Crested Butte and Gunnison | Quarterly Report | Second Quarter of 2014

CRESTED BUTTE & GUNNISON

Quarterly Report

Second Quarter of 2014

Contents 3 Overall Market Update 8 4 Single Family Market 10 6 Area Map 11 7 Condo and Townhome Market 12

Land Market Significant Sales Our Office Update Contact Us

Total Sales Volume First Half of 2014 Gunnison County

Total Transactions First Half of 2014 Gunnison County Percentage down First Half of 2014 Gunnison County

2 | 401 Elk Avenue | 970.349.6653

$49.1 121 (25.9%)

Million

$64.2 189 (17.2%)

Million

Quick Hits Total Sales Volume First Half of 2014 Upper Valley Total Transactions First Half of 2014 Upper Valley Percentage down First Half of 2014 Upper Valley

Overall Market Update

The local real estate market is recovering from the slow first quarter but still is not quite there yet. In the Crested Butte area we are down 25% which is better than the 50% we were down in the first quarter. A lot of this can be attributed to the lack of sales in the Single Family home segment in Rural Crested Butte as this segment was down over $15 million.

Another contributing factor is that the high end sales in our market have been slow in the Second Quarter, as can be seen on our Significant Sales page. Our highest price to date for 2014 is $1,925,000.

Our market will steadily improve with the abundance of visitors in town over the summer.

We believe growth and values are increasing at a sustainable rate. There are currently 75 properties under contract in the Gunnison County with over $36.8 million in listing volume.

Depending on how the Third and Fourth Quarters shape up we will end up close to our 2013 final numbers.

Upper Valley - First Half of 2014 Median Price Average Price Average Days on Market Highest Price Lowest Price Properties Sold % Sold Price to Original List Price Total Volume Sold

2013

2014

$265,000 $411,964 298 $4,250,000 $4,000 161 90.7% $66,326,210

$255,000 $405,806 330 $1,925,000 $13,000 121 92.8% $49,102,575

All Properties in Crested Butte, Mt. Crested Butte, Rural Crested Butte, CB South and Almont

BensonSothebysRealty.com | 3

535 Journey’s End Road | Offered for $4,995,000

Bob Brazell Photography

Single Family Market

Town of Crested Butte | Single Family Homes

January to June Median Price Average Price Average Days on Market Highest Price Lowest Price Properties Sold % Sold Price to Original List Price Total Volume Sold

2013

2014

$705,000 $791,600 423 $1,900,000 $210,000 10 95.0% $7,916,005

$887,500 $977,455 255 $1,785,000 $550,000 10 94.7% $9,774,500

Mt. Crested Butte | Single Family Homes January to June Median Price Average Price Average Days on Market Highest Price Lowest Price Properties Sold % Sold Price to Original List Price Total Volume Sold

2013

2014

$725,000 $1,100,555 276 $4,250,000 $280,000 9 88.8% $9,905,000

$614,450 $713,130 420 $1,375,000 $475,000 10 91.5% $7,131,300

Rural Crested Butte | Single Family Homes January to June Median Price Average Price Average Days on Market Highest Price Lowest Price Properties Sold % Sold Price to Original List Price Total Volume Sold

4 | 401 Elk Avenue | 970.349.6653

2013

2014

$512,500 $700,633 354 $2,964,000 $165,000 30 89.8% $21,019,000

$472,000 $756,666 189 $1,925,000 $240,000 6 94.1% $4,540,000

12 Garland Drive | Offered for $2,795,000

Bob Brazell Photography

Single Family Market

Crested Butte South | Single Family Homes January to June Median Price Average Price Average Days on Market Highest Price Lowest Price Properties Sold % Sold Price to Original List Price Total Volume Sold

2013

2014

$386,200 $417,850 89 $589,000 $310,000 4 97.0% $1,671,400

$449,000 $426,800 247 $571,000 $284,000 5 96.0% $2,134,000

Rural Gunnison and Surrounding | Single Family Homes January to June Median Price Average Price Average Days on Market Highest Price Lowest Price Properties Sold % Sold Price to Original List Price Total Volume Sold

2013

2014

$204,500 $188,103 282 $375,000 $72,000 24 94.2% $4,514,473

$278,900 $313,152 307 $675,000 $17,500 25 93.9% $7,828,800

Town of Gunnison | Single Family Homes January to June Median Price Average Price Average Days on Market Highest Price Lowest Price Properties Sold % Sold Price to Original List Price Total Volume Sold

2013

2014

$232,500 $240,627 230 $399,000 $110,000 11 95.4% $2,646,900

$173,375 $190,485 360 $337,000 $135,000 10 95.5% $1,904,850

BensonSothebysRealty.com | 5

Castlewood Estate | Offered for $4,995,000

Bob Brazell Photography

Area Map Meridian Lake Park

Skyland Trappers Crossing

Crested Butte South

Red Mountain Ranch Reserve on the East River Danni Ranch

Ohio Creek Valley

Blue Mesa Reservoir

6 | 401 Elk Avenue | 970.349.6653

Columbine Condos | From $235,000 to $395,000

Condo and Townhome Market

Town Crested Butte | Condos and Townhomes January to June Median Price Average Price Average Days on Market Highest Price Lowest Price Properties Sold % Sold Price to Original List Price Total Volume Sold

2013

2014

$282,000 $276,836 170 $368,508 $276,836 3 97.6% $830,508

$508,000 $462,125 491 $640,000 $192,500 4 93.2% $1,848,500

Mt. Crested Butte | Condos and Townhomes January to June Median Price Average Price Average Days on Market Highest Price Lowest Price Properties Sold % Sold Price to Original List Price Total Volume Sold

