MICROMARKET REPORT
CRESTED BUTTE | Q3 2020
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: 1025 Skyland Drive, Crested Butte
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CRESTED BUTTE MARKET UPDATE As one of Colorado’s largest National Historic Districts, Crested Butte, which lives within Gunnison County, has as much character and charm as it does stunning scenery. Set against a backdrop of the Elk Mountains, this community enjoys mild summers spent hiking, fishing, golfing, and mountain biking, and winters spent skiing on fresh snowfall. Thanks to its unmatched access to the outdoors, Crested Butte has become an increasingly popular destination for people to plant their roots or invest in a second home. LIV Sotheby’s International Realty produces a Micro Market Report focused on the Crested Butte real estate market and its performance through Q3 of 2020 in comparison to the same time period in 2019. Total dollar volume sold for all of Gunnison County grew by a notable 17% through Q3 of this year, totaling $291,200,260. The average price for homes in this community also increased from last year. Homes listed in Gunnison County saw a 5% increase in price through Q3 of this year, making the average price $514,826. The number of properties sold rose in several communities within Crested Butte so far this year. One of the most impressive increases in sold listings was seen in rural Crested Butte’s condominium and townhome market. Condominium and townhome sales in the area grew by 90%, from 10 homes sales last year to 19 homes sales thus far in 2020. The Town of Crested Butte also experienced an increase in property sales, growing 30%, from 33 properties sold through Q3 of 2019 to 43 properties sold during the same time period this year. Some neighborhoods within Gunnison County saw increases in average pricing for various sectors of the real estate market. For example, all property types in Crested Butte South rose in price by 11% which brought the average price to $420,842. Single family homes in Mt. Crested Butte increased in price by 8%, bringing the average price to $1,144,668. In the City of Gunnison, condominiums and townhomes saw a price increase of 16%, making the average price $282,241.
GUNNISON COUNTY January through September
2019
2020
% Change
Sold Listings (All Properties)
490
567
13.6%
Sold Single Family
162
218
25.7%
Sold Townhouse/Condo/Duplex
134
146
8.2%
Average Days on Market
187
214
12.6%
$490,965
$514,826
4.6%
94%
94%
-0.2%
$240,573,096
$291,200,260
Average Sold Price % Sold Price to Original List Price Total Dollar Volume Sold
17.4% All Properties
GUNNISON COUNTY January through September Average Price Average Price per Acre Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$680,954
$317,245
-53.4%
$11,896
$6,789
-43.9%
308
377
22.4%
$5,300,000
$1,325,000
-75.0%
31
33
6.5%
79.2%
88.4%
11.7%
All Parcels over 10 Acres
Land parcels in Gunnison County experienced a 6% increase in the number of properties sold through September of this year, compared to the same time frame in 2019. The average price per acre for land parcels in the area decreased by 43%, making the average price per acre $6,789. Buyers who are interested in owning a piece of this gorgeous community may have an opportunity to invest this year. Crested Butte’s real estate market is continuing to produce positive real estate opportunities as the year progresses. With options to buy and sell homes, as well as land parcels, there are endless possibilities in the Crested Butte real estate market for consumers to reach their lifestyle and real estate goals.
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 January through September Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
TOWN OF CRESTED BUTTE January through September
2019
2020
% Change
$1,372,445
$1,286,417
-6.3%
$604
$640
6.0%
Average Price per Square Foot
164
183
11.6%
Average Days on Market
$4,461,500
$3,363,150
-24.6%
Highest Price
33
43
30.3%
Properties Sold
94.6%
95.7%
1.1%
Average Price
% Sold Price to List Price
2019
2020
% Change
$1,802,041
$1,592,391
-11.6%
$724
$712
-1.7%
157
195
24.2%
$4,461,500
$3,363,150
-24.6%
17
25
47.1%
96.9%
96.1%
-0.8%
All Properties
Single Family Homes
TOWN OF CRESTED BUTTE
30.3%
January through September Average Price Average Price per Square Foot
The number of all properties sold in the Town of Crested Butte increased by 30.3% January through September 2020 compared to that of 2019.
Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$342,500
$733,779
114.2%
$1,170
$451
-61.5%
78
125
60.3%
$435,000
$1,750,000
302.3%
6
6
0.0%
94.8%
97.1%
2.4%
Condos, Townhomes, Duplexes
TOWN OF CRESTED BUTTE 2019
2020
% Change
Crested Butte is home
Average Price
$1,170,000
$1,115,562
-4.7%
to the oldest mountain
Average Price per Acre
$4,538,462
$6,337,297
39.6%
bike festival in the world,
236
190
-19.5%
which began as the Fat Tire
$1,475,000
$2,279,500
54.5%
5
8
60.0%
91.4%
95.4%
4.3%
January through September
Average Days on Market Highest Price Properties Sold % Sold Price to List Price Residential / Commercial Lots
Festival in 1983 and is now known as CB Bike Week with many events, races, and clinics.
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MT. CRESTED BUTTE January through September
2019
2020
% Change
January through September
$633,103
$529,671
-16.3%
$415
$429
3.3%
197
169
-14.2%
Average Days on Market
$5,300,000
$2,100,000
-60.4%
Highest Price
88
103
17.0%
90.6%
95.7%
5.6%
Average Price Average Price per Square Foot Average Days on Market Highest Price
MT. CRESTED BUTTE
Properties Sold % Sold Price to List Price
Average Price
2019
2020
% Change
$1,060,222
$1,144,668
8.0%
$397
$433
9.0%
200
183
-8.5%
$2,170,000
$2,100,000
-3.2%
18
16
-11.1%
95.5%
94.3%
-1.3%
Average Price per Square Foot
Properties Sold % Sold Price to List Price
All Properties
Single Family Homes
MT. CRESTED BUTTE January through September Average Price
2019
2020 $500,325
$421,033
-15.8%
$429
$431
0.4%
145
147
1.4%
$2,375,000
$1,537,500
-35.3%
58
75
29.3%
96.4%
96.8%
0.4%
Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
17.0%
% Change
The number of all properties sold in Mt. Crested Butte increased by 17.0% January through September 2020 compared to that of 2019.
Condos, Townhomes, Duplexes
MT. CRESTED BUTTE Crested Butte’s namesake
January through September
2019
2020
% Change
mountain rises just above
Average Price
$795,188
$429,155
-46.0%
town to a height of 12,162
Average Price per Acre
$584,735
$618,780
5.8%
feet. This unique setting
Average Days on Market
555
310
-44.1%
affords some of the most
Highest Price
$5,300,000
$800,000
-84.9%
breathtaking vistas in
Properties Sold
9
9
0.0%
Colorado.
% Sold Price to List Price
66.0%
93.2%
41.1%
Residential / Commercial Lots
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RURAL CRESTED BUTTE
RURAL CRESTED BUTTE January through September Average Price Average Price per Square Foot Average Days on Market Highest Price
2019
2020
% Change
$660,843
$948,808
43.6%
$431
$440
1.9%
217
247
13.8%
$2,520,000
$5,150,000
104.4%
61
89
45.9%
Properties Sold
94.4%
90.3%
-4.3%
% Sold Price to List Price
Properties Sold % Sold Price to List Price
January through September Average Price Average Price per Square Foot Average Days on Market Highest Price
2019
2020
% Change
$1,326,750
$1,646,137
24.1%
$461
$447
-3.1%
254
233
-8.3%
$2,200,000
$5,150,000
134.1%
16
36
125.0%
93.6%
88.2%
-5.7%
All Properties
Single Family Homes
RURAL CRESTED BUTTE January through September Average Price Average Price per Square Foot
2019
2020
% Change
$555,750
$733,013
31.9%
$403
$431
6.8%
119
135
13.4%
$1,375,000
$1,275,000
-7.3%
10
19
90.0%
98.2%
98.2%
0.0%
Average Days on Market Highest Price Properties Sold % Sold Price to List Price
43.6%
The average price for all properties in Rural Crested Butte increased by 43.6% January through September 2020 compared to that of 2019.
Condos, Townhomes, Duplexes
RURAL CRESTED BUTTE Most homes in the area have a western feel to them with open spaces and large wooden cabins or other types of sprawling estates.
