June 2015 was another busy month in Crested Butte real estate, with 45 closings in the area- the most since 2007. Many properties went under contract within days, a sign of the low inventory, especially with homes under $600,000 and condos under $250,000 (other than Grand Lodge). This summer should prove to be a great time to sell property for many sellers in the area. Other busy segments of the local market include Gunnison and vacant land sales. 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. 6/30/2013 through 6/30/2014 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: With over a third of listed properties under contract, CB South remains one of the most active neighborhoods in our area. Several new homes entered the market in the past month, so if this is an area you’ve been interested in, it might be worth taking another look.
- Mount Crested Butte (All Residential): While total sales are up, the average sales price is down. Buyers remain most interested in the lower price ranges, leading to the lower average sales prices. The number of properties under contract is up compared to last month.
- Mount Crested Butte (Condos/Townhomes): Condo sales near Crested Butte Mountain Resort are up, although as mentioned above 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, now is a great time. A new development slated for December 2015 called Timbers has been taking reservations at a brisk pace, with units priced in this lower price range.
- Crested Butte: Within the town limits of Crested Butte, both sales and average price are up. Summer tends to be a busy season in Crested Butte, but the low inventory may slow sales down a bit.
- Crested Butte Area: This category includes neighborhoods such as Skyland, Larkspur, Riverbend, and Trapper’s Crossing. The average sales price is up considerably and this area has the highest average sales price- primarily due to a number of very high end sales.
- Gunnison: The Gunnison market has been the busiest segment of the local market for the past few months. Why? One factor is the continued escalation of prices in the Crested Butte area- driving some buyers downvalley to Gunnison. 21 of the 91 current listings are under contract.
- Gunnison Area: This includes areas such as Dos Rios, Ohio Meadows, Cranor Hill, and Hartman Rocks. Like Gunnison, this area has also seen an increase in activity lately.
- 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 increase in land sales in the Crested Butte area has been noticeable over the past few months, especially in Crested Butte South. The big spike in sales last spring has slowed down slightly, however, now that asking prices have seen an overall increase.
- 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, June 2015
Crested Butte/ Gunnison Land Sales, June 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.