First things first- If you’re reading this, I hope you and everyone you care about are healthy and safe as we deal with the Covid-19 pandemic. Crested Butte has been hit hard by the virus, with many infected and sadly, one death. Stay home, stay safe, and let’s all hope that we can get back to normal sooner rather than later. So with that said, let’s look at the current Crested Butte real estate market.
March started off much like the previous two months of 2020, with plenty of real estate activity. By March 17th, the unexpected closure of all Vail resorts including Crested Butte indicated that the world was rapidly changing. Further stay at home orders followed in Gunnison County and real estate agents in Crested Butte and Gunnison are currently not allowed to have any face to face contact with buyers or sellers. While that has certainly slowed the pace of real estate in the valley, it has not stopped. In the past week, a $2M+ home in Mount Crested Butte went under contract, and a home in Gunnison was under contract just two days after being listed- interest in local real estate remains. For the month, 42 properties sold in the area, similar to the 43 properties last year. I have not seen any widespread price changes or properties taken off the market- for now, everyone seems to be taking a “wait and see” approach. Now that it is April, we are entering a traditionally slow part of the year, until things ramp up again in the summer. 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. 3/31/2018 through 3/31/2019 versus the same period from 2019 to 2020). 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: Inventory is extremely limited in CB South, with just 11 active listings, and 2 of those under contract.
- Mount Crested Butte (All Residential): March is typically a busy time for properties near the ski area, but currently only 9 properties are under contract. For condos only, see below:
- Mount Crested Butte (Condos/Townhomes):
- Crested Butte: Interestingly, the number of properties under contract in town doubled compared to one month ago.
- Crested Butte Area: This category includes neighborhoods such as Skyland, Larkspur, Riverbend, Meridian Lake and Trapper’s Crossing. 5 of the 67 listings are currently under contract, with a median price over $1 Million.
- Gunnison: Gunnison remains one of the busiest markets in the area, with many homes going under contract within just a few days- including a property just listed two days ago.
- 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 remain weak, perhaps due to high building costs in the area. On the other hand, buyers may find great value on vacant land.
- 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.
Crested Butte/ Gunnison Home Sales, March 2020
Crested Butte/ Gunnison Land Sales, March 2020:
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.