52 sales were recorded in the Crested Butte/ Gunnison area in August 2022- quite a bit less than 89 from last year. Dollar wise, the $49.4M still exceeded the $42.2M recorded in 2018, when 94 properties sold. Prices remain elevated thanks to low inventory- and inventory isn’t changing much and if anything is trending lower compared to one month ago. The homes that are being sold are offset by new listings, so buyers are still struggling to find what they’re looking for. Buyer demand is lower as well due to higher interest rates, but in my opinion inventory still needs to rise to consider this a more balanced market. 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. 8/31/2020 through 8/31/2021 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: A month ago, there were 15 active/under contract listings in this area, and that has dropped to 11 (and 5 of those are under contract).
- Mount Crested Butte (All Residential): 24 of the 57 listings in Mt CB are under contract- a month ago it was only 15/57. 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: Downtown Crested Butte real estate sales continue to be slow- whether that is due to the price point ($1.68M Median price), the short term rental moratorium, or something else. Only 2 listings are under contract.
- Crested Butte Area: This category includes neighborhoods such as Skyland, Larkspur, Riverbend, Meridian Lake and Trapper’s Crossing. The areas surrounding Crested Butte are doing well, with 23 of the 57 listings under contract.
- Gunnison: Inventory fell slightly in Gunnison.
- 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.
Crested Butte/ Gunnison Home Sales, August 2022
Crested Butte/ Gunnison Land Sales, August 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.