MICROMARKET REPORT
CRESTED BUTTE | YEAR END 2019
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: 269 Fairway Drive, Crested Butte
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CRESTED BUTTE MARKET UPDATE Set in Southwest Colorado surrounded by Gunnison National Forest is Gunnison County. This area is comprised of the Town of Crested Butte, Mt. Crested Butte, Crested Butte South, Almont, and the City of Gunnison. These five communities have the advantage of their incomparable access to incredible outdoor adventure activities such as world-class skiing, hiking, and biking, in addition to spectacular views of the mountains as well as proximity to Blue Mesa Reservoir, Colorado’s largest body of water. Anyone with an appreciation for nature will understand the draw of living in Gunnison County. LIV Sotheby’s International Realty produces a Micro Market Report focused on the Crested Butte market and its performance throughout 2019 in comparison to 2018. Land parcels over 10 acres in Gunnison County increased a significant amount in 2019. The average price for all land parcels of this size last year was $585,115, a 34% rise from 2018 when the average price was $436,582. The average price per acre has also grown over the last year, climbing by 22.2% to $11,314. Total dollar volume in sales for all properties in Gunnison County grew by 3.2% over the last year, totaling $347,946,257 in 2019. The average sold price for homes in this area also increased from 2018 to 2019. Homes listed in Gunnison County in 2019 saw a sizeable 26.4% increase in price from 2018, making the average sold price $520,877.
GUNNISON COUNTY January through December
2018
2019
% Change
Sold Listings (All Properties)
818
668
-18.3%
Sold Single Family
282
261
-7.4%
Sold Townhouse/Condo/Duplex
238
178
-25.2%
Average Days on Market
222
189
-14.9%
$412,033
$520,877
26.4%
95.5%
94.2%
-1.4%
$337,043,449
$347,946,257
3.2%
Average Sold Price % Sold Price to Original List Price Total Dollar Volume Sold All Properties
GUNNISON COUNTY January through December Average Price Average Price per Acre Average Days on Market
2018
2019
% Change
$436,582
$585,115
34.0%
$9,257
$11,314
22.2%
352
279
-20.7%
Highest Price $5,323,750 $5,300,000 -0.4% The number of condominium, townhome, and 47 39 -17.0% duplex sales rose by an impressive 33.3% during Properties Sold 2019 in Rural Crested Butte. Nearby, single family & Sold Price to List Price 92.1% 80.1% -13.0% home sales in the City of Gunnison increased by All Parcels over 10 Acres 20%. Crested Butte South saw the most drastic decrease in the average days on market for properties within Gunnison County. Residential and commercial lots within this neighborhood spent 48.4% less time on the market in 2019 than in 2018, typically spending only 147 days on the market from 285 days in 2018.
The potential for achieving your lifestyle, financial, and real estate goals in one of Gunnison County’s communities is endless. 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 - DECEMBER 2019 • COLORADOMICROREPORTS.COM
TOWN OF CRESTED BUTTE January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2018
2019
% Change
$883,953
$1,272,554
44.0%
$493
$604
22.5%
200
166
-17.0%
$3,850,000
$4,461,500
15.9%
46
43
-6.5%
95.1%
94.1%
-1.1% All Properties
TOWN OF CRESTED BUTTE January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
Crested Butte is home
2018
2019
% Change
to the oldest mountain
$1,302,876
$1,734,223
33.1%
bike festival in the world,
$588
$726
23.5%
which began as the Fat Tire
216
153
-29.2%
festival in 1983 and is now
$3,850,000
$4,461,500
15.9%
known as CB Bike Week
22
21
-4.5%
with many events, races,
94.5%
94.6%
0.1%
and clinics.
Single Family Homes
TOWN OF CRESTED BUTTE January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2018
2019
% Change
$502,122
$460,144
-8.4%
$449
$435
-3.1%
113
101
-10.6%
$964,250
$799,000
-17.1%
14
9
-35.7%
96.4%
95.3%
-1.2%
Condos, Townhomes, Duplexes
714 Teocalli Avenue, Crested Butte
38.4% The average days on market in the
TOWN OF CRESTED BUTTE January through December Average Price Average Price per Acre Average Days on Market
Town of Crested Butte decreased by 38.4%
Highest Price
January through December 2019 compared
Properties Sold
to that of 2018.
