Birdseye View | Gunnison Market Snapshot | Year-End 2022
Reflection at the start of the new year brings a fresh perspective and new outlook on what is to come. The first half of 2022 experienced a continuation of the post-covid frenzy, but the market stalled in the last quarter of the year as buyers paused with the holidays and supply caught up to buyer demand. Rising mortgage rates also influenced some primary home buyers to hold off a little longer. Inventory is building, with 41 Single Family homes currently on the market in the Gunnison area, which is almost double the number of homes that were available this time last year. However, today’s buyers are still looking for more options. The first quarter of 2023 could be a great time to consider selling before more inventory hits the market later in the year.
Gunnison area land and condo sales were selling faster than ever in 2022! Land in the Gunnison area spent an average of 194 days on the market, which is almost half the amount of time compared to 2021. The average price of condos and townhomes in Gunnison averaged over $437,000. Quality offerings from the Lofts played a major role in the 31% price increase. Only a handful of Lofts remain available for purchase!
Commercial sales in Gunnison also experienced major growth in 2022 with notable sales driving the average price up 169%. This pattern will likely continue in 2023 with Gunnison Rising commercial tracts becoming available soon. Bluebird is excited to introduce this new development to the community in 2023, beginning with Phase 1 commercial offerings in January. Infrastructure work will continue through Spring of 2023 with residential development opportunities forthcoming.
In the latter half of 2022, we experienced more of the “norm” across Gunnison County, with the total number of residential and land sales in 2022 mirroring pre-covid numbers. However, the average sold prices were approximately 50% higher compared to 2019! We expect this trend to continue in 2023, with fewer number of sales occurring this year.
Bluebird Real Estate continues leading the market with the greatest number of properties sold in 2022 across all of Gunnison County, and the highest residential sales volume from Almont to Gunnison. Our renovation on Main Street is moving right along, and we will finish out the space through the first part of the year with a bright, modern and welcoming atmosphere. We look forward to welcoming you to our new space at our Grand Opening party later this summer.
Bluebird is proud to support our community through the Bluebird Charitable Fund which was able to donate over $10,000 to local causes across Gunnison County in 2022. Looking to 2023, we hope to further our connection with the community through consistent, quality care. Stop by and see us at our temporary space at 121 W Virginia Avenue and learn more about our team of knowledgeable and dedicated agents. We are here to help, whenever you are ready!