2020 Year-End Market Report
2020 was certainly an interesting year in real estate. During lock-down in March, I would have never predicted 2020 to be a record selling year. Covid certainly pushed our real estate market. The biggest driving force…working from home. Without being tied to an office, many were able to work from a place they loved. Surrounded by miles and miles of open space, Crested Butte provided a safe haven during the pandemic, enabling people to recreate outdoors while still social distancing.
Both Single-family and condo/townhomes had big increases in the number of sales; single-family up 77% and condo/townhomes up 46%. Covid was the push for more buyers to purchase single-family homes. Not only do single-family homes provide more living space, but there are also no common areas that are shared with others.
I believe that the pandemic has created a mindset shift in potential buyers and what they deem necessary in purchasing a home. We are still very much affected by Covid and as many search for a place where they can work, live, and play safely, sales will likely continue. Although our number of sales in 2021 may not match 2020 numbers due to a decrease in inventory, lower inventory tends to drive up prices, so our average sales price will continue to increase.