68 sales were recorded in the Crested Butte/ Gunnison area in September 2022, a steep drop compared to 116 in 2021, but also better than the 56 we saw as recently as 2019. While interest rates continue to rise, and the real estate market shifts along with it, we still aren’t seeing an appreciable increase in inventory. Until inventory begins to rise, prices will remain somewhat stable, despite the lower buyer demand due to the higher rates. When buyers are able to find the right property, they’re often finding that they have the ability to negotiate on price and terms, rather than battle multiple offers (although we are still seeing some of those as well). Many homeowners are “trapped” with a great, low interest rate, and don’t want to sell and increase their rate to ~7%. It may take rates dropping to get more sellers (and buyers for that matter). 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. 9/30/2020 through 9/30/2021 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 only 13 listings in this neighborhood, and 9 of those are under contract. The average sales price is trending towards $1M.
- Mount Crested Butte (All Residential): Inventory in this area dropped compared to a month ago. 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: A month ago, only 2 listings downtown were under contract, but that climbed to 9 today.
- Crested Butte Area: This category includes neighborhoods such as Skyland, Larkspur, Riverbend, Meridian Lake and Trapper’s Crossing. The areas surrounding Crested Butte nearly have a $2M median sales price.
- Gunnison: Inventory increased slightly in Gunnison, though it is still quite limited.
- Gunnison Area: This includes areas such as Dos Rios, Ohio Meadows, Cranor Hill, and Hartman Rocks. One quarter of the listings in this area are under contract.
- 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): While land sales have certainly slowed down, a number of new lots were recently listed in the Prospect subdivision, and many of them quickly went under contract.
- 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. Inventory is increasing for vacant land, and sales have slowed considerably since last year.
Crested Butte/ Gunnison Home Sales, September 2022
Crested Butte/ Gunnison Land Sales, September 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.