from a Lodge at Mountaineer Square studio unit selling for $237,500 in which I assisted both the buyers and sellers, to a coveted Villas townhouse selling for $1,300,000.

Land transactions remained consistent with 4 sales totaling $1,447,500 in volume. This represents a increase in volume of $180,500 from March. Sales ranged from a Spring Creek lot for $115,000 to a Whetstone Industrial Park lot selling for $600,000.

SF = single family residence

 

Active Listings

Inventory is down ever so slightly with 1 less listing this month.

CRESTED BUTTE SOUTH
5 homes (+2*)
8 condos/town homes (+2*)

* Change from last month in parentheses

Current Inventory

SF = single family residence

 

Leading the Market