August 2022 Crested Butte Real Estate Market Report

Blog Market Reports

Only 44 transactions were recorded last month in the Crested Butte/ Gunnison area, roughly half the number recorded in 2021. Dollar wise, however, $43M is still well ahead of the $32.9M recorded in 2020 as we began the pandemic buying cycle. I expect August sales to be down as well, but it does seem like the market is getting more active in the past two weeks. Like I said in the last market report, I still believe that we are headed to a more balanced market, with slower appreciation and a slowly increasing inventory level. Time will tell. If you aren’t already receiving my monthly newsletters which include my market reports and community updates, please click the button below:

crested butte real estate market

The following year over year graphs compare the previous 365 days with the same period one year ago (i.e. 7/31/2020 through 7/31/2020 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: There are 15 listings in CB South, and 7 of them are under contract. CB South remains popular.
    • Mount Crested Butte (All Residential): A year ago, there were only 79 listings- and today that number is even lower, at 57: though it is slowly starting to increase. We are still in a low inventory environment. For condos only, see below:
    • Mount Crested Butte (Condos/Townhomes): Looking at the graphs below, you may notice that the median condo price actually fell, year over year. Which is true, but only because a whopping 72 out of 172 sales in the past 12 months were at the inexpensive Grand Lodge building, compared to 16/166 the previous 12 months. Exclude the Grand Lodge, and the median price rose from $505,000 to $678,000.
    • Crested Butte: Downtown Crested Butte real estate sales continue to be slow- whether that is due to the price point ($1.68M Median price), the short term rental moratorium, or something else. 4 of 33 listings are under contract.
    • Crested Butte Area: This category includes neighborhoods such as Skyland, Larkspur, Riverbend, Meridian Lake and Trapper’s Crossing. The areas surrounding Crested Butte are doing well, with 18 of the 48 listings under contract.
    • Gunnison: Gunnison real estate continues to sell very quickly, with just 56 average days on market. That said, only 13 of the 37 listings are under contract right now- perhaps due to higher interest rates, or sellers that are overpricing their homes.
    • Gunnison Area: This includes areas such as Dos Rios, Ohio Meadows, Cranor Hill, and Hartman Rocks. This area is slowing down, with 9 of the 52 listings 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): While land sales have certainly slowed down, a number of new lots were recently listed in the Prospect subdivision, and many of them quickly went under contract.
    • 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.

days on market 2022 crested butte real estate

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sales volume of crested butte real estate

Crested Butte/ Gunnison Home Sales, July 2022

crested butte real estate changing 2022
slowing crested butte real estate 2022

Crested Butte/ Gunnison Land Sales, July 2022:

2022 crested butte land sales

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.

August 2022 Crested Butte Real Estate Market Report
Article Name
August 2022 Crested Butte Real Estate Market Report
August 2022 Crested Butte real estate information: Graphs, statistics, sold data, and analysis of the Crested Butte and Gunnison markets. Compare year over year statistics for all the major neighborhoods in the area.