32 properties were sold in the Crested Butte/ Gunnison area in December 2023- more than the 22 recorded in 2022. Given the lack of inventory, high interest rates, and traditionally slow time of year with the holidays, this shouldn’t be too surprising. The median price across our entire MLS area rose 22% in 2023 compared to 2022. The good news is that while rates briefly exceeded 8% just a couple of months ago, they have been trending down as lenders start “pricing in” their expectations that the Fed will not raise rates and may even start lowering their benchmark rate in 2024. Lower rates would obviously help buyers, but it might help the inventory shortage as well, if sellers decide it’s worth trading their low rate to purchase a new home that fits their current needs better. Some buyers that are currently on the sideline may start their home search again if rates drop enough. Of course, predictions are often wrong, so we’ll see if rates do drop in 2024 (particularly the last half) as many are saying they will. 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. 12/31/2021 through 12/31/2022 versus the same period from 2022 to 2023). 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.
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- Crested Butte South: 3 of the 11 homes listed are under contract.
- Mount Crested Butte (All Residential): Mt Crested Butte is one of the few neighborhoods that shows a meaningful year over year increase in inventory. That said, it’s still very low compared to normal. For condos only, see below:
- Mount Crested Butte (Condos/Townhomes): Condo sales slowed in 2023- my guess would be increasing HOA dues in addition to the already higher costs of ownership between interest rates and sales prices.
- Crested Butte: Year over year sales are similar YoY in downtown Crested Butte. My guess is that it’s the short term regulations finding some certainty with the new regulations.
- Crested Butte Area: This category includes neighborhoods such as Skyland, Larkspur, Riverbend, Meridian Lake and Trapper’s Crossing. Rural Crested Butte had similar sales in 2023 compared to 2022, but part of that is due to new construction coming onto the market which had been under contract during the construction process.
- Gunnison: As low as inventory is in the Crested Butte area, it’s even lower in Gunnison, which is surprising given the larger size of Gunnison. There are only 21 listings right now, and 6 of those are under contract.
- Gunnison Area: This includes areas such as Dos Rios, Ohio Meadows, Cranor Hill, and Hartman Rocks. This area has been popular over the past year, with lower days on market, increased sales, and increasing prices. As with rural Crested Butte, a small part of that is due to new construction.
- 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): Vacant land continues to be a slow part of the local market, due to the high interest rates and high building costs. Winter tends to be a slow time for vacant land sales.
- Land Sales (Total): This category also covers our entire MLS area, including Almont, Lake City, Pitkin, Crested Butte, Gunnison, and other parts of the Crested Butte/Gunnison area. Vacant land inventory is rising faster than it is in the residential sector.
Crested Butte/ Gunnison Home Sales, December 2023:
Crested Butte/ Gunnison Land Sales, December 2023:
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.
