2015 was another year of sustained growth for Crested Butte’s and Gunnison’s real estate markets. The market grew bigger than expected with Crested Butte seeing a nearly 10% increase in sales over 2014 and Gunnison realizing a whopping 90% increase over the previous year. Across Gunnison County, average sold prices rose along with the total no. of properties sold. 377 transactions created just over $170 million in sales volume for the Upper East River Valley making 2015 our best performing year since 2008. Impressive considering this path we are on didn’t really kick off until 2013 when values began to stabilize after the downturn. We reached $100 million in sales that year. Then, in 2014 we enjoyed a significant rebound surpassing $150 million in sales.
This pattern shows no sign of letting up. In the first month of 2016 we’ve realized $10 million in home and land sales. There are 65 residential properties ($29 million) and another 13 land properties ($2.6 million) currently under contract.
My prediction for 2016?
During the last 12-14 months market demand for vacant land picked up significantly. More than 100 area parcels sold. As home prices rose, buyers and investors turned their attention to homesites in places like CB South, Buckhorn Ranch and Mt. Crested Butte. I fully expect more of the same to occur in 2016. Home prices are still rising and scarcity of newer construction will continue to drive investors to undeveloped land. A large inventory of land for sale across the valley exists and values hover are still about half of where they were at our last market peak in 2006. Watch for this segment to continue its improvement.
Thanks for reading today. For deeper Crested Butte and Gunnison real estate market insight contact me anytime.
Benson Sothebys International Realty