At the end of 2018, the Crested Butte and Gunnison real estate market recorded 709 transactions totaling $320 million. Those numbers in 2017 were 733 properties totaling $336M. Looking only at the Crested Butte area, 2018 numbers were 442 properties totaling $236M versus 2017’s 435 properties and $250M. In other words, 2018 was overall quite similar to 2017, though many buyers opted to purchase vacant land with plans to build, which is the primary reason dollar volume is down slightly.
Limited inventory continues to be a major factor in the Crested Butte area. Currently, for instance, there are 186 residential properties on the market, compared to just over 300 at the same time last year. And even last year, that inventory would be considered quite low. No question about it, now is a great time to sell, while buyers may need to be patient to find the right property. 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. 12/31/2016 through 12/31/2017 versus the same period from 2017 to 2018). 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: 2018 was another strong year for the Crested Butte South neighborhood, with the median sales price up nearly 20%.
- Mount Crested Butte (All Residential): This is another area that had good gains in home values and short days on market. For condos only, see below:
- Mount Crested Butte (Condos/Townhomes): As above.
- Crested Butte: Total sales in this area are slightly higher, although prices dropped a small amount.
- Crested Butte Area: This category includes neighborhoods such as Skyland, Larkspur, Riverbend, Meridian Lake and Trapper’s Crossing. Interestingly, this is the first time that the median sales price has been above $1 Million in any neighborhood in the Crested Butte area.
- Gunnison: Inventory in Gunnison is very limited right now- when good properties go on the market here, they don’t last long, with an average days on market of just 72.
- Gunnison Area: This includes areas such as Dos Rios, Ohio Meadows, Cranor Hill, and Hartman Rocks. Inventory fell once again compared to last month.
- 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): As mentioned above, land sales were strong in 2018, though the winter months do tend to be slower.
- Land Sales (Total): This category also covers our entire MLS area, including Almont, Lake City, Pitkin, Crested Butte, Gunnison, and other parts of the Gunnison Country. As above, many buyers are choosing to buy land due to the lack of homes available.
Crested Butte/ Gunnison Home Sales, December 2018
Crested Butte/ Gunnison Land Sales, December 2018:
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.