The snow has melted quickly 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.
Photo below from Gunnison-Crested Butte
May Happenings
Legs, Kegs, & Eggs – May 1st. Watch or participate in this St.Patrick’s Day-themed 5K race ending at I Bar Ranch where part of the proceeds benefits Gunnison Valley Mentors.
Night of Hope – May 2nd. A night of live music and performances at I Bar Ranch.
Let’s Get Funky with MILLK – May 7th. Live music performance at the I Bar Ranch.
Rolling Spokes – May 7th. Participate with your friends in a bike scavenger hunt that raises funds for the Gunnison Arts Center.
A Benefit for Dead Head Ed, with Easy Jim – May 8th. A benefit concert at I Bar Ranch for long-time local Ed Boardman.
Mixed Media & Margaritas – May 20th. Follow the instruction of Gail Sovick, sip on a margarita, and create a collage using mixed-media techniques.
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.
The Original Growler – May 29th. So excited to have this annual mountain bike race back this year!
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 75% and under contracts are up 1000%. We currently have $26M under contract. Months supply of inventory is 1.4 (if no new listings come on the market, in 1.4 months, inventory would be at zero). 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? Housing economists agree that there is no painful housing crash on the horizon and point to 6 reasons below.
There are 6 reasons the housing market is not about to crash:
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Inventory is at a record low. Like I mentioned earlier, 1.4 months supply of inventory is very low.
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Builders can’t build quickly enough to meet demand. Although land sales are at an all-time high, the building process, especially in the Gunnison Valley, takes a long time.
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Mortgage rates remain near historic lows.
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Demographic trends are creating new buyers. Many homeowners decided that they needed bigger places during the pandemic, or as the case for Gunnison, they wanted to move out of the city and to a spot with more outdoor activities.
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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).
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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.
