February 2023 saw 28 sales across the Crested Butte and Gunnison area. While this is once again a small number, it’s still in line with years like 2016 and 2017, which saw 26 and 25 sales, respectively. Many of the recent sales were affordable housing units in Gunnison. The number of properties currently under contract is quite small, so I expect March numbers will once again be well behind the past several years. for instance, there is only one home under contract in Crested Butte, 1 in CB South, and just 5 in Mt Crested Butte. As I’ve said previously, much of this is due to the lack of inventory. If there isn’t much for sale, we can’t expect to see a large number of sales. It will be interesting to see if the market picks up during spring break, or if it stays slow until our busy summer selling season starting in June. 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. 2/28/2021 through 2/28/2022 versus the same period from 2022 to 2023). 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: The median price of real estate in Crested Butte South sits at exactly $1M.
- Mount Crested Butte (All Residential): There was a slight increase in listings in Mt Crested Butte compared to last month. 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 1 home is 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. 16 listings in the areas surrounding Crested Butte are under contract- most of them are “new builds” that are still under construction and have been under contract for a while.
- Gunnison: With the recent sales at Lazy K (affordable local’s housing), inventory in downtown Gunnison dropped compared to last month.
- 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. Sales have slowed considerably since last year, and I wouldn’t be surprised for this category to see an increase in inventory this spring. Winter tends to be a slow time of year for land sales, especially during above average snow years like this one.
Crested Butte/ Gunnison Home Sales, February 2023:
Crested Butte/ Gunnison Land Sales, February 2023:
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.