MICROMARKET REPORT |
Crested Butte • Mid-Year 2019
GUNNISON COUNTY 2
1 3
4
1.
Town of Crested Butte
2.
Mt. Crested Butte
3.
Crested Butte South
4. Almont 5.
City of Gunnison
5
Pictured on cover: 1482 County Road 4, Crested Butte
coloradomicroreports.com
CRESTED BUTTE market update The Crested Butte market is located within Gunnison County, the fifth-largest county by area in Colorado with the largest body of water in the state - the Blue Mesa Reservoir. Comprised of 78% public lands and largely surrounded by several Wildnerness areas, Gunnison County is truly a mecca for adventurous types. Whether you’re extreme skiing or mountain biking on one of the world-class trails on Mt. Crested Butte, or enjoying premier fishing on the Gunnison River down valley, there is year-round enjoyment for everyone.
GUNNISON COUNTY
LIV Sotheby’s International Realty produces a Micro Market Report focused on the Crested Butte market. As a whole, we saw an increase in average price by an impressive 25% for January through June 2019 compared to 2018, increasing the
January through June
2018
2019
% Change
Sold Listings (All Properties)
319
287
-10.0%
average price for this year to $492,675 throughout Gunnison County. In addition,
Sold Single Family
108
85
-21.3%
total dollar volume sold also increased by 12% compared to January through June
Sold Condos/TH/DP
94
88
-6.4%
of 2018.
Average Days on Market
258
198
-23.3%
$394,019
$492,675
25.0%
94.9%
93.4%
-1.6%
$125,692,101
$141,397,725
12.5%
Average Price
Market highlights include an incredible 231% increase in average price for all
% Sold Price to List Price
properties in Mt. Crested Butte, bringing the average price to $639,110 in 2019.
Total Dollar Volume Sold
This dramatic increase was due to a significant $5,300,000 land sale that occurred
All Properties
this year. Condos, townhomes and duplexes for Mt. Crested Butte also reported an increase in average price by 65%. Crested Butte South also showed a strong increase in single family homes sold in January through June 2019, with a 54% increase over 2018. The Town of Crested Butte, a sought-after location with access to world-class trails, fantastic dining, and a noteworthy art scene, witnessed an increase in average price for single family homes for 2019 by an astonishing 84%, due in part to a record sale of $3,850,000. Known as “The Last Great Ski Town” and “The Wildflower Capital of Colorado,” Crested Butte draws buyers who are looking for a true mountain lifestyle, without the unwanted distractions of larger resort areas. Many second-home owners within Gunnison County come from the Front Range and southern states because of the abundant adventures, natural beauty, and peaceful ease of life.
resorts.livsothebysrealty.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 2019 • COLORADOMICROREPORTS.COM
TOWN OF CRESTED BUTTE January through June Average Price
2018 $751,309
$1,221,192
62.5%
$431
$540
25.3%
228
159
-30.3%
$2,090,000
$3,850,000
84.2%
20.00
21.00
5.0%
92.3%
95.0%
2.9%
Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
% Change
2019
All Properties 31 Teocalli Avenue, Crested Butte
TOWN OF CRESTED BUTTE January through June
2018
2019
Average Price
$1,218,618
$1,776,577
45.8%
$549
$678
23.4%
304
175
-42.4%
$2,090,000
$3,850,000
84.2%
8
9
12.5%
91.2%
96.9%
6.2%
Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
% Change
Crested Butte is home to the oldest mountain bike festival in the world, which began as the Fat Tire festival in 1983 and is now known as CB Bike Week with many events, races, and clinics. Crested Butte has plenty of activities year-round.
Single Family Homes
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 Condos, Townhomes, Duplexes
2018
TOWN OF CRESTED BUTTE % Change
2019
January through June
2018
Average Price
$200,000
$1,125,000
462.5%
$2,857
$4,326,923
151349.9%
53
189
256.6%
$200,000
$1,125,000
462.5%
1
1
0.0%
100%
84.9%
-15.1%
$465,910
$324,200
-30.4%
$422
$401
-5.0%
103
86
-16.5%
Average Days on Market
$964,250
$435,000
-54.9%
Highest Price
7
5
-28.6%
Properties Sold
95.1%
94.4%
-0.7%
Average Price per Acre
% Sold Price to List Price
% Change
2019
Residential / Commercial Lots
coloradomicroreports.com
MT. CRESTED BUTTE January through June
2018
Average Price
$427,525
$639,110
49.5%
$329
$412
25.2%
233
164
-29.6%
$1,600,000
$5,300,000
231.3%
77
56
-27.3%
96.5%
87.7%
-9.1%
Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
% Change
2019
All Properties 3 Black Diamond Trail, Mt. Crested Butte
MT. CRESTED BUTTE
49.5%
January through June
2018
2019
Average Price
$1,103,833
$930,000
-15.7%
$368
$362
-1.8%
330
243
-26.4%
$1,600,000
$1,540,000
-3.8%
12
10
-16.7%
96.6%
94.5%
-2.2%
Average Price per Square Foot Average Days on Market
The average price in Mt. Crested Butte increased by 49.5% January through June 2019 over 2018, due in part to a significant land sale of $5.3M.
