The summer of 2015 continues at a busy pace in Crested Butte real estate. The Crested Butte real estate market had 47 closings in July, the most in several years (which was also the case in June). Many properties went under contract within days, a sign of the low inventory, especially with homes under $600,000 and condos under $250,000 (other than Grand Lodge). Land sales continue to be greatly improved from just a year ago- in fact land sales have nearly doubled in the past 12 months over the previous 12 months. Meanwhile, the median days on market in Gunnison is only 98 days for the homes sold this month. Late summer should prove to be a great time to sell property for many sellers in the area. 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. 7/31/2013 through 7/31/2014 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: The already small inventory in CB South shrunk by another 20% in July compared to June, and a third of those properties are under contract. CB South is a strong part of the Crested Butte real estate market.
- Mount Crested Butte (All Residential): While total sales are up, the average sales price is down slightly. Buyers remain most interested in the lower price ranges, leading to the lower average sales prices. The number of properties under contract is up significantly compared to last month.
- Mount Crested Butte (Condos/Townhomes): Condo sales near Crested Butte Mountain Resort are up, with prices staying relatively flat for now. That said, condo prices are creeping upward over the short term. One major new development is that condos are now being offered at the Elevation hotel. These units are similar in setup to the Grand Lodge, though at a higher price point.
- Crested Butte: Within the town limits of Crested Butte, sales numbers are up, and inventory increased slightly compared to last month.
- Crested Butte Area: This category includes neighborhoods such as Skyland, Larkspur, Riverbend, and Trapper’s Crossing. The average sales price is up considerably and this area has the highest average sales price- primarily due to a number of very high end sales.
- Gunnison: The Gunnison market has been the busiest segment of the local market for the past few months. Why? One factor is the continued escalation of prices in the Crested Butte area- driving some buyers downvalley to Gunnison. 21 of the 78 current listings are under contract.
- Gunnison Area: This includes areas such as Dos Rios, Ohio Meadows, Cranor Hill, and Hartman Rocks. This area has seen a 41% increase in sales, year over year.
- 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): The increase in land sales in the Crested Butte area has been noticeable over the past few months, especially in Crested Butte South. Other areas in the upper East river valley are also seeing properties go under contract- in just one week last month, 3 properties in the Buckhorn ranch subdivision went under contract.
- 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, July 2015
Crested Butte/ Gunnison Land Sales, July 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.