59 properties sold in the Crested Butte/ Gunnison area in June. While that is far below the record setting 90 sales last year, it’s also right in line with the 56 sales that occurred in 2019. The Crested Butte real estate market is undeniably changing, but in my opinion we’re simply heading to something more “normal” than what we saw over the past 2 pandemic years. I’ve still being seeing plenty of properties receive multiple offers when they’re priced realistically. With mortgage rates hovering around 6.5%, it’s no surprise that some buyers are stepping back, either because they can no longer qualify for the homes they want, or out of caution. I’ve been searching for an investment property myself, and I’ve been reminding myself that a)I can hopefully refinance at a lower rate in a couple of years, and b)mortgage rates have averaged 8% over the past 50 years, so 6.5% doesn’t seem that bad comparatively. Time will tell, but in my opinion we’re going back to a more balanced market, like we saw from 2015-19. 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. 6/30/2020 through 6/30/2020 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 are 14 listings in CB South- but 11 of them are under contract. CB South remains popular.
- Mount Crested Butte (All Residential): A year ago, there were only 69 listings- and today that number is even lower, at 48. We are still in a low inventory environment. For condos only, see below:
- Mount Crested Butte (Condos/Townhomes): Looking at the graphs below, you may notice that the median condo price actually fell, year over year. Which is true, but only because a whopping 72 out of 172 sales in the past 12 months were at the inexpensive Grand Lodge building, compared to 16/166 the previous 12 months. Exclude the Grand Lodge, and the median price rose from $505,000 to $678,000.
- Crested Butte: Only 2 of the 33 listings in town are under contract- perhaps due to the short term rental moratorium, or perhaps just due to the higher prices in town (the median price over the past year was $1.628M.
- Crested Butte Area: This category includes neighborhoods such as Skyland, Larkspur, Riverbend, Meridian Lake and Trapper’s Crossing. The median sales price over the past 12 months in these areas is a whopping $1.725M.
- Gunnison: Gunnison real estate continues to sell very quickly, with just 56 average days on market. That said, only 16 of the 42 listings are under contract right now- perhaps due to higher interest rates, or sellers that are overpricing their homes.
- Gunnison Area: This includes areas such as Dos Rios, Ohio Meadows, Cranor Hill, and Hartman Rocks. Inventory in this area is increasing, and with only 10 homes under contract, inventory may continue to rise. Inventory remains well below historical levels, however.
- 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 in the area were nearly as popular as home sales in the past year, with buyers choosing to buy and build when they couldn’t find a home. The pace of land sales has since slowed.
- 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.
Crested Butte/ Gunnison Home Sales, June 2022
Crested Butte/ Gunnison Land Sales, June 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.