Seller's Market Report – 2020
Initially, there was a lot of uncertainty about what would happen amidst Covid-19 in early 2020. Many sellers had at first put a pause on listing their properties due to the challenges posed by visitation to the valley, business closings and restrictions on open houses. However, our county moved into the Blue phase and business resumed including the allowance of Open Houses once more. We saw an upward trend on listings and lots of movement from eager buyers. Buyers continue to show interest in both single families and condos, as well as land.
Although the pandemic has resulted in a slight shift in the market as compared to 2019, the median sold price for land was up by 23% in Crested Butte and single family medial sold price was down only about 1.8% from last year.
Lots of buyers from cities across the US are rushing to CB – a combination of people who had interest before the pandemic and have expedited their plans and those who had put a temporary hold on their plans and transactions resumed. Buyers are better aligning their budgets with their new life-style priorities and maximizing their home for all of life’s comforts including a home office space, gym area, outdoor living and privacy.
Average sold price for single family homes $987,000. Homes are selling faster (median days on the market in June and July were almost half of that in April and May). Average sale-to-list price remains fairly steady at just over 97%, which means homes are being priced to sell.
There was an overwhelming number of new contracts and showings in August, with 249 properties pending under contract from Gunnison to Crested Butte – Crested Butte hasn’t seen this amount of sales action in quite some time!
Vail Resorts will open with reservation-only skiing for the 2020/2021 ski season, which means we look forward to a busy winter season and many visitors passing through town.