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:
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.
Crested Butte/ Gunnison Home Sales, July 2022
Crested Butte/ Gunnison Land Sales, July 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.