Crested Butte Collection Newsletter
August 2020 Edition
The real estate market continues to flourish with the influx of visitors to the valley wishing to escape the crowded metro areas. While many of our favorite festivals have been cancelled or changed to virtual events, there are still plenty of great outdoor activities to enjoy. CBMR is running one lift providing hiker access to the mountain and many of the local bike and jeep rentals and outfitting companies are open for business. The weather has been fantastic so getting outdoors is everyone’s choice to deal with uncertain times.
The overall residential real estate has nearly caught up to last year’s sales and is only down $1.5mil in volume from this time last year. That’s after missing March’s sales due to the lockdown, one of our business month’s of the year. $72.5mil is currently under contract showing that the market picked up dramatically last month. The average sales price of $807,784 is up 7% from $751,193 and inventory struggles to increase as we experience the current buyer frenzy.
From the CB News:
Crested Butte finance director Rob Zillioux told the Town Council this week that the Real Estate Transfer Tax is ahead of last year at the same date but there have been fewer transactions. He reported that as of June 30 the town had collected $824,054 in net RETT. That compared to $785,780 for the same period in 2019. “That is with fewer transactions this year,” Zillioux explained. “Sales prices are skyrocketing.”
Corey & Erin
Leaders in Crested Butte Real Estate
Crested Butte Collection ranked #1 for volume and #1 for quantity of transactions in Gunnison County for 2019. Corey closed out the year with $43,193,600 in sales volume representing over 6% of the entire real estate market.*
*Source: CREN December 31st, 2019
Current market conditions
With the slow start to the year amid COVID-19 concerns we were all skeptical as to what would happen to the Crested Butte real estate market. However, real estate sales have recovered nicely with residential volume through July totalling $84.8mil. This is down only $1.5mil from the same time period last year. The number of transactions is also down (105 compared to 115) but the average sales price is up again, $807,784 compared to $751,193 last year, a 7% increase. Currently another 81 properties are under contract totaling $72,505,400, 27 of which are listed at $1mil or more including this equestrian property in Danni Ranch for $3,550,000.
For a comprehensive view of last month’s sales and current inventory, view our August 2020 Market Report.
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.
22981 State Highway 135
6 BR | 6.5 Bth | 6,592 Sq Ft
26 Summit Road
Mt. Crested Butte
4 BR | 3.5 Bth | 4,255 Sq Ft
1202 County Road 317
4 BR | 3.5 Bth | 3,253 Sq Ft
450 Oversteeg Gulch Road
3 BR | 2 Bth | 1,500 Sq Ft
70 Hunter Hill Road, Unit P104
Mt. Crested Butte
2 BR | 2 Bth | 1,001 Sq Ft
876 Zeligman Street
Crested Butte South
Despite COVID 19 restrictions, there are plenty of great local events to check out in the month of August. While many are still held virtually, there are several smaller, more intimate events being held throughout the valley.
In the News
Council Turns An Eye Toward A Winter With COVID-19
Preschools Wrapping Up Summer And Getting Ready For Fall
Mt. CB Debates Financial Ability To Support North Village Project
Gothic Permanently Protected Under Conservation Easement
CB Council Approves Updates To BOZAR Standards And Guidelines
Airport Winter Survey Shows Slight Changes In Five Years
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