April 2024 - Real Estate Market Newsletter

Happy Spring! Here’s a roundup of noteworthy updates and exciting happenings to keep you informed and inspired:

1. Resort Closed on April 7th: As the curtain falls on another great winter season, we bid adieu to the snow-covered slopes and cozy fireside evenings while we wait out spring in anticipation for summer!

2. Embracing the Off-Season: While some may mourn the departure of winter’s embrace, let’s embrace the off-season with open arms. For us around our house, it is project season! Lots to do and get ready for in order to maximize every second of summer. As a team, we are also preparing new listings that are coming on the market. I have some really great ones that I cannot wait to share with you!

3. Dining Off Season Update: Keep an eye out for our curated list of restaurants that remain open during the upcoming months.

4. Outdoor Oasis: Hartman’s Rocks Recreational Area: Calling all outdoor enthusiasts! As the north end of the valley melts into spring, Hartman’s Rocks Recreational Area is opened for the season!

5. Follow Us on Instagram: For daily doses of inspiration, behind-the-scenes glimpses, and real-time updates, be sure to follow us on Instagram [@heathermwoodward].

Recapping April’s Gunnison County Real Estate Market

In April 2024, Crested Butte and Gunnison Valley’s real estate market saw significant changes:

New Listings: 28 Equal to last year.
Average Price per Square Foot: Jumped by 17.3% to $373.
Active Listings: Rose by 29.7% to 179.
Under Contract: Grew by 10.7% to 31.
Sold Listings: Decreased by 9.5% to 237.
Average Days on Market: Extended by 11.5% to 126 days.
Months Supply: Surged by 27.9% to 5.5.
Percent of Closed Price to List Price Increased by 1% to 96.9%.

Overall, while listings and market activity rose, the number of sold properties declined, with prices per square foot and total sales volume showing significant gains.

CRESTED BUTTE

*Mt.Crested Butte to Crested Butte South*

GUNNISON
*Almont to Gunnison*

Number of Listings Sold – 24
Volume – $36,694,850
Average – $1,747,373
Under Contract – 16

Number of Listings Sold – 8
Volume – $6,305,575
Average -$788,196
Under Contract – 10

Number of Listings Sold – 12
Volume – $10,600,000
Average – $883,333

Number of Listings Sold – 15
Volume – $6,896,698
Average – $454,609

Number of Listings Sold – 29
Volume – $25,814,500
Average – $890,155

Number of Listings Sold – 12
Volume – $6,540,665
Average – $545,055

Stay tuned for more updates, exciting property listings, and insider tips to make the most of your mountain living experience. Wishing you a season filled with joy, adventure, and the warmth of this incredible community!

Local Events

Jenny Hill and Lizzy Plotkin
🗓️ April 18, 6:00 pm-10:00pm
222 N Main St. GunnisonLive music from Jennny and Lizzy at Double Shot Cyclery. Jenny Hill grew up outside of Austin, Texas in the little town of Dripping Springs. As a kid, she was surrounded by music. Lizzy Plotkin’s place-based songwriting and fiddling is as exuberant as is it graceful.

GCEA Earth Day Celebration
🗓️ April 19, 10:00 pm-12:00pm Gunnison Library

Please join us at the Gunnison Library from 10am-12pm on Friday, April 19 for an Earth Day celebration hosted by the Gunnison County Electric Association.

Coffee with Coworkers
🗓️ April 23, 8:30 am-9:30am ICELab – 540 Escalante Dr

Join the ICELab@Western on April 23 at 8:30 A.M. for Coffee with Coworkers. This monthly event brings entrepreunuers together to discuss problems, successes, problem solve and get to know each other. Free coffee provided!

Rotary Club Meeting

🗓️ April 24, 7:30 am-8:45am
Matchstick Bar in Jose’s at Elevation Hotel

JCrested Butte Rotary works hard at our community service projects and fundraising and has a great time doing it.

Women’s Networking Night
🗓️ April 24, 5:30pm-07:30pm
Gunnison River Fly Shop – 213 N Main Street, GunnisonJoin us Wednesday, April 24th, 5:30-7:30 PM at Gunnison River Fly Shop for Women’s Networking Night!

Save the dates and make the most of April in Gunnison and Crested Butte. Share with friends to spread the word!

— Timeline of Buying a Home —

I like a road map. Don’t you?

Keep in mind that purchasing without a loan is much faster and some of these dates won’t apply.

24 -48 hours for pre-approval – In my opinion, one of the most important steps to take BEFORE you start house hunting. This pre-approval will give you a budget to work with.

3 – 5 days for earnest money – Typically this is business days once you have signed the offer you’ll have to deliver your earnest money. This is negotiable. These funds will ultimately come off what is owed at closing.

3-5 days for loan application – Once you go under contract on a property and have a signed offer, you and your lender can get started on the loan application. This should be pretty smooth sailing especially if you have already given them most, if not all, the necessary paperwork from the pre-approval process.

10-14 days for the home inspection– This is a pretty critical step and a home inspection is very important. You’ll want to know the condition of the home and any necessary repairs prior to purchasing.

24 – 30 days for home appraisal – Your lender will order an appraisal. It is the appraiser’s job to determine if the purchase price is justifiable with other properties that have sold in conjunction with the current market conditions.

35 – 40 days for survey – Oftentimes some form of a survey is needed. There are 4 basic types of surveys for residential property in Colorado. 7 total if we include vacant land.

35 – 40 days for final loan availability – This is one of the last and final dates in a contract. All your documents are in, appraised value was fine and the underwriters have giving you their blessing.

40 – 45 days to closing – You made it! This is typically from start to finish. You’ll do all the above work during this period. Sometimes these dates are shorter or longer depending on the circumstances.

7 Stetson Drive
Crested Butte, CO 81224

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April 2024 – Real Estate Market Newsletter