MICROMARKET REPORT |
Crested Butte • Q3 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: 33 Buckhorn Way, Crested Butte
coloradomicroreports.com
CRESTED BUTTE market update Gunnison County is home to some of Colorado’s most adventurous skiing, hiking and biking, breathtaking mountain views and the state’s largest body of water, Blue Mesa Reservoir. This area in comprised of five communities which includes the quaint towns of Crested Butte and Gunnison. No matter the season, adventure seekers and nature lovers alike flock to Gunnison County to get outdoors and experience the real Colorado.
GUNNISON COUNTY
January through September
LIV Sotheby’s International Realty produces a Micro Market Report focused on the Crested Butte market and its performance Q1 through Q3 of this year in comparison to the same time period last year. All of Gunnison County experienced a 24.6% increase in average price January through September of this year in comparison to 2018. On a smaller scale, the Town of Crested Butte also saw a rise in average price growing by an impressive 85.1% from 2018. In addition to increased average prices across the board, homes in Gunnison County also stayed on the market for shorter amounts of time, decreasing by 15.8%.
2018
2019
% Change
Sold Listings (All Properties)
606
490
-19.1%
Sold Single Family
195
162
-16.9%
Sold Condos/TH/DP
186
134
-28.0%
Average Days on Market
222
187
-15.8%
$393,921
$490,971
24.6%
95.6%
94.0%
-1.7%
$238,716,305
$240,576,096
0.8%
Average Price % Sold Price to List Price Total Dollar Volume Sold
All Properties
Other areas also within Gunnison County witnessed growth as well. The amount of properties sold in the City of Gunnison grew an impressive 16.5%, rising from 85 homes in Q1 through Q3 of 2018 to 99 homes in the same time frame this year.
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 September Average Price
2018 $722,260
$1,336,751
85.1%
$453
$604
33.3%
193
161
-16.6%
$2,090,000
$4,461,500
113.5%
34
34
0.0%
94.3%
94.4%
0.1%
Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
% Change
2019
All Properties 706 BelleviewAvenue, Crested Butte
TOWN OF CRESTED BUTTE January through September
2018
2019
Average Price
$1,077,219
$1,802,041
67.3%
$549
$724
31.9%
221
157
-29.0%
$2,090,000
$4,461,500
113.5%
15
17
13.3%
93.6%
95.3%
1.8%
Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
4x
% Change
The number of times the record for the highest sale price to date in the Town of Crested Butte was broken so far in 2019. (LIV Sotheby’s International Realty represented three of these homes, and brought a buyer for two!)
Single Family Homes
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 Condos, Townhomes, Duplexes
2018
TOWN OF CRESTED BUTTE % Change
2019
January through September
2018
2019
Average Price
$200,000
$1,170,000
485.0%
Average Price per Acre
$2,857,143
$4,538,462
58.8%
53
237
347.2%
$200,000
$1,475,000
637.5%
1
5
400.0%
100%
91.0%
-9.0%
$496,226
$342,500
-31.0%
$440
$406
-7.7%
119
78
-34.5%
Average Days on Market
$964,250
$435,000
-54.9%
Highest Price
12
6
-50.0%
Properties Sold
96.4%
94.8%
-1.7%
% Sold Price to List Price
% Change
Residential / Commercial Lots
coloradomicroreports.com
MT. CRESTED BUTTE January through September Average Price
2018 $476,267
$633,103
32.9%
$353
$415
17.6%
222
197
-11.3%
$2,365,250
$5,300,000
124.1%
155
88
-43.2%
96.7%
90.6%
-6.3%
Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
% Change
2019
All Properties 17 Wildhorse Trail, Mt. Crested Butte
MT. CRESTED BUTTE
$5.3M
January through September
2018
Average Price
$1,049,675
$1,060,222
1.0%
$366
$397
8.5%
277
200
-27.8%
$2,365,250
$2,170,000
-8.3%
27
18
-33.3%
96.7%
95.5%
-1.2%
Average Price per Square Foot Average Days on Market Highest Price
The highest sale to date in Mt. Crested Butte was a parcel of 156 acres that sold for $5.3M, causing the average land price to jump 112% compared to 2018.
