November 10, 2016
November 2016 Crested Butte Market Report
73 properties changed hands in Gunnison and Crested Butte last month, more than any other year as far back as my records go (2007). Year over year, the local real estate market is currently up by 15% in terms of dollar volume. The biggest problem, one that I’ve been talking about for months, remains the limited inventory. Take Crested Butte South, where sales dropped from 45 to 21, year over year. With just 17 properties on the market, and 5 of those under contract, it will be difficult to return to those higher numbers, at least in the short term. 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. 10/31/2014 through 10/31/2015 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: See comments above regarding this area.
- Mount Crested Butte (All Residential): The current inventory in this area is 14% less than it was just one month ago. My guess is that more properties will enter the market after ski season begins in a couple of weeks.
- Mount Crested Butte (Condos/Townhomes): The success of the new Timbers condo development shows how strong the interest for entry-level properties in this area is right now. It’s also the reason median sales prices haven’t made the same strong gains as elsewhere.
- Crested Butte: Steady would be the best way to describe the town of Crested Butte right now, though there is some uncertainty right now with regards to possible changes with short term rentals.
- Crested Butte Area: This category includes neighborhoods such as Skyland, Larkspur, Riverbend, and Trapper’s Crossing. Like Crested Butte, this area is on a similar track as the previous year.
- Gunnison: The Gunnison real estate market remains active, with the average days on market at less than 100- the only area that can claim that statistic.
- 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): Land sales continue to be slightly slower than the previous year as we head into a traditionally slow time for land sales once the parcel are covered in snow.
- 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, October 2016
Crested Butte/ Gunnison Land Sales, October 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.