Happy New Year! Now is the perfect time to take a look at the 2014 Crested Butte market report and compare the current state of the real estate market compared to years past. In the Crested Butte and Gunnison area, there were 504 real estate transactions totaling 184 million dollars. 2013 was remarkably similar, with 493 transactions totaling 178 million dollars. Considering how slow the late spring/ early summer of 2014 were, all in all it was a great comeback for the local real estate market.
I suspect that 2015 will be quite similar. Interest rates remain low, and banks are beginning to ease their credit requirements, such as lower down payment loans. By all accounts, the national economy continues to improve as well. So, barring a global economic event or major local change (such as CBMR gaining new ownership), my expectations are for a repeat year.
Developers are beginning to return to the area, so that will be another potential change that will bear watching.
The following year over year graphs compare the previous 365 days with the same period one year ago (i.e. 12/31/2013 through 12/31/2014 versus the same period from 2012 to 2013). 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 Crested Butte and Gunnison 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: Crested Butte South Properties continue to sell, and this area has the shortest absorption rate in the Gunnison Valley. 6 of the 21 current listings are currently under contract
- Mount Crested Butte (All Residential): Total sales are up 35% compared to 2013 although the average sales price is actually down. The fall in average sales price is mainly attributable to a small number of very high end sales in 2013.
- Mount Crested Butte (Condos/Townhomes): Condo sales near Crested Butte Mountain Resort continue to improve thanks in part to easier credit. Total sales in 2014 were up 39% over 2013.
- Crested Butte: Sales in Crested Butte were up along with average sales price.
- Crested Butte Area: This category includes neighborhoods such as Skyland, Larkspur, Riverbend, and Trapper’s Crossing. While the number of sales in this area is down overall, the average sales price is up. Much of this is due to sales of condos in the Buckhorn Ranch area in 2013.
- Gunnison: While the number of sales was similar in 2014 compared to the previous year, the average sales price is down.
- Gunnison Area: This includes areas such as Dos Rios, Ohio Meadows, and Cranor Hill. Sales price remained flat, yet total sales were up 31%
- Total Residential Sales: This category covers our entire MLS area, including Lake City, Pitkin, Crested Butte, Gunnison, and points between.
- Land Sales (Greater Crested Butte area): Land sales continue to be slow, due to many properties selling at prices below replacement cost. Developers are starting to discuss new projects, including ski in ski out properties on Columbine Hill.
- Land Sales (Total): This category also covers our entire MLS area, including Lake City, Pitkin, Crested Butte, Gunnison, and points between.
Crested Butte/ Gunnison Property Sales, December 2014
Crested Butte/ Gunnison Land Sales, December 2014:
Source: Gunnison Country Association of Realtors’ MLS. Reported sales not necessarily sold or listed by Frank Konsella and are intended only to show area trends.