Highest Price Properties Sold % Sold Price to List Price Single Family Homes
MT. CRESTED BUTTE January through June
2018
% Change
2019
MT. CRESTED BUTTE January through June
Average Price
$335,312
$235,174
-29.9%
Average Price
Average Price per Acre
$373,472
$857,718
129.7%
Average Price per Square Foot
232
102
-56.0%
Average Days on Market
$535,000
$275,000
-48.6%
Highest Price
8
4
-50.0%
Properties Sold
94.1%
98.8%
5.0%
Average Days on Market Highest Price Properties Sold % Sold Price to List Price Residential Lots
% Change
% Sold Price to List Price
2018
% Change
2019
$310,317
$511,717
64.9%
$329
$435
32.2%
189
152
-19.6%
$860,000
$2,375,000
176.2%
52
39
-25.0%
97.2%
96.4%
-0.8%
Condos, Townhomes, Duplexes
MICROMARKET REPORT | Crested Butte resorts.livsothebysrealty.com
2019 • COLORADOMICROREPORTS.COM
RURAL CRESTED BUTTE January through June Average Price
2018 $572,033
$701,613
22.7%
$325
$429
32.0%
313
235
-24.9%
$2,000,000
$2,520,000
26.0%
39
38
-2.6%
92.4%
94.2%
1.9%
Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
22.7%
% Change
2019
The average price for all properties in Rural Crested Butte increased by 22.7% January through June 2019 compared to that of 2018.
All Properties
RURAL CRESTED BUTTE January through June
2018
Average Price
$1,200,541
$1,245,800
3.8%
$332
$472
42.3%
311
251
-19.3%
$2,000,000
$2,043,000
2.2%
12
10
-16.7%
95.9%
92.6%
-3.4%
Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
% Change
2019
Single Family Homes
45 W. Silver Sage Drive, Silver Sage, Crested Butte
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 Condos, Townhomes, Duplexes
2018
RURAL CRESTED BUTTE % Change
2019
January through June
$587,500
$481,312
-18.1%
Average Price
$285
$401
40.7%
Average Price per Acre
181
119
-34.3%
$945,000
$1,375,000
45.5%
2
8
300.0%
90.7%
98.4%
8.5%
Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2018
% Change
2019
$269,112
$515,936
91.7%
$249,986
$536,414
114.6%
324
271
-16.4%
$1,300,000
$2,520,000
93.8%
25
19
-24.0%
86.0%
94.8%
10.2%
All Lots and Land
coloradomicroreports.com
CRESTED BUTTE SOUTH January through June Average Price
2018 $257,159
$418,139
62.6%
$268
$294
9.7%
276
140
-49.3%
$876,000
$910,000
3.9%
30
28
-6.7%
98.2%
97.1%
-1.1%
Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
% Change
2019
All Properties 36 Endner Place, Crested Butte South
CRESTED BUTTE SOUTH
88.5%
January through June Average Price
2018 $641,428
$704,227
9.8%
$278
$302
8.6%
158
162
2.5%
$876,000
$910,000
3.9%
7
11
57.1%
97.4%
97.0%
-0.4%
Average Price per Square Foot Average Days on Market Highest Price
January through June 2019 the average price for residential lots in Crested Butte South increased by 88.5% compared to that of 2018.
