July real estate sales in Crested Butte and Gunnison were down compared to previous years. Due to increasing prices in the area, however, dollar volume was similar to the 2015-2018 time frame. I believe that there are a number of reasons for the slower sales- low inventory, heavy snow that stuck around even in May and early June, and price increases pushing some buyers out of the market. Pending contracts are currently fairly slow, though in my experience the market often heats up at the end of the month once kids are back in school. Inventory is up this month, thanks to a number of new listings (common for summertime). 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. 7/31/2017 through 7/31/2018 versus the same period from 2018 to 2019). 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: The median home/condo sales price in Crested Butte South is now over $600,000.
- Mount Crested Butte (All Residential): It’s interesting to note that the median price in this area is less than downvalley areas like CB South. I cannot think of another ski area where prices are lower at the ski area than surrounding areas. For that reason, I consider the Mt Crested Butte area to be undervalued. For condos only, see below:
- Mount Crested Butte (Condos/Townhomes): As above. This area has seen a steady increase in prices.
- Crested Butte: The downtown area saw a large increase in pending contracts compared to one month ago.
- Crested Butte Area: This category includes neighborhoods such as Skyland, Larkspur, Riverbend, Meridian Lake and Trapper’s Crossing. Listings and pending contracts both increased in this area.
- Gunnison: If Crested Butte continues to grow, expect further price increases in the Gunnison area, similar to other “downvalley” towns near other ski areas, like Eagle (Vail), or Basalt (Aspen).
- 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): Crested Butte land sales were slow once again. High building costs are perhaps to blame?
- 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. Land sales elsewhere in the area seem to be stronger than the Crested Butte area.
Crested Butte/ Gunnison Home Sales, July 2019
Crested Butte/ Gunnison Land Sales, July 2019:
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.
Photo Credit: Trent Bona