October 2, 2014
Crested Butte Market Report, September 2014
The Crested Butte and Gunnison real estate market had the busiest September in seven years, since before the crash. 52 properties closed this month, with a median price of $272,500 and an average sales price of $425,800. Inventories are significantly lower than they were just one month ago, and the pace of sales continues to be high, with most areas seeing roughly 15% of properties under contract. 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. 10/1/2013 through 10/1/2014 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, especially in the lower price ranges. The average home price is up 35% year-over-year.
- Mount Crested Butte (All Residential): Sales are up 20% compared to the previous year. 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 the ski area continue to increase. Sales at the Grand Lodge have been particularly active, with the developer placing additional units on the market. This has driven down the average sales price as a whole. Median sales price is up.
- Crested Butte: The average sales price in downtown Crested Butte is now $869,000, up 38% over the previous year.
- Crested Butte Area: This category includes neighborhoods such as Skyland, Larkspur, Riverbend, and Trapper’s Crossing. Both 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.
- 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. With fewer bank-owned or distressed properties came a corresponding reduction in the total number of sales as well.
- 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.