June 29, 2014
Crested Butte Market Report, June 2014
As I write this month’s report, I can look outside my office on Elk Ave and see a street bustling with activity. This summer started off busy, and is expected to be a record setting year with possibly 50,000 people showing up this 4th of July holiday. Will this mean a record year for real estate as well? The numbers seem to be mixed on this front: our market has stabilized, which means fewer foreclosed homes and short sales. Generally speaking, this has resulted in an increase in home prices, but with fewer “steals” out there, activity in June 2014 was actually slower than June 2013.
The following year over year graphs compare the previous 365 days with the same period one year ago (i.e. 6/29/2013 through 6/29/2014 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 few months, with buyers particularly interested in the most affordable properties. Inventory has been under 12 months, so if you are considering selling, now is a great time. Average sales price is up 32%.
- Mount Crested Butte (All Residential): In early June of 2013, we saw the most expensive home sale in Mount Crested Butte ever- at over $4 million. That sale alone skews the numbers for average sales price in Mount Crested Butte.
- 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: Downtown Crested Butte remains THE location for real estate in this area, and the numbers reflect that fact.
- Crested Butte Area: This category includes neighborhoods such as Skyland, Larkspur, Riverbend, and Trapper’s Crossing.
- Gunnison: Gunnison real estate continues its upward trend.
- 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.
- 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.