August sales continued the sluggish pace set by June and July of this year, at least in terms of transaction numbers. Looking at dollar volume, however, paints a picture more in line with the previous two years. Simply put, prices continue to rise in the Crested Butte and Gunnison areas, and I see no reason to believe that that trend won’t continue for the foreseeable future due to continued high demand but low inventory of homes available. 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. 8/31/2017 through 8/31/2018 versus the same period from 2018 to 2019). 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: Despite a low inventory, Crested Butte South continues to be one of the most active areas in our market, with only 4 months of supply.
- Mount Crested Butte (All Residential): It’s interesting to note that the median price in this area is less than downvalley areas like CB South. I cannot think of another ski area where prices are lower at the ski area than surrounding areas. For that reason, I consider the Mt Crested Butte area to be undervalued. For condos only, see below:
- Mount Crested Butte (Condos/Townhomes): The Mount Crested Butte area, including condos, saw an increase in active listings compared to 30 days ago, but most of that increase is at one of two condo complexes (3 Seasons and the Grand Lodge).
- Crested Butte: With some recent sales, the median sales price in town jumped over $1,000,000.
- Crested Butte Area: This category includes neighborhoods such as Skyland, Larkspur, Riverbend, Meridian Lake and Trapper’s Crossing. Like town, the surrounding area now has a median price over $1 Million.
- Gunnison: If Crested Butte continues to grow, expect further price increases in the Gunnison area, similar to other “downvalley” towns near other ski areas, like Eagle (Vail), or Basalt (Aspen). We’ve been seeing this for some time, with limited inventory and a short 80 days on market.
- 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): Crested Butte land sales continue to be slow, with rising prices and high building costs as likely reasons.
- 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. Land sales elsewhere in the area seem to be a little bit stronger than the Crested Butte area.
Crested Butte/ Gunnison Home Sales, August 2019
Crested Butte/ Gunnison Land Sales, August 2019:
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.