Crested Butte Mountain Resort closed on 4/3/2016, and the Crested Butte real estate market caught fire the very next day. Between 4/4/2016 and 4/30/2016, 32 properties totaling $18 million went under contract- and that doesn’t even include the Gunnison area. Over that same time frame last year, the market was far more quiet with 14 properties totaling $3.1 million going under contract. Clearly there were a number of buyers waiting for the ski area to close before making their offers. Meanwhile, 26 residential properties changed hands during April, slightly under the 5 year average. Certain areas are still suffering from low inventory. For instance, there are only 17 residential listings in Crested Butte South, and 5 of those are under contract. 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. 4/30/2014 through 4/30/2015 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 inventory remains low in this area, and it is hard to find affordable properties for buyers right now.
- Mount Crested Butte (All Residential): Median prices in this area have increased nearly 22% year over year.
- Mount Crested Butte (Condos/Townhomes): The condo market is similar to Mount Crested Butte in general- see above.
- 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. Days on market have been decreasing in this area, while both sales volume and prices are up.
- Gunnison: Gunnison does not seem to be slowing down. Part of this can be attributed to Crested Butte buyers turning to the more affordable Gunnison market.
- 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 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 slowed down slightly last month, with very few sales, though land sales usually pick up during the snow-free months.
- Land Sales (Total): This category also covers our entire MLS area, including Lake City, Pitkin, Crested Butte, Gunnison, and points between.
Crested Butte/ Gunnison Home Sales, April 2016
Crested Butte/ Gunnison Land Sales, April 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.