January through September
2019
2020
% Change
Average Price
$381,645
$330,053
-13.5%
Average Price per Acre
$492,252
$343,986
-30.1%
224
324
44.6%
$2,520,000
$1,325,000
-47.4%
34
33
-2.9%
94.2%
92.6%
-1.7%
Average Days on Market Highest Price Properties Sold % Sold Price to List Price
Residential / Commercial Lots
coloradomicroreports.com
CRESTED BUTTE SOUTH January through September Average Price
2019
2020
% Change
$379,900
$420,842
10.8%
Average Price
$304
$294
-3.2%
Average Price per Square Foot
134
241
79.9%
Average Days on Market
$910,000
$970,000
6.6%
47
33
-29.8%
96.7%
97.4%
0.7%
Average Price per Square Foot Average Days on Market Highest Price
CRESTED BUTTE SOUTH
Properties Sold % Sold Price to List Price
January through September
Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$707,923
$744,818
5.2%
$305
$293
-3.8%
154
178
15.6%
$910,000
$970,000
6.6%
13
11
-15.4%
96.8%
98.8%
2.1%
All Properties
Single Family Homes
CRESTED BUTTE SOUTH
51.4%
January through September Average Price Average Price per Square Foot Average Days on Market
The highest price for condos, townhomes and duplexes in Crested Butte South increased by 51.4% January through September 2020 compared to that of 2019.
Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
Average Price
$156,178
$110,000
-29.6%
Average Price per Acre
$431,428
$268,668
-37.7%
112
327
192.0%
$374,400
$155,000
-58.6%
19
12
-36.8%
96.4%
88.4%
-8.3%
Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
% Change
$429,366
$437,480
1.9%
$319
$294
-7.8%
165
208
26.1%
$429,366
$650,000
51.4%
12
10
-16.7%
96.8%
97.7%
0.9%
Condos, Townhomes, Duplexes
CRESTED BUTTE SOUTH January through September
2019
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.
Residential / Commercial Lots
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CITY OF GUNNISON January through September 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 September
$326,671
$307,529
-5.9%
$214
$223
4.5%
179
128
-28.5%
Average Days on Market
$1,710,000
$675,000
-60.5%
Highest Price
99
90
-9.1%
Properties Sold
97.1%
97.2%
0.2%
% Sold Price to List Price
Average Price Average Price per Square Foot
2019
2020
% Change
$377,404
$380,045
0.7%
$232
$239
2.9%
98
106
8.2%
$683,000
$675,000
-1.2%
35
39
11.4%
96.6%
96.6%
-0.1%
All Properties
Single Family Homes
CITY OF GUNNISON
16.2%
January through September 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 16.2% January through September 2020 compared to that of 2019.
Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$242,869
$282,241
16.2%
$226
$237
4.9%
163
129
-20.9%
$370,000
$392,000
5.9%
32
29
-9.4%
99.1%
99.0%
0.0%
Condos, Townhomes, Duplexes
CITY OF GUNNISON January through September
2019
2020
% Change
Average Price
$384,500
$90,375
-76.5%
Average Price per Acre
$441,984
$499,718
13.1%
524
166
-68.3%
$1,710,000
$125,000
-92.7%
12
8
-33.3%
97.5%
88.6%
-9.1%
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 September Average Price
2019
2020
% Change
$330,762
$388,894
17.6%
Average Price
$208
$241
16.2%
Average Price per Square Foot
174
207
19.0%
Average Days on Market
$1,750,000
$2,750,000
57.1%
Highest Price
105
104
-1.0%
Properties Sold
96.2%
92.7%
-3.7%
% Sold Price to List Price
Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
January through September
2019
2020
% Change
$529,797
$504,041
-4.9%
$237
$249
5.0%
119
182
52.9%
$1,650,000
$1,197,000
-27.5%
41
57
39.0%
97.0%
95.5%
-1.5%
All Properties
Single Family Homes
ALMONT & RURAL GUNNISON January through September Average Price
2019
2020
% Change
$320,695
$268,250
-16.4%
$221
$200
-9.3%
139
25
-82.0%
$320,695
$355,000
10.7%
13
4
-69.2%
95.7%
100.3%
4.8%
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
17.6%
The average price for all properties in Almont & Rural Gunnison increased by 17.6% January through September 2020 compared to that of 2019.
ALMONT & RURAL GUNNISON January through September Average Price Average Price per Acre Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$162,535
$151,769
-6.6%
$60,606
$44,305
-26.9%
276
303
9.8%
$1,750,000
$1,300,000
-25.7%
36
33
-8.3%
94.2%
86.0%
-8.8%
Residential / Commercial Lots
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WHY coloradomicroreports.com
MOUNTAIN RANGES: 7
SKI AREAS & RESORTS: 28
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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 - SEPTEMBER 2020 • COLORADOMICROREPORTS.COM