July 30, 2014
Crested Butte Market Report, July 2014
After a slow start to 2014, which did not match the strong gains of 2013, the Crested Butte real estate market seems to be picking up, and the hope is that it will continue through the second half of the summer. 64 properties are currently under contract in the Gunnison and Crested Butte areas, almost 10% of currently listed properties. Looking through my office’s showing sheet, the properties which are receiving the most attention lately are lower-priced condos, though some other areas/properties are popular as well.
The following year over year graphs compare the previous 365 days with the same period one year ago (i.e. 7/30/2013 through 7/30/2014 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 has been one of the strongest areas over the past year, with buyers particularly interested in the most affordable properties. Inventory has been under 12 months, so if you are considering selling, now is a good time.
- Mount Crested Butte (All Residential): The number of properties sold in Mount Crested Butte is up sharply.
- Mount Crested Butte (Condos/Townhomes): Condo sales in Mount Crested Butte are increasing, and lenders are increasingly willing to make loans on these properties.
- Crested Butte: The average sales price in downtown Crested Butte has been inching up towards $800,000.
- Crested Butte Area: This category includes neighborhoods such as Skyland, Larkspur, Riverbend, and Trapper’s Crossing. Stallion Park in Buckhorn Ranch is responsible for the high number of units sold in 2012-’13.
- Gunnison: Gunnison real estate has stabilized considerably over the past 24 months.
- 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): Fewer sales but higher average prices, once again indicating our changing market with less distressed properties.
- 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.