February 1, 2015
Crested Butte Market Report, January 2015
January home and land sales in the Crested Butte and Gunnison area are often slow. Buyers are typically occupied with the holidays, and don’t tend to go under contract until after the holiday season. There are quite a few properties under contract currently, so I do expect to see more sales in February. 12 properties in the Gunnison/ Crested Butte area closed in the month of January, 2015, which is similar to years past though below 2012 and 2013. If you aren’t already receiving my monthly newsletters which include my market reports and what’s going on in the area, please click the button below:
The following year over year graphs compare the previous 365 days with the same period one year ago (i.e. 2/1/2013 through 2/1/2014 versus the same period from 2014 to 2015). 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 and Gunnison 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 Properties continue to sell, and this area has the shortest absorption rate in the Gunnison Valley, under 6 months supply. Currently, there are only 14 properties for sale, and 2 of those are under contract. If you’ve been waiting to sell in CB South, now is a great time to list your property.
- Mount Crested Butte (All Residential): Total sales are up 37% compared to 2013/14 although the average sales price is down. The fall in average sales price is attributable to a small number of very high end sales in 2013, and the condo market (see below).
- Mount Crested Butte (Condos/Townhomes): Condo sales near Crested Butte Mountain Resort are up 41%, although the sales price is down. Taking a closer look at the numbers, the absorption rate for condos under $250,000 is around 6 months, while over $250,000 it is closer to 24 months. In other words, people are buying the less expensive condos. I have been having trouble finding condos for buyers in this price range, so if you’ve been looking to sell in this lower price range, it’s a great time.
- Crested Butte: Sales in Crested Butte were up along with average sales price.
- Crested Butte Area: This category includes neighborhoods such as Skyland, Larkspur, Riverbend, and Trapper’s Crossing. While the number of sales in this area is down overall, the average sales price is up. Much of this is due to sales of condos in the Buckhorn Ranch area in 2013.
- Gunnison: Sales in Gunnison remain relatively flat, with much of the activity at the lower end of the market.
- Gunnison Area: This includes areas such as Dos Rios, Ohio Meadows, Cranor Hill, and Hartman Rocks. Sales price remained flat, yet total sales were up 28%. 8 of the 87 listings are currently under contract.
- 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): Land sales continue to be slow, due to many properties selling at prices below replacement cost. That said, there are currently 15 land listings under contract, which is good given the mid-winter time frame.
- Land Sales (Total): This category also covers our entire MLS area, including Lake City, Pitkin, Crested Butte, Gunnison, and points between.
Crested Butte/ Gunnison Property Sales, January 2015
Crested Butte/ Gunnison Land Sales, January 2015:
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.