2013

2014

$216,250 $303,660 303 $932,500 $50,000 40 91.6% $12,146,411

$217,500 $292,378 294 $1,487,500 $59,000 42 93.2% $12,279,889

Rural Crested Butte and Gunnison Areas | Condos and Townhomes January to June Median Price Average Price Average Days on Market Highest Price Lowest Price Properties Sold % Sold Price to Original List Price Total Volume Sold

2013

2014

$147,500 $216,692 192 $750,000 $49,900 28 94.2% $6,067,500

$172,500 $239,549 236 $605,000 $62,900 20 94.7% $4,790,986

BensonSothebysRealty.com | 7

Land Market

Town of Crested Butte | Residential Lots

January to June Median Price Average Price Average Days on Market Highest Price Lowest Price Properties Sold % Sold Price to Original List Price Total Volume Sold

2013

2014

$477,500 $535,000 250 $1,100,000 $85,000 4 91.5% $2,140,000

$425,000 $425,000 329 $550,000 $300,000 2 97.1% $850,000

Mt. Crested Butte | Residential Lots January to June Median Price Average Price Average Days on Market Highest Price Lowest Price Properties Sold % Sold Price to Original List Price Total Volume Sold

2013

2014

$120,000 $131,500 320 $325,000 $30,000 8 87.4% $1,052,000

$124,000 $121,000 203 $175,000 $61,000 4 93.6% $484,000

Rural Crested Butte | All Lots and Land January to June Median Price Average Price Average Days on Market Highest Price Lowest Price Properties Sold % Sold Price to Original List Price Total Volume Sold

8 | 401 Elk Avenue | 970.349.6653

2013

2014

$70,000 $91,922 320 $320,000 $25,500 13 76.2% $1,194,986

$158,500 $158,500 654 $225,000 $94,000 5 95.4% $792,500

Land Market

Crested Butte South | Residential Lots January to June Median Price Average Price Average Days on Market Highest Price Lowest Price Properties Sold % Sold Price to Original List Price Total Volume Sold

2013

2014

$28,500 $35,958 611 $63,750 $20,000 6 86.9% $215,750

$38,250 $42,375 548 $56,000 $37,000 4 91.1% $169,500

Rural Gunnison | All Lots and Land January to June Median Price Average Price Average Days on Market Highest Price Lowest Price Properties Sold % Sold Price to Original List Price Total Volume Sold

2013

2014

$95,250 $102,000 369 $290,000 $8,500 8 90.4% $816,000

$50,500 $149,750 417 $500,000 $35,000 12 80.6% $1,797,000

Gunnison County | All 11+ Acre and Over Parcels January to June Median Price Average Price Average Days on Market Highest Price Lowest Price Properties Sold % Sold Price to Original List Price Total Volume Sold

2013

2014

$110,000 $146,285 396 $320,000 $35,000 7 79.2% $1,024,000

$195,000 $337,687 503 $1,500,000 $49,000 8 78.9% $2,701,500

BensonSothebysRealty.com | 9

Significant Sales in Second Quarter of 2014

TBD Wildwater Way | Almont

704 Whiterock Avenue | Crested Butte

Co-Listed by Coldwell Banker Bighorn Realty and Wilder on the Taylor

Listed by Crested Butte Resort Real Estate Sold by Benson Sotheby’s International Realty

40 Anthracite Drive | Mt. C.B.

8 Teocalli Avenue | Crested Butte

Listed by Coldwell Banker Bighorn Realty Sold by Benson Sotheby’s International Realty

Listed by Benson Sotheby’s International Realty Sold by Crested Butte Home & Land Sales

2350 Slate River Road | Rural C.B.

325 Gothic Avenue | Crested Butte

Listed by Benson Sotheby’s International Realty Sold by Benson Sotheby’s International Realty

Listed by Benson Sotheby’s International Realty Sold by Benson Sotheby’s International Realty

Sold for $1,500,000

Sold for $1,487,500

Sold for $1,100,000

10 | 401 Elk Avenue | 970.349.6653

Sold for $1,435,000

Sold for $1,150,000

Sold for $1,052,050

Benson Sotheby’s International Realty Stats • We are the leading real estate brokerage in Crested Butte by over $4.5 million in total sales volume compared to our closest competitor in the first half of 2014.

• Our office currently has a 33% market share of sales volume in 2014 in the Crested Butte area.

• We have been involved in 66 sides of the total transactions, which is the most in the Crested Butte area.

• We have sold over $15 million worth of listings in 2014, which is the most in the Crested Butte area.

• Our brokers have been very successful in the first half of 2014.

• The top 2 brokers in Crested Butte are from our office while 4 of the top 6 are from our office.

• The top listing broker in Crested Butte is from our office.

• The top 2 selling brokers in Crested Butte are from our office.

All data was pulled from the Gunnison County Association of Realtors MLS. Verify with a local Realtor.

All information is deemed reliable but not guaranteed. Each office is independently owned and operated.

BensonSothebysRealty.com | 11

Contact Us

If you would like more information about this Quarterly Market Report or would like to view properties in the Crested Butte and Gunnison area please contact one of our knowledgeable brokers.

Cathy Benson 970.209.5015

Sam Lumb

Channing Boucher

Corey Dwan

Gary Huresky 970.209.2421

970.275.2554

970.596.3228

970.596.3219

Kiley Flint

970.275.2448

970.275.9357

Jaima Giles

Karen Redden

Megan Clark

Larry Neilson

Katy Mattson

Jill Matlock

Jamie Watt

Wayne Meredith

Dustin Kujawski

970.275.4601

970.275.0595

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