22 properties were sold in the final month of 2022 in the Crested Butte and Gunnison area. If that seems like a low number, it is. the last time it was that low was in spring 2020 when Covid shut most things down. Granted, December is a slow time of the year for real estate sales, but that number still lags behind even pre-covid December sales. Inventory remains very low, however. Take Mt Crested Butte, as one example- there are just 47 listings right now, but 5 years ago there were exactly three times as many listings, 141. What this means is that for many sellers, they don’t feel as though they have to drastically drop their prices since there isn’t much competition. We’ll see what the future holds, but until inventory starts to increase I think we’ll remain at status quo for some time. 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. 12/31/2020 through 12/31/2021 versus the same period from 2021 to 2022). 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 this month, for the first time since I started doing these reports, the median sales price eclipsed the $1M mark.
- Mount Crested Butte (All Residential): As mentioned above, listing inventory remains quite low at the base of the ski area. 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 2 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. Roughly 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.
- 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.
Crested Butte/ Gunnison Home Sales, December 2022
Crested Butte/ Gunnison Land Sales, December 2022:
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.