2006 Labor Day Market Recap

Good morning readers,

It’s Labor Day Weekend and time to look at the real estate market in Crested Butte and the rest of Gunnison County. The year to date numbers (January 1 to September 3) reveal a real estate market that has undergone some serious price corrections in the face of cooling sales. However, in my opinion the market is strong and represents solid investment opportunities from residential to vacant land to commercial properties. Not unlike the stock market, our recent correction will spur additional investment and value gains on real estate. Our volume is pushing $ 200 million which means folks are maintaining their interest in Crested Butte and Gunnison as a place to put real estate investment dollars. The main issue currently is the insane number of active listings – 979 active residential, land and commercial listings. This equates to just over $ 630 million in property for sale at an average price tag of $ 643,000! WOW!

It is true that so far in 2006 the market is slower than last year at this time. Lets face it, 2005 was absolutely red hot in terms of volume and sales price averages – a tough act to follow in any real estate market.

Here are the numbers for year to date sales activity in 2006.
(Figures are for the entire Gunnison County)

Residential Sales: 292 properties sold representing $125,390,000 in volume.
Vacant Land Sales: 180 properties representing $59,635,335 in volume
Commercial Sales: 19 properties representing $6,210,000 in volume.

A total of 491 transactions have closed since January 1 representing $191,229,371 in sales. The average property sales price across the board was $389,469.

By comparison, in 2005 the total sales volume by September 3 was $279,011,945 spread out over 803 transactions.

Thanks for visiting today!

Channing Boucher
Broker Associate
EagleBrooke Realty

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