29 properties closed in the Crested Butte/Gunnison area in March 2024, roughly the same as 2023 (27). This continues the trend of low sales volumes, especially compared to the Covid boom years like 2021. With very little inventory and buyers that are willing to wait for the perfect property and be picky given both higher prices and higher interest rates, I suspect sales will remain slow 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. 3/31/2022 through 3/31/2023 versus the same period from 2023 to 2024). 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: CB South has been one of the most popular local areas over the past few years. But even it isn’t immune from a bit of a slowdown, with 4 of 14 listings 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 increased 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 19 listings right now, with more than half of those 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. That said, only 4 of the 24 listings are currently under contract.
- 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. This trend will almost certainly continue.
Crested Butte/ Gunnison Home Sales, February-March 2024:
Crested Butte/ Gunnison Land Sales, February-March 2024:
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.
