May 3, 2017
May 2017 Crested Butte Market Report
More homes sold in April 2017 than any other year in the past 10 years. A large number of those sales were condos near the ski area, dropping an already low inventory by another 20 units compared to just a month ago. Inventory in Gunnison increased however, as that market follows a more traditional spring high season. In other local news, my real estate firm, Keller Williams, changed hands at the end of the month and is now called Bluebird. I decided to make a move with a few of my colleagues to Ebner and Associates Signature Properties, however, and I’m excited about this new opportunity! Come visit me at my new office, located at 326 Elk Ave suite D. 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. 4/30/2015 through 4/30/2016 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: Low inventory continues to drive prices in this area upward, though there was a small increase in inventory compared to last month.
- Mount Crested Butte (All Residential): Surprisingly, the median sales price in Mount Crested Butte is currently lower than it is in Gunnison (though it is very similar and the average price is higher). This is primarily due to lower priced projects like the Grand Lodge and Timbers. For condos, see below:
- Mount Crested Butte (Condos/Townhomes): Condos in Mount Crested Butte continue to move quickly, and buyers should be prepared to make an offer quickly on properties that meet their needs. As mentioned above, inventory continues to fall.
- Crested Butte: One way that real estate agents measure the market is by looking at how many month’s worth of inventory are available. There is only 3 months of inventory in Crested Butte, while ideally that number is 6.
- Crested Butte Area: This category includes neighborhoods such as Skyland, Larkspur, Riverbend, and Trapper’s Crossing. This area remains consistent, with a slightly better supply of homes.
- Gunnison: There are 30% more homes available in Gunison today than there were just a month ago. Still, the average days on market is very short in Gunnison and many homes move quickly.
- Gunnison Area: This includes areas such as Dos Rios, Ohio Meadows, Cranor Hill, and Hartman Rocks.
- 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): With vacant land going for as little as the low $50’s in CB South, buying and building makes sense for many buyers right now.
- 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, March 2017
Crested Butte/ Gunnison Land Sales, March 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.