For the first month of 2023, the Crested Butte and Gunnison area had 25 sales. January is often one of the slower sales months- there were only 27 sales in 2020, right before COVID changed so much. So 25 sales isn’t bad given the time of year. I know I sound like a broken record, but the biggest thing to know about the local real estate market is that there isn’t much inventory at all, and that hasn’t changed for months. Some properties are still moving quite quickly, and the recent drop in interest rates seems to be reinvigorating buyers who may have found themselves on the sidelines recently. 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. 1/31/2021 through 1/31/2022 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: There was a time when CB South was considered the affordable local’s area to live, but the median sales price has now eclipsed the $1M mark.
- Mount Crested Butte (All Residential): As mentioned above, listing inventory remains quite low at the base of the ski area, slightly lower than it was last month. For condos only, see below:
- Mount Crested Butte (Condos/Townhomes): The current “absorption rate” is 3.4 months, which measures how it would take to sell the existing inventory. 6 months is considered a balanced market, while 3.4 months is more of a seller’s market.
- Crested Butte: Only 4 homes are under contract in downtown Crested Butte, an area which has been sluggish recently due to prices and perhaps short term rental considerations.
- Crested Butte Area: This category includes neighborhoods such as Skyland, Larkspur, Riverbend, Meridian Lake and Trapper’s Crossing. Exactly a third of the listings in the areas surrounding Crested Butte are under contract.
- Gunnison: Downtown Gunnison is one area where inventory increased- largely due to a number of deed-restricted homes in the Lazy K subdivision. These are a great deal for locals, let me know if you need more information. Several sold in January.
- 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): Land sales are slower than they’ve been, but there are a large number currently under contract due to the newest land offerings in the Prospect subdivision in Mt Crested Butte.
- 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. Inventory is increasing for vacant land, and sales have slowed considerably since last year. Winter tends to be a slow time of year for land sales, especially during above average snow years like this one.
Crested Butte/ Gunnison Home Sales, January 2023:
Crested Butte/ Gunnison Land Sales, January 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.