Please click below to see the complete real estate statistics through the second quarter of 2020. There is a lot of RED in this report which is to be expected. June alone had half of the sales and the dollar volume was only 56% as compared to 2019. In July through the 28th, the sales are up about 50% over last year and we still have 3 days to go with several closings on the books. August also looks to be a very busy month with a lot of sales scheduled to close. We are hopeful that the Crested Butte real estate market will end up over 2019 and all indications seem to be pointing in that direction, but there are many factors out of our control that could derail that forecast. Let me know if you have any questions about this report and/or any specific area, complex or subdivision.
Crested Butte Virtual Events this weekend
This summer is a little different for all of us, but hopefully you are making the most of it wherever you are. Summer in Crested Butte is typically full of things to do. Our non-profits count on visitors and part time residents to attend their fundraising events while they are in town, but most of those have had to be cancelled due to group size restrictions. However, there are a few events that have been reimagined and are now Crested Butte virtual events so everyone can be a part of them, wherever you are.
Typically the first weekend in August brings the Arts Festival with the CB Rotary Duck Race and the Adaptive Sports Crested Butte Open. Good news – all of these are available to you virtually if you want to participate.
1. The Crested Butte Arts Festival is “All in for the Arts” in 2020. They are hosting an Online Art Auction Experience featuring many of the artists who were to be a part of the festival. You can create an account and bid on amazing works of art. The auction starts July 31 and ends August 9. Click here to create an account and explore the incredible variety the Arts Festival brings to our small town.
2. The Adaptive Sports Center’s Crested Butte Open Virtual Gala offers a number of ways to support the Center. The Virtual Auction started today, July 29, and closes August 2 at 7:40 pm Mountain Time. You can go here to create an account and start bidding on some pretty amazing, one of a kind items and experiences. You can also participate in the Virtual Gala on August 2 at 6:30 pm Mountain Time by going to the Adaptive Sports website to watch it live!
3. Last, but not least, the Crested Butte Rotary is going to have the Duck Race Sunday afternoon at 2:00 and it will be streamed live on the Travel Crested Butte Facebook page. This is one of my favorite events of the summer and now you can see it without having to run from 1st Street to Totem Pole Park! You can buy tickets for $10 each to be entered to win a number of fabulous prizes. Go to the website for more information about the event and what the money is used for. Click here to buy tickets and learn more about the prizes.
Thank you for supporting these wonderful, Crested Butte non-profits. We have a lot of non-profits and they count on the support of residents and visitors to make this community what it is. Let me know if you have questions about other organizations who could use your support.
2020 Summertime in Crested Butte Real Estate Update
MARKET THOUGHTS
Recently, a lot of people and businesses have realized that working from home is not only doable, but can be a great choice. If you are able to work from home, what better place to do it than Crested Butte? It seems that a lot of people are thinking this way or at least hoping to be prepared if it becomes necessary down the road by looking at Crested Butte real estate. Since the beginning of June we have had a lot of activity in real estate and it doesn’t seem to be slowing down. Typically June is a relatively slow month compared to July, August and September, but with cases of COVID-19 spiking in areas where many of our visitors come from, who knows what the future holds.
We are seeing the usual increase in listings for the summer season, but still have low inventory in some segments of the market. There have been several properties which received multiple offers in the last few weeks so it is still important for buyers to be ready to act if something they like comes on the market. I am happy to keep an eye out for what you are looking for so you can have a leg up on other buyers.
MARKET STATISTICS
Dig deeper into the actual numbers here.
CRESTED BUTTE SUMMER
Crested Butte is a wonderful place to be during the summer months. High temperatures in the 80’s (if that) and crisp, cool nights are why so many people come here to escape the heat. The mountain views, incredible wildflowers, amazing sunsets (and sunrises) and plenty of places to enjoy the company of friends and family truly make it so special. We are still unsure of what is going to happen next with the Coronavirus so for now I am just enjoying being outside and with people when I can.
Town is taking advantage of the potentially slower summer and is testing out making Elk Avenue one-way. This allows businesses to expand out onto the street and potentially creates a more festive atmosphere. We are two weeks in and so far people seem to be enjoying it. I hope you are able to come and enjoy some time here.
I hope to see you in person in the near future, but in the meantime please connect with me on social media. It is great to feel connected even when we are not in the same place. Please let me know how I can be of assistance. Stay well!
Molly
(970) 209-4234
Crested Butte Real Estate Market Statistics through May 2020
Here are the monthly statistics through May. This is information for the last twelve months as compared to the same time frame last year. May was a dismal month for completed sales and June seems likely to finish down as well. There are a lot of people looking at real estate and properties are going under contract so July will provide a big bump. Prices have stayed the same as they were pre-COVID and contracts continue to come in close to asking prices.
Crested Butte Real Estate 1st Quarter 2020 Analysis
Please read through our statistics report for the 1st quarter of 2020. Following is my commentary which is also on the first page of the report. Interesting times! Let me know if you have any questions or if you would like to talk about where things are heading.
