August 31, 2014
Crested Butte Market Report, August 2014
August of 2014 was a very busy month in Crested Butte and Gunnison real estate. 48 properties closed this month, with a median price of $275,000 but with an average sales price of $562,260. Additionally, a large number of properties went under contract in August- more than 10% of the properties currently on the market are also under contract this month, and most areas have a smaller inventory today than they did one month ago. With lower inventories and an active market, this autumn may be a great time to list your property.
The following year over year graphs compare the previous 365 days with the same period one year ago (i.e. 8/31/2013 through 8/31/2014 versus the same period from 2012 to 2013). With such a small market (sample size) these numbers can jump around, so it’s worth comparing these graphs over a period of time. My Crested Butte market report archives can be found on this page. If you are looking for other statistics, such as inventory, or a more specific neighborhood analysis, please contact me.
- Crested Butte South: Crested Butte South continues to be an active area for home sales, especially in the lower price ranges. The average home price is up 27% year-over-year.
- Mount Crested Butte (All Residential): The number of properties sold in Mount Crested Butte is up compared to the previous year.
- Mount Crested Butte (Condos/Townhomes): Condo sales in Mount Crested Butte are picking up. Of 178 current listings, 28 of the are under contract.
- Crested Butte: The average sales price in downtown Crested Butte is now over $800,000. One year ago, it was $609,000 for the previous 12 months. 10 of 59 current listings are under contract.
- Crested Butte Area: This category includes neighborhoods such as Skyland, Larkspur, Riverbend, and Trapper’s Crossing. August of 2014 was a great month for this area. With 3 separate sales of at least $2.4 million closing this month, the average sales price jumped considerably.
- Gunnison: Gunnison real estate is currently very steady, with no large jumps in price or properties sold.
- Total Residential Sales: This category covers our entire MLS area, including Lake City, Pitkin, Crested Butte, Gunnison, and points between.
- Land Sales (Greater Crested Butte area): The decrease in average sales price in the graph below is due to a couple of big sales in the previous year skewing the results. With fewer bank-owned or distressed properties came a corresponding reduction in the total number of sales as well.
- Land Sales (Total): This category also covers our entire MLS area, including Lake City, Pitkin, Crested Butte, Gunnison, and points between.
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.