Properties Sold % Sold Price to List Price
% Change
2019
Single Family Homes
MT. CRESTED BUTTE January through September
2018
% Change
2019
MT. CRESTED BUTTE January through September
Average Price
$375,630
$795,188
111.7%
Average Price
Average Price per Acre
$432,469
$584,735
35.2%
Average Price per Square Foot
428
555
29.7%
Average Days on Market
$1,050,000
$5,300,000
404.8%
Highest Price
23
9
-60.9%
Properties Sold
95.2%
66.0%
-30.7%
% Sold Price to List Price
Average Days on Market Highest Price Properties Sold % Sold Price to List Price All Land
2018
% Change
2019
$350,864
$488,289
39.2%
$349
$426
22.1%
163
144
-11.7%
$1,533,500
$2,375,000
54.9%
105
60
-42.9%
97.1%
96.4%
-0.7%
Condos, Townhomes, Duplexes
MICROMARKET REPORT | Crested Butte resorts.livsothebysrealty.com
2019 • COLORADOMICROREPORTS.COM
RURAL CRESTED BUTTE January through September Average Price
2018 $578,734
$669,210
15.6%
$358
$431
20.4%
258
219
-15.1%
$2,200,000
$2,520,000
14.5%
78
60
-23.1%
94.2%
94.6%
0.4%
Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
45.5%
% Change
2019
The highest sold price for condo/townhome properties in Rural Crested Butte increased by 45.5% January through September 2019 compared to that of 2018 due to a significant sale of $1.375M.
All Properties
RURAL CRESTED BUTTE January through September
2018
2019
Average Price
$1,237,547
$1,326,750
7.2%
$364
$461
26.6%
252
254
0.8%
$2,200,000
$2,200,000
0.0%
21
16
-23.8%
95.4%
93.6%
-1.9%
Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
% Change
Single Family Homes
590 Red Mountain Ranch Road, Crested Butte
RURAL 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 Condos, Townhomes, Duplexes
2018
RURAL CRESTED BUTTE % Change
2019
January through September
2018
% Change
2019
$595,071
$555,750
-6.6%
Average Price
$299,746
$388,396
29.6%
$339
$403
18.9%
Average Price per Acre
$301,574
$507,038
68.1%
142
119
-16.2%
Average Days on Market
277
229
-17.3%
$945,000
$1,375,000
45.5%
Highest Price
$1,850,000
$2,520,000
36.2%
7
10
42.9%
Properties Sold
50
33
-34.0%
95.8%
98.2%
2.5%
91.7%
95.0%
3.6%
% Sold Price to List Price All Lots and Land
coloradomicroreports.com
CRESTED BUTTE SOUTH January through September Average Price
2018 $284,138
$379,963
33.7%
$281
$303
7.8%
212
134
-36.8%
$915,000
$910,000
-0.5%
61
47
-23.0%
97.3%
96.7%
-0.6%
Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
% Change
2019
All Properties 111 Alpine Court, Crested Butte South
CRESTED BUTTE SOUTH
88.2%
January through September Average Price
Average Price Average Price per Acre Average Days on Market Highest Price Properties Sold % Sold Price to List Price Residential /Commercial Lots
5.5%
$288
$305
5.9%
137
154
12.4%
$915,000
$910,000
-0.5%
12
13
8.3%
97.0%
96.8%
-0.2%
Properties Sold % Sold Price to List Price Single Family Homes
CRESTED BUTTE SOUTH 2018
$707,923
Average Days on Market Highest Price
% Change
2019
$670,708
Average Price per Square Foot
January through September 2019 the average price for residential lots in Crested Butte South increased by 88.2% compared to that of 2018.
