October real estate sales in the Crested Butte and Gunnison area were similar to previous years (76 sales totaling $39.5 million, vs. 80/ $43.1 in 2017, and 73/ $26.9M in 2016). Taking a year-to-date perspective, unit sales are down slightly (2%), while dollar volume is down slightly more, at 6.3%. As I’ve mentioned before, many buyers have turned to vacant land which has dropped the dollar volume (and if you look around today, you’ll see cranes everywhere, since many of those land buyers are now building homes).
A number of properties went under contract in just the past few days, so I suspect that 2018 will end the year looking remarkably similar to 2017 overall. In other news, interest rates have been creeping up which may slow down the market in 2019 if they continue to rise, as expected. Then again, the ski area is expected to be busier than years past thanks to the Vail resorts purchase, which may lead to an increase in demand for Crested Butte real estate, despite rising rates. 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. 10/31/2016 through 10/31/2017 versus the same period from 2017 to 2018). 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: Both sales prices and the number of transactions are up in this area, which has been one of the strongest performing neighborhoods. That said, inventory in this area was already low, and dropped again this month.
- Mount Crested Butte (All Residential): Looking at the graphs below, you’ll see that the number of sales is exactly the same year over year, but accompanied by rising prices. Inventory remains a problem. For condos only, see below:
- Mount Crested Butte (Condos/Townhomes): Very similar to what is discussed above for Mount Crested Butte in general.
- Crested Butte: Crested Butte sales are exactly the same year over year, although the sales price did drop slightly (with such a small market, just a couple of sales can flip this in the other direction).
- Crested Butte Area: This category includes neighborhoods such as Skyland, Larkspur, Riverbend, Meridian Lake and Trapper’s Crossing. Sales have been slower in this area, though the sales price remains steady.
- Gunnison: Gunnison is holding steady, despite a lack of homes for sale (active listings aren’t that much more than Crested Butte, despite the town being far larger).
- Gunnison Area: This includes areas such as Dos Rios, Ohio Meadows, Cranor Hill, and Hartman Rocks. Like other neighborhoods in this report, prices are rising and the days on market is fairly short in the areas surrounding Gunnison. Inventory is down and has been falling for months.
- 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 continue to be one of the most popular segments of the local real estate market, with total sales up roughly 50%
- Land Sales (Total): This category also covers our entire MLS area, including Almont, Lake City, Pitkin, Crested Butte, Gunnison, and other parts of the Gunnison Country. Prices and sales are both up.
Crested Butte/ Gunnison Home Sales, October 2018
Crested Butte/ Gunnison Land Sales, October 2018:
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.