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    May in Crested Butte

    The snow has melted, and it won’t be long before the flowers start blooming. Our summer season is quickly approaching, and it’s predicted to be the busiest summer yet.

    The below photo of the Lupin Trail is from Gunnison-Crested Butte.

    May Happenings

    Historic Walking Tour – May 1st, 8th, 15th, 22nd, and 29th. Meet at the Mountain Heritage Museum and immerse yourself in Crested Butte’s history.

    Laura Elm’s Next Big Thing – May 7th. Don’t miss the opening night of the newest mixed media exhibition at the CB Center for the Arts.

    Let’s Get Funky with MILLK – May 7th. Live music performance at the I Bar Ranch.

    First Friday Family Film – May 7th. A free kid-friendly movie for families at the Crested Butte Library.

    A Benefit for Dead Head Ed, with Easy Jim – May 8th. A benefit concert at I Bar Ranch for long-time local Ed Boardman.

    Women’s Networking Night – May 26th. Meet the many wonderful women of the Gunnison Valley. May’s meeting is at the Daily Dose.

    Mountain Words Literary Festival – May 28th – 30th. Listen to readings, sit in on panels, participate in workshops, and enjoy live theater during this three-day literary celebration.

    Crested Butte Farmer’s Market – May 30th. Nothing says summer like the Farmers Market! Explore the fresh produce for sale at the opening weekend of the CB Framer’s Market.

    KBUT Kampout with Easy Jim – May 30th.A fundraiser for KBUT Community Radio at the I Bar Ranch that pays tribute to The Grateful Dead.

    Market Conditions

    New listings are up 54% and under contracts are up 360%. We currently have $115M under contract. Months supply of inventory in Crested Butte, Skyland, and CB South is 1.4 (if no new listings come on the market, in 1.4 months, inventory would be at zero). Months supply of inventory in Mt Crested Butte is 2.4. Inventory is very low.

    The question I get asked the most….are we in a housing bubble? The last time home sales increased this rapidly was back in 2005-2007. Then home values crashed with disastrous consequences. It feels like a bubble again, so it’s fair to ask…will home prices crash? Although it feels like a bubble, the fundamentals behind it tell a different story.

    There are 6 reasons the housing market is not about to crash:

    1.  Inventory is at a record low. Like I mentioned earlier, 1.4 months supply of inventory is very low.

    2. Builders can’t build quickly enough to meet demand. Although land sales are at an all-time high, the building process, especially in Crested Butte, takes a long time.

    3. Mortgage rates remain near historic lows.

    4. Demographic trends are creating new buyers. Many homeowners decided that they needed bigger places during the pandemic, or as the case for Crested Butte, they wanted to move out of the city and to a spot with more outdoor activities.

    5. Lending standards remain strict. Back in 2005-2007, stated income loans were common, and anyone could get a loan. Those getting loans today have stellar credit (averaging 786 or higher).

    6. Foreclosure activity is muted. During the last crash, millions of foreclosures flooded the market, decreasing prices. Foreclosures are at record lows.

    The fundamentals show – low supply combined with a growing demand for homeownership will keep a housing market crash at bay. Once supply catches up with demand, I expect our prices to flatten out, yet at this point, that seems to be a few years away.

    If you haven’t seen our First Quarter Market Report, please Click Here.

    Vail Resorts Update

    Make sure to go ahead and buy your epic pass for the 2021/2022 ski season to get the 20% price discount. If you already know when you may want to come to Crested Butte next, you can save more by staying longer. Can’t wait any longer for vacation? It is a great time in Crested Butte for fishing or a spa visit.

    If you would like to hear more about our market or see the latest inventory, please visit CrestedButteLiving.com.

    I hope you and your family are doing well. We are here for you anytime. Please call, email, or stop in!

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