April 1, 2015
Crested Butte Market Report, March 2015
The Crested Butte real estate market continues to gain steam in 2015, with a busy March following on the heels of January and February. 27 properties sold this month in the Gunnison and Crested Butte area, which was 33% more than last year, and the most in March since at least 2006. Looking at the properties already under contract, April will probably be another strong month for real estate sales in Crested Butte and Gunnison. At many price points in certain areas, inventory is currently low, which is leading to an increase in asking prices. With rising prices and a smaller home inventory, buyers are once again looking to build- a trend that was particularly noticeable in Crested Butte South, where 9 of the 33 listed lots are currently under contract. 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. 3/31/2013 through 3/31/2014 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 22 properties for sale, and 4 of those are under contract. As mentioned above, land sales are increasing in this area as well. 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 30% compared to 2013/14 although the average sales price is down. With a smaller inventory, asking prices continue to rise. 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 30%, although the average sales price is down slightly. 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. A new development slated for December 2015 will improve inventory in the lower price range- call me for details.
- Crested Butte: Sales in downtown Crested Butte continue to drive the local market. 11 of the 39 current listings are currently under contract.
- 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 (Stallion Park) in the Buckhorn Ranch area in 2013.
- Gunnison: Sales in the City of 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 is trending upward, and total sales were up 36%. 15 of the 89 listings are currently under contract. This is a strong area in the local market.
- 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): More than any other part of our market, land sales in the Crested Butte area have seen the most noticeable change, even in just the past month. Inventory is dropping, prices are increasing, and local lenders tell me they’ve been doing “lots” of construction loans.
- 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, March 2015
Crested Butte/ Gunnison Land Sales, March 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.