As I suspected when I worked on this report last month, February 2015 was a good month for the Crested Butte real estate market. 21 properties sold this month in the Gunnison and Crested Butte area, which tied with last year for the most sales in February dating as far back as 2007. I suspect that sales will continue to be strong in March, with many buyers returning to the area with an eye to purchase property. At many price points in certain areas, inventory is currently low, which is leading to an increase in asking prices. If you aren’t already receiving my monthly newsletters which include my market reports and what’s going on in the area, 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. 2/28/2013 through 2/28/2014 versus the same period from 2014 to 2015). 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, under 6 months supply. Currently, there are only 18 properties for sale. If you’ve been waiting to sell in CB South, now is a great time to list your property.
- Mount Crested Butte (All Residential): Total sales are up 28% compared to 2013/14 although the average sales price is down. The fall in average sales price is attributable to a small number of very high end sales in 2013, and the condo market (see below).
- Mount Crested Butte (Condos/Townhomes): Condo sales near Crested Butte Mountain Resort are up 30%, although the average sales price is down slightly. Taking a closer look at the numbers, the absorption rate for condos under $250,000 is around 6 months, while over $250,000 it is closer to 24 months. In other words, people are buying the less expensive condos. I have been having trouble finding condos for buyers in this price range, so if you’ve been looking to sell in this lower price range, it’s a great time.
- Crested Butte: Sales in Crested Butte were up 22% as well as 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: Sales in Gunnison remain relatively flat, with much of the activity at the lower end of the market.
- Gunnison Area: This includes areas such as Dos Rios, Ohio Meadows, Cranor Hill, and Hartman Rocks. Sales price is creeping upward, and total sales were up 36%. 11 of the 93 listings are currently under contract. This is a strong part of the market.
- 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): I suspect that land sales will improve in 2015. The average sales price is up due to far fewer sales in the past year of severely discounted distressed properties.
- 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, February 2015
Crested Butte/ Gunnison Land Sales, January 2015:
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.