Hello from Crested Butte! I hope you are staying healthy and home if you aren’t required to go to work. As you may know, Gunnison County has been one of the hotspots for COVID-19 with a very high number of people testing positive on a per capita basis. The ski area closed on March 16 instead of April 12 so that was a major financial blow to our businesses and employees. The social distancing and stay-at-home orders seem to be slowing the spread here. We are hopeful that we will be able to reopen for visitors in some capacity this summer. We would love to see you!
It is challenging to talk about the statistics for the 1st quarter of 2020 because one would usually assume that these numbers give us a picture of what to expect going forward. This is clearly not the case right now, at least for the short term. 2020 was on track to be a great year for real estate in the Gunnison Valley. The number of sales were up as was the dollar volume of sales. In March, two homes in the town of Crested Butte sold for over $3 million and a home just outside of town sold for $5 million. These sales are at the top of our market and demonstrate that the luxury market in town is still strong.
Since March 16, there has been little activity. The county public health order does not allow us to show property in person, nor are visitors allowed to be in the county so people looking for vacation or investment properties will need to work with an agent to see properties virtually. The lack of spring break visitors and general uncertainty shows in the numbers – we only have about 60% of the properties under contract that we typically do this time of year.
Some positive thoughts for the future:
- This economic downturn/recession is completely different from what we experienced in 2008. The housing market was strong, and the economy was relative stable. Economists say that this strong foundation will help us recover more quickly.
- We are about one month into this pandemic in the United States. Everyone took a “time out” initially from most financial decisions, including real estate. We are starting to see some evidence of people looking at real estate in the Gunnison Valley again with several new contracts this week and additional offers being made.
- Prices have been going up for the last several years, but with recent events it seems likely that values will hold steady or even go down slightly. I don’t think we will see the foreclosures we had in 2008 so that won’t bring an extreme market drop. If anything, homeowners who have been waiting to sell may decide that now is a good time to do that while the prices are relatively high and interest rates are low. We could see increased inventory this summer which will be good for buyers who have been waiting for the perfect property to come along.
Take care of yourselves and those around you. The agents of Coldwell Banker Mountain Properties continue to work from home and are available to answer questions or to talk about the market. Please let us know how we can be of assistance.
Crested Butte COVID-19 Order Updated
The Gunnison County Public Health department has released the 8th Public Health Order regarding COVID-19. Among other things, this order allows second homeowners to come back to their homes! This is very exciting news and is a sign of steps being taken to get the county opened back up for business and visitors. All of us in Crested Butte are still hoping for a fun summer. You can see the Health Order here.
Crested Butte Second Homeowners and COVID-19
Crested Butte is known as a place to get away from it all. Unfortunately, you can’t get away from COVID-19 here right now. Please see below for an excerpt from the March 31 6:00 pm update from Gunnison County. If you want to see information about COVID-19 in Gunnison County, check out the amazing website they have created at covid19.gunnisoncounty.org.
As always, please let me know if you have questions or if there is anything I can do to help. Hope to see you soon!
Second Homeowners
Thinking of visiting your part-time home in the Gunnison Valley to enjoy the abundant trails, waters, peaks and sunshine? Think again.
While the primary residents of Gunnison County work to weather the coronavirus (COVID-19) health crisis, “non-resident homeowners are strongly encouraged to leave Gunnison County and return to their primary place of residence,” according to a Public Health Order. There are reasons for this:
Compliance: Primary residents have proven much more familiar with the restrictions imposed by the Public Health Order to limit the spread of this deadly disease.
Resources: The supplies at our markets and pharmacies are already strained. As are the staffs with EMS and law enforcement.
Healthcare: GVH has no ICU capabilities or rooms. We have expanded our negative pressure rooms from one to five. We are a 24-bed critical access hospital. We do not have nearly enough tests to care for one of the highest case rates per capita in the U.S.
Altitude: Gunnison County’s rarefied air is not well suited for a respiratory illness such as COVID-19.
Help Gunnison County begin to sink the spike of positive COVID-19 tests by simply not visiting Gunnison County. We miss you. We value you. We can’t wait to see you again. Just please. Not until we begin to reverse the aggressive trend of this global pandemic in our neck of the woods.
Market Update for February 2020
Here are the real estate numbers for the Upper Valley Market for February 2020. If you have any questions or want to talk real estate I’m available and please don’t hesitate to reach out.
I love to guide buyer’s and seller’s through the Crested Butte real estate market.
Crested Butte Market Report 4th Quarter 2019
Here are the numbers for the 4th quarter. If you have any questions or want to talk real estate don’t hesitate to ask!
I love to guide buyer’s and seller’s through the Crested Butte real estate market.
Mountain High Music Festival Line-Up
Here is the line-up for the 2020 Mountain High Music Festival here in Crested Butte, Colorado.
Catch some runs on the mountain then catch some great country artists!
For tickets and the full schedule click here.
If you’re in the mood to talk real estate you can contact me at anytime.
I love to guide buyer’s and seller’s through the Crested Butte real estate market.
