April 6, 2016
March 2016 Crested Butte Real Estate Market Report
Twenty-five residential properties sold during the month of March, nearly the same as last year and ahead of the ten year average in the Crested Butte/ Gunnison area. Only seven homes closed in March of 2007, for comparison. March is a busy month in our resort area, and the number of properties under contract is up across the board compared to one month ago. Low inventory continues to challenge buyers in the area, though the summer season should see more properties available. 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. 3/31/2014 through 3/31/2015 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: The Crested Butte South area has the shortest median “days on market” of any area I cover. With only three properties listed under $500,000, competition remains high for affordable properties in the area.
- Mount Crested Butte (All Residential): While sales have slowed down due to fewer properties on the market, we are also starting to see a corresponding increase in prices. This area was one of the hardest hit during the last recession, so it’s good to see the prices returning to pre-recession levels.
- Mount Crested Butte (Condos/Townhomes): The condo market is similar to Mount Crested Butte in general- see above.
- Crested Butte: There simply aren’t a lot of properties available in town right now, which is slowing sales.
- Crested Butte Area: This category includes neighborhoods such as Skyland, Larkspur, Riverbend, and Trapper’s Crossing. Days on market have been decreasing in this area.
- Gunnison: Gunnison remains the most active part of the local market, with increasing sales prices, increased volume, and decreasing days on market.
- Gunnison Area: This includes areas such as Dos Rios, Ohio Meadows, Cranor Hill, and Hartman Rocks. The areas surrounding Gunnison aren’t seeing quite the same increases as those within the city limits, but sales are up here as well.
- 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): The median price is falling, while buyers concentrate on the more affordable areas such as CB South, but sales volume is up. This is an area where inventory is increasing, though it is likely to go down again during the summer buying season when land is easier to look at.
- Land Sales (Total): This category also covers our entire MLS area, including Lake City, Pitkin, Crested Butte, Gunnison, and points between.
Crested Butte/ Gunnison Home Sales, March 2016
Crested Butte/ Gunnison Land Sales, March 2016:
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.