36 property transactions were recorded in June 2024 in the Crested Butte/Gunnison area. This is the smallest number in 10 years. As has been the case for quite some time, the combination of high prices, high interest rates, and very low inventory are to blame for the low sales volume. That said, for the first half of 2024, we are outpacing 2023. Perhaps the best way to look at things is to compare Crested Butte sales for the first half of 2024 to the first half of 2019 (pre covid). 2019 shows 143 sales totaling $100M, while 2024 has 104 sales but $121M. The important thing overall, in my opinion, is that the market is far closer to balance overall. Generally speaking, buyers can negotiate without too much fear of a bidding war, or waiving inspections and appraisals, as was common just a couple of years ago. Recent economic data seems to suggest that mortgage rates may start falling soon- which would be helpful but also might fuel another surge in buyers fighting for properties in a limited inventory market. All things considered, it isn’t a bad time to be a buyer, rather than waiting. 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. 6/30/2022 through 6/30/2023 versus the same period from 2023 to 2024). 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.
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- Crested Butte South: 8 of 19 listings are under contract.
- 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): The condo market near the ski area continue to be an interesting one, with some properties going under contract very quickly, while others take quite some time to sell.
- Crested Butte: Year over year sales more than doubled YoY in downtown Crested Butte. Price wise, the median sales price is now an astounding $2,250,000- and that includes condos as well as homes.
- Crested Butte Area: This category includes neighborhoods such as Skyland, Larkspur, Riverbend, Meridian Lake and Trapper’s Crossing. Sales increased slightly YoY in this area, much of it due to new construction in Buckhorn Ranch.
- Gunnison: Sales are down in Gunnison year over year, likely due to low inventory and increasing prices.
- Gunnison Area: This includes areas such as Dos Rios, Ohio Meadows, Cranor Hill, and Hartman Rocks. Prices in this area are increasing, although that is also slowing down the sales volume.
- 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 high building costs. Almost all of the properties currently under contract here are in the “Upper Prospect” area.
- 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. This trend will almost certainly continue.
Crested Butte/ Gunnison Home Sales, June 2024:
Crested Butte/ Gunnison Land Sales, June 2024:
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.