January through September
2018
% Change
2019
CRESTED BUTTE SOUTH January through September
$92,827
$156,178
68.2%
Average Price
$229,280
$431,428
88.2%
Average Price per Square Foot
278
112
-59.7%
Average Days on Market
$269,000
$374,400
39.2%
Highest Price
33
19
-42.4%
96.3%
96.4%
0.1%
Properties Sold % Sold Price to List Price
2018
% Change
2019
$397,044
$429,616
8.2%
$285
$319
11.9%
135
165
22.2%
$580,000
$580,900
0.2%
15
12
-20.0%
98.2%
96.9%
-1.3%
Condos, Townhomes, Duplexes
MICROMARKET REPORT | Crested Butte resorts.livsothebysrealty.com
2019 • COLORADOMICROREPORTS.COM
CITY OF GUNNISON January through September Average Price
2018 $268,649
$326,671
21.6%
$190
$214
12.6%
175
179
2.3%
$950,000
$1,710,000
80.0%
85
99
16.5%
96.4%
97.1%
0.7%
Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
% Change
2019
All Properties 126 Diamond Lane, Gunnison
CITY OF GUNNISON January through September Average Price
2018 $350,978
$377,404
7.5%
$201
$232
15.4%
91
98
7.7%
$612,000
$683,000
11.6%
32
35
9.4%
96.9%
96.7%
-0.2%
Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
80%
% Change
2019
The highest sold price in the City of Gunnison increased by 80% through Q3 of 2019 compared to that of 2018 with the sale of commercial land for $1.71M.
Single Family Homes
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 Condos, Townhomes, Duplexes
2018
CITY OF GUNNISON % Change
2019
January through September
$204,451
$237,751
16.3%
Average Price
$189
$226
19.6%
Average Price per Acre
140
161
15.0%
Average Days on Market
$324,500
$370,000
14.0%
Highest Price
31
33
6.5%
Properties Sold
97.6%
98.8%
1.2%
% Sold Price to List Price
2018
% Change
2019
$127,861
$384,500
200.7%
$294,601
$441,984
50.0%
311
524
68.5%
$259,000
$1,710,000
560.2%
8
12
50.0%
94.7%
97.5%
3.0%
Residential /Commercial Lots
coloradomicroreports.com
ALMONT & RURAL GUNNISON January through September Average Price
2018
$330,762
-13.4%
$207
$208
0.5%
208
174
-16.3%
Average Days on Market
$5,323,750
$1,750,000
-67.1%
Highest Price
108
105
-2.8%
Properties Sold
95.6%
96.2%
0.6%
Average Days on Market
Properties Sold % Sold Price to List Price All Properties
Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2018
Average Price
$503,533
$529,797
5.2%
$230
$237
3.0%
229
119
-48.0%
$1,100,000
$1,650,000
50.0%
44
41
-6.8%
95.6%
97.0%
1.5%
Average Price per Square Foot
% Sold Price to List Price
% Change
2019
Single Family Homes
ALMONT & RURAL GUNNISON January through September
January through September
$381,961
Average Price per Square Foot
Highest Price
% Change
2019
ALMONT & RURAL GUNNISON
2018
% Change
2019
ALMONT & RURAL GUNNISON January through September
2018
% Change
2019
$211,025
$320,695
52.0%
Average Price
$311,119
$162,535
-47.8%
$180
$221
22.8%
Average Price per Acre
$60,214
$60,606
0.7%
123
139
13.0%
Average Days on Market
243
276
13.6%
$467,000
$730,000
56.3%
Highest Price
$5,323,750
$1,750,000
-67.1%
16
13
-18.8%
Properties Sold
37
36
-2.7%
95.4%
95.7%
0.3%
97.1%
94.2%
-3.0%
Condos, Townhomes, Duplexes
% Sold Price to List Price All Lots and Land
GUNNISON COUNTY January through September Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2018
% Change
2019
$457,011
$680,954
49.0%
$8,555
$11,896
39.1%
369
308
-16.5%
$5,323,750
$5,300,000
-0.4%
35
31
-11.4%
91.8%
79.2%
-13.7%
All Parcels 10+ Acres 133 Rainbow Drive, Almont
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
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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.