35 properties changed hands in November 2023 in the Crested Butte and Gunnison area. This is below the total of 37 in 2022, and far below the record of 92 in 2020. Given the lack of inventory and high interest rates, this shouldn’t be too surprising. The good news is that while rates briefly exceeded 8% just a few weeks ago, they have been falling as lenders start “pricing in” their expectations that the Fed will not raise rates and may even start lowering their benchmark rate in 2024. Lower rates would obviously help buyers, but it might help the inventory shortage as well, if sellers decide it’s worth trading their low rate to purchase a new home that fits their current needs better. Some buyers that are currently on the sideline may start their home search again if rates drop enough. Of course, predictions are often wrong, so we’ll see if rates do drop in 2024 as many are saying they will. 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. 11/30/2021 through 11/30/2022 versus the same period from 2022 to 2023). 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: No homes are currently under contract in Crested Butte South, although there are only 7 listed.
- Mount Crested Butte (All Residential): Mt Crested Butte is one of the few neighborhoods that shows a meaningful year over year increase in inventory. That said, it’s still very low compared to normal. For condos only, see below:
- Mount Crested Butte (Condos/Townhomes): 6 out of 60 listings are under contract. I do feel like there is some great value to be had in this market.
- Crested Butte: Year over year sales are surprisingly higher in downtown Crested Butte. My guess is that it’s the short term regulations finding some certainty.
- Crested Butte Area: This category includes neighborhoods such as Skyland, Larkspur, Riverbend, Meridian Lake and Trapper’s Crossing. Sales and inventory in these areas are remarkably sililar to those of one year ago.
- Gunnison: As low as inventory is in the Crested Butte area, it’s even lower in Gunnison given how much larger that city is. There are only 23 listings right now, and 8 of those are under contract.
- Gunnison Area: This includes areas such as Dos Rios, Ohio Meadows, Cranor Hill, and Hartman Rocks. This area has been popular over the past year, with lower days on market, increased sales, and increasing prices.
- 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): Vacant land continues to be a slow part of the local market, due to the high interest rates and building costs. Winter tends to be a slow time for vacant land sales.
- 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. Vacant land inventory is rising faster than it is in the residential sector.
Crested Butte/ Gunnison Home Sales, October-November 2023:
Crested Butte/ Gunnison Land Sales, October-November 2023:
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.
