February 5, 2018
February 2018 Crested Butte Market Report
The local real estate market got off to a slow start in 2018, with January only recording 25 sales compared to 45 a year ago. The big question of course is why? The lack of inventory is almost certainly one factor- we need more sellers entering the market. The lack of snow this season may be playing a factor as well- especially for Denver-area skiers that have become the largest source of buyers in Crested Butte. Whatever the reason, it may just be an anomaly and sales will once again pick up. The past couple of days alone have seen an increase in properties under contract, so we will have to wait and see what the rest of February brings. 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. 1/31/2016 through 1/31/2017 versus the same period from 2017 to 2018). 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: Year over year, CB South remained busy with increasing prices and not enough inventory.
- Mount Crested Butte (All Residential): While sales ended up similar year over year, median sales prices are up sharply. The number of properties under contract is up significantly compared to one month ago as well. For condos only, see below:
- Mount Crested Butte (Condos/Townhomes): As above, sales prices in this area are up.
- Crested Butte: Sales are actually down slightly year over year, 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 compared to one year ago. Perhaps this area is getting the bump expected from town’s new regulations?
- Gunnison: Prices are up year over year, and Gunnison still represents a great real estate value compared to many other parts of Colorado.
- Gunnison Area: This includes areas such as Dos Rios, Ohio Meadows, Cranor Hill, and Hartman Rocks. Like Mount Crested Butte, this area saw a nice uptick in properties under contract.
- 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 sales continue to be up, since some buyers are opting to buy and build rather than finding anything that they want currently. The good news for buyers is that there are still a lot of choices.
- 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, January 2018
Crested Butte/ Gunnison Land Sales, January 2018:
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.