MICROMARKET REPORT
CRESTED BUTTE | MID-YEAR 2020
MICROMARKET REPORT | Crested Butte resorts.livsothebysrealty.com
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CRESTED BUTTE GUNNISON COUNTY
1.
Town of Crested Butte
2.
Mt. Crested Butte
3.
Crested Butte South
4. Almont 5.
2
1 3
City of Gunnison
4
5
Pictured on cover: 1515 Red Mountain Ranch Road, Crested Butte
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CRESTED BUTTE MARKET UPDATE Crested Butte, Colorado, known for its stunning mountain vistas and skiing, is a wonderful place to live for those who want a serene escape from the ordinary. Although the COVID-19 pandemic impacted the performance of the real estate market so far in 2020, the neighborhoods within Gunnison County still managed to create positive growth. LIV Sotheby’s International Realty produces a Micro Market Report focused on the Crested Butte real estate market and its performance through June of 2020 in comparison to the same time period in 2019. Even though real estate activity was halted in the spring, consumers have continued to show interest in the housing market in Gunnison County. The average sold price for all properties throughout the County increased slightly by 1.3%, growing from $492,664 to $498,951 in 2020. Other neighborhoods also saw upward trends in average prices, such as Rural Crested Butte. Single family homes in Rural Crested Butte rose in average sold price by 25.3%, bringing the average home price to $1,561,527. Condominiums, townhomes, and duplexes in the Town of Crested Butte also experienced rising prices. Attached homes in this community increased in price by 81.8%, reaching an average sold price of $589,393. The City of Gunnison saw a boost in the number of homes sold through June of this year. Single family home sales increased by 10.5%, growing from 19 homes sold between January and June of 2019 to 21 homes sold through June of 2020.
GUNNISON COUNTY January through June
2019
2020
% Change
287
213
-34.7%
Sold Single Family
85
79
-7.6%
Sold Townhouse/Condo/Duplex
88
58
-51.7%
198
195
-1.5%
$492,664
$498,951
1.3%
93.0%
91.0%
-3.2%
$141,394,725
$106,276,692
-33.0%
Sold Listings (All Properties)
Average Days on Market Average Sold Price % Sold Price to Original List Price Total Dollar Volume Sold All Properties
GUNNISON COUNTY January through June Average Price Average Price per Acre Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$716,821
$445,718
-37.8%
$14,790
$4,273
-71.1%
325
288
-11.4%
$5,300,000
$1,300,000
-75.5%
19
11
-42.1%
75.2%
85.5%
13.7%
All Parcels over 10 Acres
The average sold price for land parcels in the Almont and Rural Gunnison area rose as well. As of June, the average price for a parcel of land in this area was $225,582, an 88.7% increase from the same period of time in 2019 when the average price was $119,527. This unique mountain community is a great place to buy and sell properties of all sorts. For consumers looking for something special, there is nowhere that can compare to Crested Butte. Based on data from the Gunnison – Crested Butte Association of Realtors MLS, Colorado Real Estate Network (CREN). Verify with a local Realtor. All information is deemed reliable but not guaranteed. Data maintained by CREN MLS may not reflect all real estate activity in the market.
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TOWN OF CRESTED BUTTE TOWN OF CRESTED BUTTE January through June Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
January through June
2019
2020
% Change
$1,274,310
$1,459,023
14.5%
Average Price
$540
$641
18.7%
Average Price per Square Foot
166
161
-3.0%
Average Days on Market
$3,850,000
$3,363,150
-12.6%
Highest Price
20
14
-30.0%
Properties Sold
95.4%
94.6%
-0.8%
% Sold Price to List Price
2019
2020
% Change
$1,776,577
$1,831,815
3.1%
$678
$739
9.0%
179
170
-5.0%
$3,850,000
$3,363,150
-12.6%
9
10
11.1%
96.9%
94.4%
-2.6%
All Properties
Single Family Homes
TOWN OF CRESTED BUTTE
14.5%
January through June Average Price Average Price per Square Foot Average Days on Market
The average price for all properties in the Town of Crested Butte increased by 14.5% January through June 2020 compared to that of 2019.
Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$324,200
$589,393
81.8%
$400
$425
6.1%
86
141
64.0%
$435,000
$862,000
98.2%
5
3
-40.0%
94.4%
97.1%
2.9%
Condos, Townhomes, Duplexes
TOWN OF CRESTED BUTTE 2019
2020
% Change
Crested Butte is home to
Average Price
$1,125,000
-
-
the oldest mountain bike
Average Price per Acre
$4,326,923
-
-
festival in the world, which
189
-
-
began as the Fat Tire
$1,125,000
-
-
Festival in 1983 and is now
1
No Sales
-
known as CB Bike Week
84.9%
-
-
with many events, races,
January through June
Average Days on Market Highest Price Properties Sold % Sold Price to List Price
Residential / Commercial Lots
and clinics.
coloradomicroreports.com
MT. CRESTED BUTTE January through June
2019
2020
% Change
$639,110
$531,273
-16.9%
$412
$448
8.7%
164
153
-6.7%
$5,300,000
$2,100,000
-60.4%
56
46
-17.9%
87.7%
95.3%
8.6%
Average Price Average Price per Square Foot Average Days on Market Highest Price
MT. CRESTED BUTTE
Properties Sold % Sold Price to List Price All Properties
January through June Average Price
2019
% Change
$930,000
$1,083,300
16.5%
$362
$462
27.6%
243
122
-49.8%
$1,540,000
$2,100,000
36.4%
10
9
-10.0%
94.5%
94.6%
0.1%
Average Price per Square Foot Average Days on Market Highest Price
2020
Properties Sold % Sold Price to List Price Single Family Homes
MT. CRESTED BUTTE January through June
2019
2020 $511,717
$414,305
-19.0%
$435
$447
2.9%
152
148
-2.6%
$2,375,000
$1,537,500
-35.3%
39
34
-12.8%
96.4%
95.8%
-0.6%
Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
16.5%
% Change
The average price for single family homes in Mt. Crested Butte increased by 16.5% January through June 2020 compared to that of 2019.
Condos, Townhomes, Duplexes
MT. CRESTED BUTTE Our namesake mountain
January through June
rises just above town
Average Price
to a height of 12,162
Average Price per Acre
feet. This unique setting
Average Days on Market
affords some of the most
Highest Price
breathtaking vistas in
Properties Sold
Colorado.
% Sold Price to List Price
2019
2020
% Change
$1,248,139
$225,000
-82.0%
$692,969
$480,474
-30.7%
129
252
95.3%
$5,300,000
$255,000
-95.2%
5
2
-60.0%
63.3%
91.8%
44.9%
Residential / Commercial Lots
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RURAL CRESTED BUTTE January through June Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
RURAL CRESTED BUTTE
2019
2020
% Change
January through June
$687,696
$806,240
17.2%
Average Price
$429
$431
0.3%
Average Price per Square Foot
231
219
-5.2%
Average Days on Market
$2,520,000
$5,000,000
98.4%
Highest Price
39
26
-33.3%
Properties Sold
93.8%
78.6%
-16.2%
% Sold Price to List Price
2019
2020
% Change
$1,245,800
$1,561,527
25.3%
$472
$444
-5.8%
251
209
-16.7%
$2,043,000
$5,000,000
144.7%
10
9
-10.0%
92.6%
71.9%
-22.3%
All Properties
Single Family Homes
RURAL CRESTED BUTTE January through June Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$481,312
$816,250
69.6%
$401
$422
5.2%
119
120
0.8%
$1,375,000
$1,175,000
-14.5%
8
4
-50.0%
98.4%
99.6%
1.2%
Most homes in the area have a western feel to them with open spaces and large wooden cabins or other types of sprawling
Condos, Townhomes, Duplexes
69.6%
The average price for condos, townhomes and duplexes in Rural Crested Butte increased by 69.6% January through June 2020 compared to that of 2019.
RURAL CRESTED BUTTE January through June
2019
2020
% Change
Average Price
$498,082
$288,125
-42.2%
Average Price per Acre
$509,809
$394,935
-22.5%
260
246
-5.4%
$2,520,000
$600,000
-76.2%
20
12
-40.0%
93.7%
94.5%
0.8%
Average Days on Market Highest Price Properties Sold % Sold Price to List Price
Residential / Commercial Lots
coloradomicroreports.com
CRESTED BUTTE SOUTH January through June Average Price
2019
2020
% Change
$418,032
$410,416
-1.8%
Average Price
$294
$270
-7.9%
Average Price per Square Foot
140
257
83.6%
$910,000
$965,000
6.0%
28
12
-57.1%
97.1%
97.1%
0.0%
Average Price per Square Foot Average Days on Market Highest Price
CRESTED BUTTE SOUTH
Properties Sold % Sold Price to List Price All Properties
Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$704,227
$820,000
16.4%
$302
$243
-19.4%
162
228
40.7%
$910,000
$965,000
6.0%
11
3
-72.7%
97.0%
98.8%
1.8%
Single Family Homes
CRESTED BUTTE SOUTH
16.4%
January through June Average Price Average Price per Square Foot Average Days on Market
The average price for single family homes in Crested Butte South increased by 16.4% January through June 2020 compared to that of 2019.
