Quarter Report | Second Quarter 2016
The overall real estate market in Crested Butte and Gunnison continues to climb as we reach our peak summer selling season. Most of our overall sales volume gains are not because more properties are being sold but because properties are being sold at a higher average price then compared to previous years.
We have seen the average price of homes in the towns of Crested Butte and Mt. Crested Butte increase by over 50% compared to last year at this time. Condos and Townhomes have also steadily increased in value throughout our area.
The one segment of our market that has seen a dip in 2016 is the land market. It is an indication that many buyers would like to purchase a home or condo and enjoy the beauty of Crested Butte right away without having to go through the building process.
The summer selling season looks to be as busy as ever as currently there are 122 listings currently under contract with an asking price value of $42.7 million. Considering that Crested Butte is poised to have its busiest summer tourism season ever and that federal 10- and 30-year interest rates reached an all time low this week, our market should see an increase in sales volume and average price through all residential properties.