Gunnison county is once again “open”, with hotels and short term rentals once again welcoming visitors, and most restaurants and shops are open as well, with some restrictions. As expected, real estate sales in May 2020 were minimal, with only 15 transactions recorded across the Crested Butte and Gunnison area. I say expected because the stay at home orders began in mid-March and most transactions take between 30- 60 days from contract to closing. Despite that, there are reasons to be optimistic. As I write this on the second day of June, there have already been at least 6 sales, and the total dollar volume of those sales already exceeds the dollar volume of all of May. Additionally, 80 properties are currently listed as “under contract”, so I expect June sales numbers will be much improved over May. With low interest rates, low inventory, and continued interest from buyers, at this time I’m still expecting prices to stay steady in the area. 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. 5/31/2018 through 5/31/2019 versus the same period from 2019 to 2020). 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: Inventory remains limited in CB South, with just 17 active listings, and one under contract.
- Mount Crested Butte (All Residential): Perhaps surprisingly, inventory remains nearly unchanged from mid-winter. For condos only, see below:
- Mount Crested Butte (Condos/Townhomes): Lower-priced condos remain in short supply near the ski area, and good values have been moving quickly.
- Crested Butte: Summer is when properties in town really shine, so expect this to be an active market segment.
- Crested Butte Area: This category includes neighborhoods such as Skyland, Larkspur, Riverbend, Meridian Lake and Trapper’s Crossing. This area continues to have the highest median sold price in the area.
- Gunnison: Gunnison continues to be extremely active, with many new listings going under contract in just a few days.
- Gunnison Area: This includes areas such as Dos Rios, Ohio Meadows, Cranor Hill, and Hartman Rocks. Along with downtown Gunnison, the surrounding area has been extremely active this spring.
- 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 remain slow, perhaps due to high building costs in the area. On the other hand, buyers may find great value on vacant land given the large supply. Also, if building slows down next summer, it might be a great time to find better pricing for new home construction.
- 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, May 2020
Crested Butte/ Gunnison Land Sales, May 2020:
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.