November 30, 2014
Crested Butte Market Report, November 2014
Real estate sales in the Crested Butte and Gunnison area remained strong in November 2014. While November sales were slightly less than the past 3 years, there were still far more sales (26) than there were from 2007-2010. The downward trend in inventory continued as we enter the 2014-15 ski season. Overall, most of the area can be considered a buyer’s market, although in certain price ranges or condo complexes, the opposite is true. For buyers that have been waiting, prices are rising, and interest rates remain historically low- don’t wait too long. For sellers, rising prices and increasing sales are signs of an improving seller’s market.
The following year over year graphs compare the previous 365 days with the same period one year ago (i.e. 11/30/2013 through 11/30/2014 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 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. In fact, the average sales price in Crested Butte South nudged just over Mount Crested Butte.
- Mount Crested Butte (All Residential): Total sales are up 23% compared to the previous year although the average sales price is actually down. The fall in average sales price is mainly attributable to a small number of very high end sales in 2012-13.
- Mount Crested Butte (Condos/Townhomes): Condo sales near Crested Butte Mountain Resort continue to improve. Every 2 bedroom unit at 3 Seasons, for instance, is either under contract or sold in November.
- Crested Butte: Demand for properties “in-town” remains high.
- 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.
- Gunnison: The past month was a busy one in Gunnison, although both the number of sales and average sales price are down slightly year over year.
- Gunnison Area: This includes areas such as Dos Rios and Ohio Meadows. Sales in the areas surrounding Gunnison continue to outpace sales within the city limits.
- Total Residential Sales: This category covers our entire MLS area, including Lake City, Pitkin, Crested Butte, Gunnison, and points between. At this point, it seems likely that 2014 will look very similar to 2013.
- Land Sales (Greater Crested Butte area): Land sales continue to be slow, due to many properties selling at prices below replacement cost. Developers are starting to “kick the tires” in the area, however, and 13 lots bundled for sale in Buckhorn Ranch are currently under contract.
- 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, November 2014
Crested Butte/ Gunnison Land Sales, November 2014:
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.