March 9, 2018
March 2018 Crested Butte Market Report
While 2018 got off to a slow start, with January lagging behind the previous few years in sales, February came roaring back, with more transactions than any of the past ten years. Undoubtedly those numbers would be even higher if inventory levels at several price points were better. Even so, new listings are appearing all the time so patient buyers eventually find what they’re looking for. March is often a busy month, but perhaps this year will be slower due to the lack of snowfall this season. 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. 2/28/2016 through 2/28/2017 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: Normally, CB South is considered an affordable location, but right now the least expensive property that is not under contract is listed at $405,000 A recent condo listing received several offers within just a few days after it was listed.
- 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. Inventory actually rose slightly compared to last month.
- Crested Butte: For a short time, it appeared that all of the short term rental permits were taken and that it might have a negative effect on sales. Today, however, there are a few permits available again, so second home buyers that are hoping to rent when they aren’t there shouldn’t dismiss town entirely.
- 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.
- Gunnison: Prices are up year over year, and Gunnison still represents a great real estate value compared to many other parts of Colorado. For instance, the median sales price of single family homes in the Denver metro area just topped $500,000. In Gunnison, that number is $340,000.
- Gunnison Area: This includes areas such as Dos Rios, Ohio Meadows, Cranor Hill, and Hartman Rocks. Like other areas, prices are up.
- 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): While it may be tough to find a home or condo, there is still a tremendous amount of land for sale. Given the rising prices of homes, buying land and building makes much more sense than it did just a couple of years ago.
- 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, February 2018
Crested Butte/ Gunnison Land Sales, February 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.