November 2019 real estate sales in the Crested Butte and Gunnison area totaled $29.6 Million and 46 transactions. Last year during the same time frame, there were 64 transactions totaling $34.8 Million. This has been the trend throughout 2019- fewer transactions but higher sales prices. Higher prices and limited inventory at certain price points are primarily to blame for the slower sales, despite low interest rates that help counteract the rising prices. In other news from the mortgage world, conforming loan limits were once again raised last month (meaning buyers can borrow more before having to switch to a Jumbo loan). 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. 11/30/2017 through 11/30/2018 versus the same period from 2018 to 2019). 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: Of the 18 listings in CB South, 7 are currently under contract.
- Mount Crested Butte (All Residential): The drop in sales volume is particularly noticeable in Mount Crested Butte, due to the small supply of lower-priced condos compared to even one year ago. For condos only, see below:
- Mount Crested Butte (Condos/Townhomes): As noted above, condos sales are slower due to a low inventory at the lower price points.
- Crested Butte: The median sales price in town is now well over $1 Million, and only 4 properties are currently under contract.
- Crested Butte Area: This category includes neighborhoods such as Skyland, Larkspur, Riverbend, Meridian Lake and Trapper’s Crossing. Like town, the surrounding area now has a median price over $1 Million.
- Gunnison: If Crested Butte continues to grow, expect further price increases in the Gunnison area, similar to other “downvalley” towns near other ski areas, like Eagle (Vail), or Basalt (Aspen). We’ve been seeing this for quite some time, with limited inventory and a short 80 days on market. This is an excellent area for an investment or development. Townhomes in VanTuyl, for instance, have been selling nearly as quickly as they can be built.
- Gunnison Area: This includes areas such as Dos Rios, Ohio Meadows, Cranor Hill, and Hartman Rocks.
- 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): Total transactions of vacant land in the Crested Butte area are down over 50%. The good news for buyers is a strong supply of land for sale.
- 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. Land sales elsewhere in the area seem to be a little bit stronger than the Crested Butte area.
Crested Butte/ Gunnison Home Sales, November 2019
Crested Butte/ Gunnison Land Sales, November 2019:
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.