Market Improves in 2013
The Crested Butte real estate market showed great improvement in 2013 no matter how you look at it. From CB South to the north, we had 331 sales vs. 266 in 2012 – that is almost a 25% increase. Dollar volume was up even more – over 40% from $103 million to $145 million. We are still well off the market high of 2005, almost double the market low of 2010. On average, prices are starting to increase slowly, but surely too. Depending on the area, average price per square foot increased between 1-12% from 2012 to 2013 and the average sales price of all residential property increased from $441,000 to $497,000 (11% increase). The average purchase price sellers received was 92% of their asking price in 2013 vs. 88% in 2012.
It remains to be seen how 2014 will turn out. Crested Butte remains a great place to invest (read more here) and interest rates are low. Our inventory is down with active listings down between 12-25% (depending on the area) from January 2012 to today. The total number of properties listed for sale is at the lowest point since I started keeping track in 2008 and is almost half what it was at the peak in 2009. Buyers need guidance more than ever to find the right property to buy. Sellers want to make sure they are priced and marketed appropriately to capitalize on this. We still have one to two years of inventory on the market in general at current absorption rates and as high as 8 years in the case of vacant land in Skyland so it is hardly a shortage, but reduced supply and increased demand should continue to lead to increasing prices.
These numbers are meant to give you an overall perspective, but even in our small market, each neighborhood is different so it is important to get information on the area you have interest in. I am happy to analyze and share information with you on specific areas and/or types of properties. There are buyers waiting for the right property to come on the market – it could be yours! Please let me know how I can be of assistance.
What’s happening in CB?
The snow this year has been great and the ski area is open “wall to wall” for the first time since 2010. It is a great season to come enjoy the snow in whatever way is fun for you! Here is just a sample of the events that are coming up in the next few weeks.
February 1 – Alley Loop Nordic Race – this is a great event for uber-athletes and beginners alike. Fun to watch or participate in – don’t forget your costume!
February 7 – 8 – Crested Butte School of Dance presents Roaring Through the 20’s
February 13 – 16 – US Freestyle Extreme Competition – amazing feats of daring & skill!
February 14 – 15 – There are many ways to spend Valentine’s Day with fun skiing (including chairlift speed dating), fabulous food (including a moonlight Nordic ski to the Yurt), dancing & music.
February 20 – 22 – More dancing with Move the Butte performances
February 20 – 22 – The Prater Cup Ski Race which brings kids from all over for a fun team building race weekend
You can sign up to be notified when there are airfare deals in and out of the Gunnison/Crested Butte Airport. Click here to join the Airfare Club.
Why Work with Molly?
As many of you know, I am the 2013 – 2014 President of the Gunnison Country Association of Realtors. This position keeps me informed on trends and what is happening in the real estate world outside of Crested Butte. I have always felt that continuing to learn is important and there are a lot opportunities to do that in real estate. The letters after my signature mean I have go through various coursework (both online and in person) and they each focus on something different. Please know that I am constantly trying to improve myself and how I run my business to make the experience of working with me as good as it can be.
You all can go online and find out what is on the market, what sold recently and for how much. I see my role to help you interpret that information for your situation by providing education, guidance and support. These things are important at every step of the process – from the early decisions to the closing table. A blog I read on a regular basis talks about Building Relationships, Solving Problems and Having Fun in real estate. I think that sums it up perfectly and is what I strive to do!
Please let me know how I can assist you. If anyone you know needs help with real estate in Crested Butte, please know that I am never too busy to get to know new people and am happy to help. Recommending that your friends & family work with me is a wonderful compliment and I appreciate it.
I hope to see you in 2014!