June 1, 2016
May 2016 Crested Butte Real Estate Market Report
Year to date, the Gunnison- Crested Butte area had 182 transactions totaling $73 million. Over the same time period in 2015, there were 204 transactions at a total of $72.6 million. As you can see, sales prices are increasing, even as inventory is a bit tight in certain parts of the local real estate market. June will be an interesting month, with a large number of properties expected to close. 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. 6/1/2014 through 6/1/2015 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: Residential prices in CB South have increased quite quickly over the past couple of years. Sales have slowed slightly, with only one home currently under contract, perhaps due to this area being less affordable than it once was.
- Mount Crested Butte (All Residential): Median prices in this area have increased 35% year over year.
- Mount Crested Butte (Condos/Townhomes): The condo market near the ski area took the longest to recover after the 2008 recession, but recent sales are indicating that the condo market is better now than it has been for years.
- Crested Butte: Sales in town have slowed slightly, though that seems to mostly indicate the lack of inventory.
- Crested Butte Area: This category includes neighborhoods such as Skyland, Larkspur, Riverbend, and Trapper’s Crossing. Luxury sales in this area can make it difficult to track trends in the area, as just a couple of sales can easily skew the statistics.
- Gunnison: The Gunnison market remains active, especially in the lower price ranges which can even see bidding wars for sought-after properties.
- 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 prices 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): Land sales have slowed down slightly, which is somewhat surprising given the rising prices of homes in the area.
- 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.
Crested Butte/ Gunnison Home Sales, May 2016
Crested Butte/ Gunnison Land Sales, May 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.