October 31, 2014
Crested Butte Market Report, October 2014
The strong sales of late summer and early fall 2014 continued into October. 45 residential closings this month in the Gunnison/ Crested Butte area compare favorably to pre-recession years (30 closings in Oct. 2006, and 35 in Oct. 2007). Inventory dropped once again, though much of that can be attributed to seasonal fluctuations (many sellers will wait until ski season or next summer before listing their properties). Looking at properties under contract, the pace of sales appears to be slowing down slightly, with one exception being the Gunnison area, which has more properties under contract now than one month ago. This is the tail end of the buyer’s market for most of the areas and price ranges in our market. For some properties, such as inexpensive condos and townhomes in Crested Butte South, the market has already shifted to a seller’s market. For buyers that have been waiting, prices and interest rates are rising- don’t wait too long. For sellers that have been on the sidelines waiting for the market to improve, the market hasn’t been this busy in many years.
The following year over year graphs compare the previous 365 days with the same period one year ago (i.e. 10/31/2013 through 10/31/2014 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 continues to be an active area for home sales in the lower price ranges, though higher end home sales remain sluggish. The average home price is up 29% year-over-year.
- Mount Crested Butte (All Residential): Total sales are up 28% compared to the previous year (154 vs 120). 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.
- Crested Butte: The absorption rate in the Crested Butte area is roughly 12 months, excellent for our market.
- Crested Butte Area: This category includes neighborhoods such as Skyland, Larkspur, Riverbend, and Trapper’s Crossing. Average and median sales price have increased in this area as well.
- Gunnison: Gunnison had a great 2013, but has not been keeping up with Crested Butte in 2014. November may be a good month, however- 12% of available properties are under contract.
- Gunnison Area: This includes areas such as Dos Rios and Ohio Meadows. This area hasn’t changed a whole lot in either the number of sales or sales prices.
- 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): The decrease in average sales price in the graph below is due to a couple of big sales in the previous year skewing the results. While home prices are rising in this area, home buyers are still finding that buying a home is less expensive than building a new one.
- 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, October 2014
Crested Butte/ Gunnison Land Sales, October 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.