Jesse Ebner

April Crested Butte and Gunnison Market Update

The lifts stopped spinning yesterday at 4:00 and it was a bittersweet end to another great season.  Everyone was having fun, soaking up the warm sunshine and trying to get in all their favorite runs.  It was a great closing day and now we can look forward to warmer weather (albeit not for another couple months) and start to get excited about the summer.
The first quarter in real estate this year was one of the best since 2007.  It was down over all in total number of sales but was up almost $6,000,000 in total sales volume.  That shows us that prices in certain areas have gone up and inventory is down.  We are still seeing most properties sell for about 6% less than asking price on average with a few selling for over asking price like the spec home in town that just closed for $2,389,398 and was listed for $2,275,000 ($772/sf!).
There are currently 86 properties under contract from Almont north for a total dollar volume of almost $36 million!  While the town is slowing down and the mountain closes, we will still be busy with closings and managing our contracts in the real estate world.  Leading up to summer, I expect a shorter off season then we have ever seen.  It used to be that the town would slow down from April through the end of June but in the last two years, we have seen a steady pick-up in business overall starting at the end of May.  This year, I wouldn’t doubt to start feeling busier in town around the middle of May.  Of course, the weather and the snow melt makes a big difference so it will be up to what Mother Nature decides.

Almont to Mt. Crested Butte
Number Sold: 25
Total Dollar Volume: $11,843,298
Average Sales Price: $473,731
Lowest Sale: $49,500 (.12 Acre Home Site in Buckhorn Ranch)
Highest Sale: $2,389,398 (Spec Home in Downtown Crested Butte)

Year # of Sales Total Dollar Volume
1st Quarter Sales Land, Residential and Commercial
From Almont to Mt. Crested Butte
2007 51 $30,505,000
2008 41 $35,035,900
2009 24 $10,706,307
2010 42 $15,424,500
2011 44 $15,125,478
2012 61 $25,429,848
2013 70 $28,662,161
2014 50 $19,076,886
2015 72 $24,400,500
2016 61 $30,993,748

Almont to Mt. Crested Butte
Number Under Contract: 38
Total Dollar Volume: $20,364,900
Average Listing Price: $535,897
Lowest Price: $49,900 (.3 Acre Home Site in CB South)
Highest Price: $1,395,000 (Single Family Home in Wildhorse at Prospect)

Gunnison Area
Number Sold: 13
Total Dollar Volume: $2,513,050
Average Listing Price: $276,845
Lowest Listing Price: $15,000 (9 Acre Mining Claim in Whitepine)

Highest Listing Price: $550,000 (Three Bedroom Home on the Gunnison River)