January 4, 2018
December 2017 Crested Butte Market Report
2017 finished strong, with sales in both November and December near 10 year record levels. Not only that, but the dollar amount is well above even last year’s pace. At this point, the only thing that may slow sales down in 2018 will be the limited inventory if additional property owners don’t place their properties on the market. Perhaps the most interesting sales at the end of 2017 were land sales- one being Nevada Ridge, a development that never quite got off the ground in Mount Crested Butte. Bigger still was the sale of 76 lots in Buckhorn Ranch which the original developer lost to the bank and were tied up in the courts for years. Buckhorn Ranch is a great area to consider if you’re looking to build in the future. If you aren’t already receiving my monthly newsletters which include my market reports and community updates, 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. 10/31/2016 through 10/31/2017 versus the same period from 2015 to 2016). 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 Gunnison and Crested Butte real estate 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: 2017 saw 10 more sales than 2016, at a higher median price. Inventory remains well under 6 months, which is considered a seller’s market.
- Mount Crested Butte (All Residential): While sales ended up similar year over year, median sles prices are up over 50%. For condos only, see below:
- Mount Crested Butte (Condos/Townhomes): As above, sales prices in this area are way up.
- Crested Butte: Sales are actually down slightly compared to 2016, although the median price is still up. Is this due to the new short term regulations? It’s too early to tell…
- Crested Butte Area: This category includes neighborhoods such as Skyland, Larkspur, Riverbend, and Trapper’s Crossing. Prices and volume are both up versus 2016.
- Gunnison: 2016 was a banner year for Gunnison real estate, so perhaps it isn’t surprising that sales numbers were down slightly in 2017, along with the low inventory levels. Prices are up, however.
- Gunnison Area: This includes areas such as Dos Rios, Ohio Meadows, Cranor Hill, and Hartman Rocks. Inventory is down roughly 60% in the areas surrounding Gunnison compared to just a couple of months ago.
- Total Residential Sales: This category covers our entire MLS area, including Lake City, Pitkin, Crested Butte, Gunnison, and points between.
- Land Sales (Upper valley from CB South through Mount Crested Butte): Land is starting to sell again. Our lack of snow thus far this winter will help continued land sales, since you can (sadly) still see the ground in many locations.
- Land Sales (Total): This category also covers our entire MLS area, including Almont, Lake City, Pitkin, Crested Butte, Gunnison, and other parts of the Gunnison Country. Sales volume is up heavily if you look at our entire area.
Crested Butte/ Gunnison Home Sales, December 2017
Crested Butte/ Gunnison Land Sales, December 2017:
Source: Gunnison Country Association of Realtors’ MLS/ CREN. Reported sales not necessarily sold or listed by Frank Konsella and are intended only to show area trends.