Properties Sold % Sold Price to List Price
% Change
2019
Single Family Homes
CRESTED BUTTE SOUTH January through June Average Price Average Price per Acre Average Days on Market Highest Price Properties Sold % Sold Price to List Price Residential Lots
2018
% Change
2019
CRESTED BUTTE SOUTH January through June
2018
Average Price
$334,200
$422,800
26.5%
$253
$329
30.0%
152
111
-27.0%
$515,000
$545,000
5.8%
5
5
0.0%
108.4%
97.6%
-10.0%
$86,321
$162,740
88.5%
$235,731
$524,391
122.5%
Average Price per Square Foot
357
150
-58.0%
Average Days on Market
$237,500
$374,400
57.6%
18
10
-44.4%
98.0%
98.2%
0.2%
Highest Price Properties Sold % Sold Price to List Price
% Change
2019
Condos, Townhomes, Duplexes
MICROMARKET REPORT | Crested Butte resorts.livsothebysrealty.com
2019 • COLORADOMICROREPORTS.COM
CITY OF GUNNISON January through June Average Price
2018 $243,670
$309,233
26.9%
$188
$209
11.2%
211
220
4.3%
$525,500
$1,500,000
185.4%
53
64
20.8%
96.5%
97.1%
0.6%
Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
% Change
2019
All Properties 322 Iowa Street, Gunnison
CITY OF GUNNISON January through June Average Price
2018 $314,327
$364,928
16.1%
$196
$229
17.0%
98
105
7.1%
$525,500
$655,000
24.6%
18
19
5.6%
95.9%
97.6%
1.8%
Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
185.4%
% Change
2019
The highest sold price recorded in the City of Gunnison increased 185.4% January through June 2019 compared to January through June of 2018 with the sale of a commercial building at $1.5M.
Single Family Homes
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 Condos, Townhomes, Duplexes
2018
CITY OF GUNNISON % Change
2019
January through June
2018
% Change
2019
$211,355
$262,658
24.3%
Average Price
$109,126
$214,857
96.9%
$190
$220
15.8%
Average Price per Acre
$288,359
$413,870
43.5%
140
196
40.0%
Average Days on Market
339
720
112.4%
$323,000
$370,000
14.6%
Highest Price
$205,000
$610,000
197.6%
19
24
26.3%
Properties Sold
7
7
0.0%
98.0%
99.1%
1.1%
94.8%
98.4%
3.8%
% Sold Price to List Price Residential Lots
coloradomicroreports.
ALMONT & RURAL GUNNISON January through June
2018
Average Price
$287,684
-36.6%
$223
$201
-9.9%
223
192
-13.9%
Average Days on Market
$5,323,750
$1,650,000
-69.0%
Highest Price
64
60
-6.3%
96.1%
96.3%
0.2%
Average Days on Market
Properties Sold % Sold Price to List Price All Properties
January through June
2018
Average Price Average Price per Square Foot
Highest Price Properties Sold % Sold Price to List Price
2018
Average Price
$525,991
$567,138
7.8%
$237
$239
0.8%
242
153
-36.8%
$1,100,000
$1,650,000
50.0%
32
18
-43.8%
95.4%
96.9%
1.6%
Average Price per Square Foot
Properties Sold % Sold Price to List Price
% Change
2019
Single Family Homes
ALMONT & RURAL GUNNISON
Average Days on Market
January through June
$453,470
Average Price per Square Foot
Highest Price
% Change
2019
ALMONT & RURAL GUNNISON
% Change
2019
ALMONT & RURAL GUNNISON January through June
2018
% Change
2019
$206,433
$336,433
63.0%
Average Price
$456,111
$119,527
-73.8%
$184
$234
27.2%
Average Price per Acre
$55,328
$56,826
2.7%
148
161
8.8%
248
259
4.4%
$467,000
$557,000
19.3%
$5,323,750
$1,000,000
-81.2%
9
7
-22.2%
18
26
44.4%
96.6%
101.6%
5.2%
98.2%
91.2%
-7.1%
Condos, Townhomes, Duplexes
Average Days on Market Highest Price Properties Sold % Sold Price to List Price All Lots and Land
GUNNISON COUNTY January through June Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2018
% Change
2019
$583,850
$716,821
22.8%
$8,533
$14,790
73.3%
536
325
-39.4%
$5,323,750
$5,300,000
-0.4%
19
19
0.0%
90.4%
75.2%
-16.8%
All Parcels 10+ Acres 800 Eagle Meadow Drive, Eagle Ridge Ranch, Gunnison
MICROMARKET REPORT | Crested Butte resorts.livsothebysrealty.com
2019 • COLORADOMICROREPORTS.COM
WHY COLORADO?
NATIONAL PARKS: 4
MOUNTAIN RANGES: 7
AVERAGE DAYS OF SUNSHINE ANNUALLY: 300
SKI AREAS & RESORTS: 28
CRAFT BREWERIES: 350+
LIV SOTHEBY’S INTERNATIONAL REALTY
RESORT REPORT
Interested in learning about other resort markets? Visit coloradomarketreports.com
The life you love.
resorts.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.