% Sold Price to List Price
2018
2019
% Change
$816,666
$1,120,866
37.2%
$3,548,535
$4,823,718
35.9%
333
205
-38.4%
$1,200,000
$1,475,000
22.9%
3
6
100.0%
100%
92.4%
-7.6%
Residential / Commercial Lots
coloradomicroreports.com
MT. CRESTED BUTTE January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2018
2019
% Change
$489,902
$615,830
25.7%
$366
$415
13.4%
214
187
-12.6%
$2,365,250
$5,300,000
124.1%
197
124
-37.1%
96.5%
91.9%
-4.7%
All Properties
MT. CRESTED BUTTE Our namesake mountain
January through December
rises just above town to a
Average Price
height of 12,162 feet. This
Average Price per Square Foot
unique setting affords some
Average Days on Market
of the most breathtaking
Highest Price
vistas in Colorado.
Properties Sold % Sold Price to List Price
2018
2019
% Change
$1,076,492
$1,102,062
2.4%
$364
$413
13.5%
272
189
-30.5%
$2,365,250
$2,170,000
-8.3%
32
24
-25.0%
95.5%
95.4%
-0.1%
Single Family Homes
MT. CRESTED BUTTE January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2018
2019
% Change
$379,349
$479,264
26.3%
$367
$420
14.4%
162
141
-13.0%
$1,533,500
$2,375,000
54.9%
139
86
-38.1%
97.3%
96.5%
-0.8%
Condos, Townhomes, Duplexes
17 Wildhorse Trail, Mt Crested Butte
MT. CRESTED BUTTE January through December
82.6%
2018
2019
% Change
Average Price
$358,980
$655,515
82.6%
Average Price per Acre
$433,744
$526,846
21.5%
421
501
19.0%
$1,050,000
$5,300,000
404.8%
The average price for residential/commercial lots
26
13
-50.0%
in Mt. Crested Butte increased by 82.6% January
95.3%
69.0%
-27.6%
through December 2019 compared to that of 2018.
Average Days on Market Highest Price Properties Sold % Sold Price to List Price Residential / Commercial Lots
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MICROMARKET REPORT | Crested Butte JANUARY - DECEMBER 2019 • COLORADOMICROREPORTS.COM
RURAL CRESTED BUTTE January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2018
2019
% Change
$608,293
$815,959
34.1%
$382
$470
23.0%
244
206
-15.6%
$3,400,000
$4,267,500
25.5%
119
84
-29.4%
94.5%
94.6%
0.2% All Properties
RURAL CRESTED BUTTE January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2018
2019
% Change
$1,315,515
$1,698,092
29.1%
$390
$512
31.3%
258
245
-5.0%
$3,400,000
$4,267,500
25.5%
32
27
-15.6%
95.1%
94.3%
-0.8%
Most homes in the area have a western feel to them, with open spaces and large wooden cabins or other types of sprawling estates.
Single Family Homes
RURAL CRESTED BUTTE January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2018
2019
% Change
$564,500
$548,291
-2.9%
$351
$397
13.1%
127
113
-11.0%
$945,000
$1,375,000
45.5%
9
12
33.3%
96.3%
97.9%
1.7%
Condos, Townhomes, Duplexes
34 Creek Cove, Crested Butte
37.5% The average price per acre in
Rural Crested Butte increased by 37.5% January through December 2019 compared to that of 2018.
RURAL CRESTED BUTTE January through December
2018
2019
% Change
Average Price
$346,782
$353,695
2.0%
Average Price per Acre
$339,610
$467,109
37.5%
252
204
-19.0%
$1,850,000
$2,520,000
36.2%
78
44
-43.6%
93.2%
94.3%
1.2%
Average Days on Market Highest Price Properties Sold % Sold Price to List Price
All Lots and Land
coloradomicroreports.com
CRESTED BUTTE SOUTH January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2018
2019
% Change
$325,926
$388,087
19.1%
$285
$311
9.1%
208
140
-32.7%
$974,000
$949,000
-2.6%
80
66
-17.5%
97.2%
96.8%
-0.4%
All Properties
CRESTED BUTTE SOUTH
Crested Butte South boasts some of the most affordable real estate in the upper valley, which is why to date, there are over 15,000 residents, making it one of the most populated neighborhoods in the area as well.
