Birdseye View | Market Snapshots | Spring 2024
Gunnison Market Snapshot
The whitewater kayakers and serious mountain bikers lead the way in ushering spring into summer in the Gunnison area. Following a healthy winter snow season, the calves are plentiful in the pastures and the golfers are warming up their swings.
As the trees bloom on Main Street, we enjoy and appreciate the transition to sunny days and warmer weather. Natural Grocers recently opened along with Dilly Deli and Crested Bucha, and the Gunnison Arts Center has announced its summer concert schedule. New housing developments continue to be announced to satisfy much-needed demand in several sectors.
The real estate market is showing signs of sustained strength in the Gunnison area. Average home prices in town are nearing $700,000, as demand is keeping inventory to a minimum of six offerings. Rural Gunnison sales doubled in the first quarter with twelve transactions averaging a new high averaging over $1.4 million.
The condominium market has paused with only four sales to date, averaging just over $375,000, probably due to a lack of inventory and higher mortgage costs. Land sales are steady for the start of the year, averaging $330,000, and there has only been one commercial sale this year at $335,000 with 14 available properties.
Our associates anticipate listings to increase in the spring market, stimulating strong sales activity for the summer. Bluebird leads the Gunnison market in listings and sales this year and last. As a grateful member of the community, we are optimistic for the future of this County Seat, with the diversity of core drivers such as the university, hospital system, air travel, and governmental hub – not to mention the crossroads for ranching, hunting, and recreation.
We would love to work with you and show you how we are “bringing dreams home.” Bluebird is the exclusive regional member of Leading Real Estate Companies of the World, the largest global network of properties and independent brokerages.
View the full birdseye view report with graphs here.
Crested Butte Market Snapshot
There is a positive attitude in the real estate market as we head into summer. Several new restaurants are scheduled to open in our nation’s Wildflower Capital. Sales and confidence are up compared to this time last year. Inventories are growing to normal levels, and despite upticks in interest rates, they are still at healthy levels and buyers are indicating that they are tired of waiting and are ready to buy.
The first quarter in the Crested Butte area is the beginning of a track that builds steadily through the year. Indicators are that expensive properties are in high demand. The average home price in the town of Crested Butte is now over $1,260 per square foot. In Mt. Crested Butte, the average home price is over $2.6 million for the first time ever.
With more high-end sales, the rural Crested Butte market, including Skyland, Trappers and Danni Ranch is reaching average prices over $3.5 million. CB South is steady with few sales averaging $1.1 million, due to high demand and low available listings.
Condominium sales are steady, but the inventory has doubled to 64 available units, with twelve sales year to date.
Land sales have slowed to eight transactions in the first quarter, with a rise in available tracts to 126. Some landowners have opted to purchase existing structures for a quicker entrance to the market.
Bluebird continues to lead the market with the highest number of sales this year and last year of any firm in the Gunnison Valley. Our associates feel bullish on the spring market. They assert that our destination is highly desired, and they have lots of buyers who are ready to purchase this season when the right properties come on the market.
We would love to show you how we are “bringing dreams home.” Bluebird is the exclusive regional member of Luxury Portfolio International, the largest global consortium of independent brokers and premium properties.
View the full birdseye view report with graphs here.