Highest Price Properties Sold % Sold Price to List Price
January through June
2019
2020
% Change
Average Price
$162,740
$117,000
-28.1%
Average Price per Acre
$524,391
$316,871
-39.6%
111
378
240.5%
$374,400
$145,000
-61.3%
10
5
-50.0%
98.2%
89.6%
-8.8%
Average Days on Market
Properties Sold % Sold Price to List Price
2019
2020
% Change
$422,200
$470,000
11.3%
$329
$291
-11.6%
111
128
15.3%
$545,000
$590,000
8.3%
5
4
-20.0%
97.5%
97.4%
-0.1%
Condos, Townhomes, Duplexes
CRESTED BUTTE SOUTH
Highest Price
January through June
Crested Butte South boasts some of the most affordable real estate in the upper valley, which is why to date, there are over 1,500 residents, making it one of the most populated neighborhoods in the area as well.
Residential / Commercial Lots
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CITY OF GUNNISON January through June Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
CITY OF GUNNISON
2019
2020
% Change
January through June
$309,233
$303,704
-1.8%
Average Price
$209
$223
6.3%
Average Price per Square Foot
220
129
-41.4%
Average Days on Market
$1,500,000
$620,000
-58.7%
Highest Price
64
47
-26.6%
Properties Sold
97.1%
96.6%
-0.6%
% Sold Price to List Price
2019
2020
% Change
$364,928
$358,390
-1.8%
$229
$231
0.7%
105
118
12.4%
$655,000
$620,000
-5.3%
19
21
10.5%
97.6%
95.0%
-2.6%
All Properties
Single Family Homes
CITY OF GUNNISON
12.0%
January through June Average Price Average Price per Square Foot Average Days on Market
The average price for condos, townhomes and duplexes in the City of Gunnison increased by 12.0% January through June 2020 compared to that of 2019.
Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$262,658
$294,269
12.0%
$220
$241
9.4%
196
138
-29.6%
$370,000
$392,000
5.9%
24
13
-45.8%
99.1%
99.3%
0.3%
Condos, Townhomes, Duplexes
CITY OF GUNNISON January through June
2019
2020
% Change
Average Price
$214,857
$82,500
-61.6%
Average Price per Acre
$413,869
$579,763
40.1%
720
104
-85.6%
$610,000
$105,000
-82.8%
7
4
-42.9%
98.4%
87.3%
-11.2%
Average Days on Market Highest Price Properties Sold % Sold Price to List Price
The slogan of the city is “Basecamp of the Rocky Mountains,� an homage to those who made the original journey west in the 1800s.
Residential / Commercial Lots
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ALMONT & RURAL GUNNISON ALMONT & RURAL GUNNISON January through June Average Price
2019
2020
% Change
$287,684
$369,242
28.3%
$201
$214
6.4%
Average Price per Square Foot
192
201
4.7%
Average Days on Market
$1,650,000
$1,300,000
-21.2%
Highest Price
60
43
-28.3%
Properties Sold
96.3%
92.3%
-4.1%
Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price All Properties
January through June Average Price
% Sold Price to List Price
2019
2020
% Change
$567,138
$521,212
-8.1%
$239
$242
1.1%
153
174
13.7%
$1,650,000
$1,197,000
-27.5%
18
20
11.1%
97.0%
94.9%
-2.1%
Single Family Homes
ALMONT & RURAL GUNNISON January through June Average Price
2019
2020
% Change
$336,433
-
-
$234
-
-
161
-
-
$557,000
-
-
7
No Sales
-
101.6%
-
-
Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
The unincorporated community of Almont was originally named Fisher for the original founding family but was then changed to honor a famous racehorse of the late 19th century.
Condos, Townhomes, Duplexes
28.3%
The average price for all properties in Almont & Rural Gunnison increased by 28.3% January through June 2020 compared to that of 2019.
ALMONT & RURAL GUNNISON January through June Average Price Average Price per Acre Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$119,527
$225,582
88.7%
$58,737
$67,875
15.6%
259
278
7.3%
$1,000,000
$1,300,000
30.0%
26
17
-34.6%
91.2%
85.7%
-6.0%
Residential / Commercial Lots
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WHY COLORADO? NATIONAL PARKS: 4
MOUNTAIN RANGES: 7
SKI AREAS & RESORTS:
AVERAGE DAYS OF SUNSHINE ANNUALLY: 300
CRAFT BREWERIES: 350+ coloradomicroreports.com
The life you love.
livsothebysrealty.com | coloradomicroreports.com Based on data from the Gunnison County Association of Realtors MLS, Colorado Real Estate Network (CREN). Verify with a local Realtor. All information is deemed reliable but not guaranteed. Data maintained by CREN MLS may not reflect all real estate activity in the market.
MICROMARKET REPORT | Crested Butte resorts.livsothebysrealty.com
JANUARY - JUNE 2020 • COLORADOMICROREPORTS.COM