May 31, 2014
Crested Butte Market Report, May 2014
Crested Butte, Crested Butte South, and Gunnison continue to lead the way in local real estate, with strong numbers month after month. Other areas, such as Mount Crested Butte, are also up, just not at the same pace as the others. In the past month, several properties have gone under contract which have been on the market for very long periods of time (i.e. years), further evidence of the rising prices and smaller inventories. By all indications, summer 2014 will be one of the busiest ever, with rental reservations reportedly very strong at this point in the season. Another indication of a strengthening local economy is the difficulty renters are having finding available long term rentals.
The following graphs compare the previous 365 days with the same period one year ago (i.e. 5/31/2013 through 5/31/2014 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 has been one of the strongest areas over the past few months, with buyers particularly interested in the most affordable properties. Inventory has been hovering around a 7 month supply, so if you’ve been considering selling, now is a great time. Average sales price is up 36%.
- Mount Crested Butte (All Residential): 119 properties in Mount Crested Butte sold in the past 12 months, up from 100 the previous year.
- Mount Crested Butte (Condos/Townhomes): Inventory has been holding nearly constant at roughly 150 properties. Financing can be difficult with these properties, one of the main reasons prices aren’t rebounding as quickly as they should.
- Crested Butte: Due to some significant sales in the past 12 months, the average price in Crested Butte is roughly $778,000.
- Crested Butte Area: This category includes neighborhoods such as Skyland, Larkspur, Riverbend, and Trapper’s Crossing.
- Gunnison: 51% more properties sold in the past 12 months than the preceding 12 months in Gunnison. This is still a great buyer’s market with a large inventory.
- Total Residential Sales: This category covers our entire MLS area, including Lake City, Pitkin, Crested Butte, Gunnison, and points between.
- Land Sales (North end of the valley): With fewer and fewer homes available in the lower price ranges, it will be interesting to see if land sales pick up this summer. I expect they will.
- Land Sales (Total): Same as above.
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.