41 properties sold last month in the Crested Butte and Gunnison area last month. While this is far below the 95 that sold in March 2021, it’s roughly the same number that sold between 2015-2020. Our exceptionally low inventory levels continue to make it difficult for buyers to find the right property. Perhaps the biggest story is the rapid rise in interest rates over the past few weeks. This will make it harder for some buyers to qualify and it may start to slow down the real estate market. (A buyer that may have qualified for a million dollar loan 6 weeks ago can now only qualify for about $900k, just to put some numbers on it.) That said, rates are still in the 4-5% range, which remains quite low by historical standards, it’s just that we’ve been spoiled by rates that were often below 3% just a year ago. I expect rates to continue rising, but any effects on the local real estate market will likely be slow and gradual. 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. 3/31/2020 through 3/31/2020 versus the same period from 2021 to 2022). 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: 7 of the 8 residential listings in CB South are currently under contract. Contact me if you’re looking for a great residential or commercial vacant land parcel- I have one listed!
- Mount Crested Butte (All Residential): Inventory continues to fall near the ski area, with just 48 listings and 29 of those under contract at the end of March. For condos only, see below:
- Mount Crested Butte (Condos/Townhomes): Grand Lodge condos continue to move quickly. In the past 2 weeks, we’ve actually seen a few new listings available in the sub-$1M price range.
- Crested Butte: Only 2 of the 17 listings in town are under contract- perhaps due to the short term rental moratorium, or perhaps just due to the higher prices in town (currently the least expensive listing in town is $1.4M
- Crested Butte Area: This category includes neighborhoods such as Skyland, Larkspur, Riverbend, Meridian Lake and Trapper’s Crossing. Like other areas, rural Crested Butte doesn’t have much inventory at this time, most of which is under contract.
- Gunnison: Gunnison real estate continues to sell very quickly, with just 61 average days on market.
- Gunnison Area: This includes areas such as Dos Rios, Ohio Meadows, Cranor Hill, and Hartman Rocks. Active listings in this area fell to even lower inventory levels, with just 14 listings.
- 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): Once plentiful, home building sites for sale near Crested Butte are becoming quite scarce. As the snow melts, it will be a great time for sellers to list their property.
- 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. Like the Crested Butte area, land sales throughout the county have increased greatly year over year.
Crested Butte/ Gunnison Home Sales, March 2022
Crested Butte/ Gunnison Land Sales, March 2022:
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.
