Gunnison Area | Market Update
Early winter conditions made for an adventurous season in the Gunnison area. With colder temperatures preserving snow conditions, the area's downhill skiing, Nordic skiing and fat biking trails have been the best in years.
Momentum in the area is strong with increased air service at the newly remodeled airport, improved access with the Blue Mesa bridge construction complete, and multifamily developments in planning.
The new Gunnison Valley Hospital EMS station construction is well underway, and the Gunnison Arts Center renovation is being completed. Miller Furniture and the Gunnisack buildings were purchased by local investors with plans for new businesses and hospitality on Main Street.
Real estate transactions were fewer last year, partially due to a lack of inventory. But since the elections, confidence and demand have increased. 35 homes sold in the city last year averaging over $600,000, and 45 homes sold in the rural areas averaging just over $1 million. At the beginning of this year, there were only six homes available in town and 27 in the surrounding neighborhoods, keeping prices firm.
Nine commercial transactions closed last year averaging over $900,000. Land sales clipped at a moderate pace with 32 transactions averaging near $300,000.
Bluebird once again listed more properties and closed more sales than any brokerage in the valley and beat the market, increasing sales and volume year to year. The firm also led the Gunnison market by a wide margin closing twice as many properties as the nearest brokerage, handling nearly a quarter of all transactions in the area.
Crested Butte Area | Market Update
This last year, we experienced a lot of progress in the Crested Butte area. Several new restaurants have opened downtown, new construction is underway for a fire station and EMS facility, new multifamily housing is under construction at 6th Street and Butte and the Community School is being expanded to accommodate increased enrollment.
The real estate market has been strong, with gradual improvements since the peaks and corrections at the start of the decade. Despite the fact that the numbers of sales have reduced slightly, prices have held or increased, and inventories remain lower than average.
In the Town of Crested Butte, prices of homes average over $3.3 million and more than $1,200 per square foot. Homes in Mt Crested Butte are just under $2.5 million and in the rural surrounding areas over $2.9 million. There were only 25 homes available in all of the CB area at the beginning of this year.
Condominium sales on the mountain increased to 87 transactions last year with prices steady near $650,000. CB south had 14 sales last year averaging over $1.2 million with no homes presently available.
The demand for land has lessened with 51 closings in the area in 2024 averaging $540,000. The inventory has dropped slightly to 116 offerings ranging from $145,000 to over $4 million.
With the elections past us, we have experienced increased confidence and positive movement in the market, with a record setting month in January for the firm.
Bluebird once again listed more properties and closed more sales than any brokerage in the valley and beat the market, increasing sales and volume year to year. We also closed the high residential sale of the year again, in Skyland for a new home priced over $8 million.
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