2023 was marked as the year of tumultuous changes in mortgage interest rates. The key lesson from this period was the importance of maintaining a long-term perspective on real estate investment and purchase. Despite initial hesitations in the first quarter as buyers adjusted to missing low-interest rates and adapting to rates over 6%, the market stabilized. Sellers initially set prices based on the high demand of 2021 and 2022, but some had to recalibrate their expectations. However, those who adjusted their pricing strategies or waited for the right buyer were able to secure sales at higher prices than in previous years.
The second and third quarters of 2023 witnessed a surge in activity, even with interest rates exceeding 8%. A significant proportion of the year’s property sales occurred during these quarters, indicating a balanced and robust market. A shortage of properties for sale tilted the market slightly in favor of sellers, causing some frustration among buyers.
Throughout 2023, as noted in other updates, the average sales price continued to rise. The average price for residential properties from Almont to Mt. Crested Butte reached $1,417,582, a significant increase from 2022. The average price per square foot also increased from $686 to $720. In total, 379 residential properties were sold in the Gunnison to Mt. Crested Butte area, with over half involving loans rather than cash payments.
Looking ahead to 2024, expectations are high for increased real estate activity. Though sales numbers dipped in 2023, decreasing interest rates and strong buyer demand are set to invigorate the market. Already, a busy start is evident with seven closings scheduled for early in the year. Real estate agents nationwide are feeling more optimistic about the market in 2024.
For those interested in understanding their equity gains in 2023, a comprehensive property value report is available upon request.
2023
Closings
Almont to Mt. Crested Butte – All Property Types
Number Sold: 276
Total Dollar Volume: $338,049,236
Median Sales Price: $870,000
Average Sales Price: $1,224,816
Lowest Sale: $27,000 (10 Acre Mining Claim in Rural Crested Butte)
Highest Sale: $10,000,000 (Custom Built, Ski-in/Ski-out Home in Prospect)
2022
Closings
Almont to Mt. Crested Butte – All Property Types
Number Sold: 365
Total Dollar Volume: $400,986,094
Median Sales Price: $775,000
Average Sales Price: $1,098,592
Lowest Sale: $19,000 (10 Acre Mining Claim in Rural Crested Butte)
Highest Sale: $11,550,000 (.84 Acres in Downtown Crested Butte)
2023
Closings
Gunnison – All Property Types
Number Sold: 232
Total Dollar Volume: $141,128,036
Median Sales Price: $500,000
Average Sales Price: $608,310
Lowest Sale: $15,000 (.14 Acre Homesite in Whitepine)
Highest Sale: $5,400,000 (Ranch Estate in Ohio Creek)
2022
Closings
Gunnison – All Property Types
Number of Contracts: 212
Total Dollar Volume: $127,750,399
Median Price: $453,250
Average Price: $602,596
Lowest Price: $20,000 (Mobile Home with No Land)
Highest Price: $9,400,000 (1,200 Acre Ranch in Ohio Creek)
Sales Data from CREN MLS and includes all types of properties, land, commercial and residential. Not all sales were not necessarily listed/sold by Signature Properties Ebner & Associates and are only intended to show local market trends in the area.
