April 2015 was another busy month in Crested Butte real estate market, as well as Gunnison. As a whole, April 2015 had similar sales to the past few years, but in certain areas (see below), many properties went under contract and will lead to strong sales numbers as we enter the summer season. The biggest problem in many areas and price ranges remains low inventory-which is leading to increasing prices. If you are considering selling a property in the area, this summer should prove to be an opportune time. 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. 5/30/2013 through 5/30/2014 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: With over a third of listed properties under contract, CB South remains one of the most active neighborhoods in our area. New listings that are priced appropriately go under contract quickly, while some older listings have been on the market for years in some cases. If you’ve been waiting to sell in CB South, now is a great time to list your property.
- Mount Crested Butte (All Residential): While total sales are up, the average sales price is down. Buyers remain most interested in the lower price ranges, leading to the lower average sales prices.
- Mount Crested Butte (Condos/Townhomes): Condo sales near Crested Butte Mountain Resort are up, although as mentioned above 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, now is a great time. A new development slated for December 2015 called Timbers has been taking reservations at a brisk pace, with units priced in this lower price range.
- Crested Butte: Within the town limits of Crested Butte, both sales and average price are up. Summer tends to be a busy season in Crested Butte, but the low inventory may slow sales down a bit.
- 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- way up thanks to a handful of high end home sales.
- Gunnison: The Gunnison market continues to be red-hot. Why? One factor is the continued escalation of prices in the Crested Butte area- driving some buyers downvalley to Gunnison. 20 of the 93 current listings are under contract.
- Gunnison Area: This includes areas such as Dos Rios, Ohio Meadows, Cranor Hill, and Hartman Rocks. Like Gunnison, this area has also been very active lately.
- 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 change in land sales in the Crested Butte area has been noticeable. Land sales slowed down slightly in May, which is somewhat surprising because land generally sells better after the snow is gone. Many of the best properties sold in the past few months, and buyers are looking for new listings that better fit their criteria.
- 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, May 2015
Crested Butte/ Gunnison Land Sales, May 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.