January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2018
2019
% Change
$690,816
$726,133
5.1%
$287
$302
5.2%
143
145
1.4%
$974,000
$949,000
-2.6%
21
15
-28.6%
97.2%
96.8%
-0.3%
Single Family Homes
CRESTED BUTTE SOUTH January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2018
2019
% Change
$400,876
$454,147
13.3%
$290
$326
12.4%
126
138
9.5%
$580,000
$678,000
16.9%
19
23
21.1%
97.9%
97.6%
-0.4%
Condos, Townhomes, Duplexes
33 Buckhorn Way, Crested Butte
CRESTED BUTTE SOUTH January through December Average Price Average Price per Acre Average Days on Market Highest Price Properties Sold % Sold Price to List Price Residential / Commercial Lots
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2018
2019
% Change
$94,494
$149,756
58.5%
$227,799
$423,100
85.7%
285
147
-48.4%
$269,000
$374,400
39.2%
39
25
-35.9%
95.8%
95.1%
-0.7%
48.4%
The average days on market in Crested Butte South decreased by 48.4% January through December 2019 compared to that of 2018.
MICROMARKET REPORT | Crested Butte JANUARY - DECEMBER 2019 • COLORADOMICROREPORTS.COM
CITY OF GUNNISON January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2018
2019
% Change
$277,122
$353,145
27.4%
$192
$209
8.9%
166
171
3.0%
$950,000
$3,095,000
225.8%
106
120
13.2%
96.4%
96.8%
0.4% All Properties
CITY OF GUNNISON January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2018
2019
% Change
$333,862
$338,360
1.3%
$199
$214
7.5%
105
101
-3.8%
$612,000
$683,000
11.6%
50
60
20.0%
96.6%
97.1%
0.5%
The slogan of the city is “Basecamp of the Rocky Mountains,� an homage to those who made the original journey west in the 1800s.
Single Family Homes
CITY OF GUNNISON January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2018
2019
% Change
$204,891
$236,053
15.2%
$191
$225
17.8%
128
157
22.7%
$324,500
$370,000
14.0%
37
34
-8.1%
97.7%
98.7%
1.0%
Condos, Townhomes, Duplexes
800 Eagle Meadow Drive, Gunnison
175.9%
The average price for residential/commercial lots in the City of Gunnison increased by 175.9% January
through December 2019 compared to that of 2018.
CITY OF GUNNISON January through December Average Price Average Price per Acre Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2018
2019
% Change
$134,765
$371,846
175.9%
$258,990
$441,831
70.6%
281
514
82.9%
$259,000
$1,710,000
560.2%
9
13
44.4%
94.8%
97.1%
2.4%
Residential / Commercial Lots
coloradomicroreports.com
ALMONT & RURAL GUNNISON January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2018
2019
% Change
$358,144
$379,649
6.0%
$212
$240
13.2%
199
185
-7.0%
$5,323,750
$3,050,000
-42.7%
149
141
-5.4%
94.8%
95.5%
0.8%
All Properties
17.9%
The average price for single family homes in Almont
& Rural Gunnison increased by 17.9% January through December 2019 compared to that of 2018.
ALMONT & RURAL GUNNISON January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2018
2019
% Change
$441,360
$520,305
17.9%
$221
$243
10.0%
196
144
-26.5%
$1,353,200
$3,050,000
125.4%
74
83
12.2%
94.8%
95.8%
1.1%
Single Family Homes
ALMONT & RURAL GUNNISON January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2018
2019
% Change
$226,145
$318,645
40.9%
$178
$219
23.0%
143
137
-4.2%
$467,000
$730,000
56.3%
20
14
-30.0%
95.0%
95.8%
0.9%
Condos, Townhomes, Duplexes
1810 Cty Road 742, Almont
ALMONT & RURAL GUNNISON January through December Average Price Average Price per Acre Average Days on Market Highest Price Properties Sold % Sold Price to List Price All Lots and Land
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2018
2019
% Change
$273,818
$157,285
-42.6%
$69,647
$65,733
-5.6%
229
247
7.9%
$5,323,750
$1,750,000
-67.1%
56
50
-10.7%
96.0%
94.7%
-1.4%
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.
MICROMARKET REPORT | Crested Butte JANUARY - DECEMBER 2019 • COLORADOMICROREPORTS.COM
WHY COLORADO? NATIONAL PARKS: 4
MOUNTAIN RANGES: 7
SKI AREAS & RESORTS: 28
AVERAGE DAYS OF SUNSHINE ANNUALLY: 300
CRAFT BREWERIES: 350+
IMAGINE. DESIGN. SHOP.
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MICROMARKET REPORT | Crested Butte
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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.