Ringing in the New Year

Happy (Almost) New Year!

I am writing this on the last business day of 2023 and reflecting back on what a year it has been! I'll discuss the real estate market below, but for me personally, my highlights were getting married in the FL Keys, honeymooning in Africa, and tons of travel. Professionally speaking, the highlight of my year was launching our Local Homebuyer Assistance Fund! This was a project myself and other members of our Realtor Association had been working on for the last two years, and it's been incredible to see it come to fruition and start helping local homebuyers.

Last night we hosted our annual Signature Properties Holiday Party. There was an abundance of wine (thank you Dan Downing with Elevated Wine Source), food (thank you Matt Santor with Crested Butte Catering Company), and great company (thank you to all our friends and clients!!). We also took a moment to celebrate our fearless leader & the owner of Signature Properties, Jesse Ebner, who finished the year #1 in both sales volume & transactions for the entire valley. This is a massive accomplishment and a testament to not only her work ethic, but also the level of care she has for her clients. I'm so proud to call her my friend and mentor!

I hope you all have a wonderfully fun & safe NYE!

2023 Real Estate Recap

At the beginning of the year, there was a lot of uncertainty about what the real estate market would look like in 2023.

This year was tough in a lot of ways, but incredible in others. Buyers were frustrated by rising costs, but they also had time to make calculated decisions and negotiate on prices and concessions. Sellers saw their homes sit on the market for longer than they were used to in 2021 & 2022, but still achieved record breaking prices. You can see that in the data below:

For residential properties in Crested Butte, we finished the year down 22% in number of transactions (264 in 2022 vs. 205 this year), but only down 8% in total sales volume ($314.2m in 2022 vs. $288.7m in 2023), which means.... you guessed it, average sales price was up by 18%! This year, properties took longer to sell with an 167 average days on market vs. 114 in 2022. In 2022, sellers received an average of 97% asking price vs. 95.5% of asking price this year. And I just have to throw in a quick humble brag... I was running numbers for my own sales and saw that my listings received an average of 100% of their asking price this year! So congratulations to all my seller clients for outdoing the market!

In contrast to the north valley, Gunnison actually totally outpaced last year! Number of transactions was up 13% (156 in 2022 vs. 176 in 2023), sales volume was up 40% ($81.5m in 2022 vs. $114.1m in 2023), and average sales price was up 14% ($491k in 2022 vs. $560k in 2023). Average days on market were up from 80 days in 2022 to 118 in 2023.

Rates have been dipping for 9 straight weeks and are now hovering around 6.6%. I personally have a lot of clients coming to town in January who are excited to look at properties. There is a lot of pent up demand and I think 2024 is shaping up to be a strong year for the real estate market!!

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