As autumn’s vibrant hues gracefully bow out and winter eagerly awaits its cue, the real estate landscape in Crested Butte and Gunnison County is undergoing a transformation of its own. October 2023 has left its mark on the market, with significant shifts observed in the residential sector. In this blog post, we’ll delve into the key highlights and dynamics that shaped this month’s real estate performance.
Residential Breakdown: Single Family Homes vs. Condo/Townhomes
The numbers tell a compelling story of growth in both single-family homes and condo/townhomes:
🌟 Single Family Homes: +48.8% YoY, Average Price $1,801,175
💪 Condo/Townhome: +11.9% YoY, Average Price $925,494
These impressive year-over-year increases signal a dynamic market where demand remains robust across different property types.
Market Highlights: Trends and Numbers
📊 Prices Surged by 30% MoM: The month of October saw a remarkable 30% increase in property prices, reflecting a heightened demand and potential scarcity of available homes.
📈 Days on Market: However, with increased demand comes an uptick in the time properties spend on the market. Days on Market rose by 26.5% MoM and a significant 67.5% YoY, indicating a more deliberate decision-making process among buyers.
🏡 New Listings: -25.6% MoM: While demand remains strong, the supply side of the equation faced a slight setback in October, with new listings decreasing by 25.6% MoM.
Market Dynamics: What’s Moving and Shaking
📉 Active Listings: -9.3% MoM, +12.7% YoY: Active listings experienced a slight dip of 9.3% MoM, but compared to the previous year, the market is still up by a substantial 12.7%.
📉 Pending Sales: -17.6% MoM, +100% YoY: Pending sales, an indicator of future market activity, decreased by 17.6% MoM. However, compared to the same time last year, the growth is a staggering 100%, showcasing the resilience of the market.
📈 Months Supply: 6.3 months, +34% YoY: The months supply of inventory increased to 6.3 months, marking a 34% YoY change. This metric provides insight into the balance between supply and demand, suggesting a shift towards a more balanced market.
💰 Closed Price to List Price: 95.5%, -2.5% MoM: The ratio of closed price to list price remained strong at 95.5%, though it saw a slight dip of 2.5% MoM. This indicates that, despite a small adjustment, properties are still generally selling close to their list prices.
What’s Next?
As we wrap up this October 2023 real estate recap, it’s evident that the market in Crested Butte and Gunnison County is dynamic and evolving. The balance between supply and demand, the resilience of the market in the face of changing conditions, and the fluctuations in key indicators create an intriguing landscape for both buyers and sellers.
Stay tuned for more updates as we navigate through the winter season, uncovering the twists and turns of the Crested Butte and Gunnison County real estate market.
Source: Report based on information from CREN.
