April 30, 2014
Crested Butte Market Report, April 2014
First quarter sales in 2014 are down slightly from the first quarter statistics in 2013. The reasons are twofold. First, it is tougher to find the great deals compared to a year ago. For instance, in the graphs below you will see that sales are down in the Crested Butte area. This is primarily because that area saw the last of the inexpensive Stallion Park condos sold, and today there are no similar condos in that price range in that area.
The second reason was the announcement of the potential sale of the ski area last fall. Sellers held out for top dollar, or pulled their listings entirely, anticipating an increase in property values. Buyers didn’t want to pay extra based on the chance that the ski area might sell and drive prices up. Markets hate uncertainty, and the potential sale certainly fits that description.
Nevertheless, when looking at the long-term trend of the market, both the Crested Butte and Gunnison areas are rebounding, with average sales prices rising and inventory falling. This summer should be a great time to sell property in the Gunnison/ Crested Butte area.
The following graphs compare the previous 365 days with the same period one year ago (i.e. 4/30/2013 through 4/30/2014 versus the same period from 2012 to 2013). With such a small sample size these numbers can jump around, but generally speaking the local market is in better shape than it has been in quite some time. If you are looking for other statistics, such as inventory, or a more specific neighborhood analysis, please contact me.
- Crested Butte South: Real Estate sales in Crested Butte South have been strong of late, especially for properties under $400,000. In fact, all three properties currently under contract in CB South are under $300,000. Inventory is down to only a 7 month supply, so if you’ve been considering selling, now is a great time.
- Mount Crested Butte (All Residential): Total residential Sales in Mount Crested Butte are up 13%.
- Mount Crested Butte (Condos/Townhomes): More than half of last year’s 91 sales were for condominiums under $200,000, as buyers continue to seek out the best deals. Inventory is currently under 150 properties listed for sale.
- Crested Butte: Average sales price is up roughly 20%. Inventory is down significantly.
- Crested Butte Area: This category includes neighborhoods such as Skyland, Larkspur, Riverbend, and Trapper’s Crossing. Inventory (months supply) here is currently lower than many other areas, about 9 months.
- Gunnison: Gunnison’s strong recovery continues, with the number of properties sold up 54%, and the average price up 38%. This is still a great buyer’s market given the large inventory.
- Total Residential Sales: This category covers our entire MLS area, including Lake City, Pitkin, Crested Butte, Gunnison, and points between.
- Land Sales (North end of the valley): Average sales price is increasing slightly, and there are indications that land sales will be on the rise this summer.
- Land Sales (Total): Similar to above.
Source: Gunnison Country Association of Realtors’ MLS. Reported sales not necessarily sold or listed by Frank Konsella and are intended only to show area trends.