B E N S O N S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y
QUARTER REPORT First Quarter 2016
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
Quick Hits
$30.9 Million
Total Sales Volume For Q1-2016 in the Upper Valley
61
Total Transactions For Q1-2016 in the Upper Valley
27%
Percentage Up For Q1-2016 in the Upper Valley
2 | 401 Elk Avenue // 970.349.6653
QUARTER REPORT FIRST QUARTER 2016
Overall Market Update During the first quarter of 2016 we’ve had an influx of both second homeowners and tourists alike. Our restaurants and watering holes have been full to capacity every weekend with everybody enjoying the entertainment scene in Crested Butte. The ski resort closed last Sunday to a very enthusiastic last day of great skiing, fun costumes and crazy antics. Getting to the really important things… statistics. We’re excited about our average price and sales volume being up 49.9% and 27% respectively. Fewer properties sold this quarter compared to 2015’s first quarter yet the gains were highest in residential sales. The residential markets were up in every micro market except Crested Butte South. Land sales were unpredictable as most people would like to see the bare ground before buying! We are off to a great start for 2016 and expect our busiest season, summer, to grow again this year. With sales volume slightly down due to a smaller inventory we will continue to see growth in average prices throughout the market. All Properties UPPER VALLEY (Crested Butte, Mt. Crested Butte, Rural Crested Butte, CB South and Almont)
January to March Average Price Average Price per Square Foot Average Days on Market Highest Price Lowest Price Number of Properties Sold % Sold Price to List Price Total Dollar Volume Sold
QUARTER REPORT FIRST QUARTER 2016
2015
2016
% Change
$338,895 n/a 355 $1,450,000 $25,000 72 92.3% $24,400,500
$508,094 n/a 317 $2,389,398 $25,000 61 93.7% $30,993,748
49.9% n/a -10.7% 64.8% 0.0% -15.3% 1.5% 27.0%
BensonSothebysRealty.com | 3
Single Family Market Single Family Homes Crested Butte
January to March Average Price Average Price per Square Foot Average Days on Market Highest Price Lowest Price Number of Properties Sold % Sold Price to List Price Total Dollar Volume Sold
2015
2016
% Change
$764,285 $394.75 398 $1,075,000 $290,000 7 93.6% $5,350,295
$1,523,879 $599.01 204 $2,389,398 $730,000 5 95.4% $7,619,398
99.4% 51.7% -48.7% 122.3% 151.7% -28.6% 1.9% 42.4%
Single Family Homes Mt. Crested Butte
January to March Average Price Average Price per Square Foot Average Days on Market Highest Price Lowest Price Number of Properties Sold % Sold Price to List Price Total Dollar Volume Sold
2015
2016
% Change
$684,250 $317.59 171 $1,450,000 $315,000 4 95.5% $2,737,000
$1,665,666 $425.22 431 $2,250,000 $647,000 3 92.6% $4,997,000
143.4% 33.9% 152.0% 55.2% 105.4% -25.0% -3.0% 82.6%
Single Family Homes Rural Crested Butte
January to March Average Price Average Price per Square Foot Average Days on Market Highest Price Lowest Price Number of Properties Sold % Sold Price to List Price Total Dollar Volume Sold
4 | 401 Elk Avenue // 970.349.6653
2015
2016
% Change
$863,875 $354.16 502 $1,375,000 $535,000 4 93.2% $3,455,500
$1,316,666 $372.07 169 $1,700,000 $900,000 3 93.5% $3,950,000
52.4% 5.1% -66.3% 23.6% 68.2% -25.0% 0.3% 14.3%
QUARTER REPORT FIRST QUARTER 2016
Single Family Market Single Family Homes CB South
January to March Average Price Average Price per Square Foot Average Days on Market Highest Price Lowest Price Number of Properties Sold % Sold Price to List Price Total Dollar Volume Sold
2015
2016
% Change
$395,625 $213.08 142 $475,000 $300,000 4 95.7% $1,582,500
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Single Family Homes Rural Gunnison, Almont and Surrounding Areas
January to March Average Price Average Price per Square Foot Average Days on Market Highest Price Lowest Price Number of Properties Sold % Sold Price to List Price Total Dollar Volume Sold
2015
2016
% Change
$486,375 $206.82 180 $1,845,000 $163,000 8 93.1% $3,891,000
$351,741 $184.93 157 $642,000 $180,000 12 94.4% $4,220,900
-27.7% -10.6% -12.8% -65.2% 10.4% 50.0% 1.4% 8.5%
Single Family Homes City of Gunnison
January to March Average Price Average Price per Square Foot Average Days on Market Highest Price Lowest Price Number of Properties Sold % Sold Price to List Price Total Dollar Volume Sold
QUARTER REPORT FIRST QUARTER 2016
2015
2016
% Change
$261,642 $128.86 420 $357,000 $130,500 7 96.7% $1,831,500
$234,140 $161.96 346 $385,000 $155,000 10 96.8% $2,341,400
-10.5% 25.7% -17.6% 7.8% 18.8% 42.9% 0.1% 27.8%
BensonSothebysRealty.com | 5
6
Overview Map Legend
1
Crested Butte
2 Mt. Crested Butte 3 Skyland - Golf 4 CB South 5 Gunnison 6 Almont 6 | 401 Elk Avenue // 970.349.6653
QUARTER REPORT FIRST QUARTER 2016
Condo and Townhome Market Condos and Townhomes Crested Butte
January to March Average Price Average Price per Square Foot Average Days on Market Highest Price Lowest Price Number of Properties Sold % Sold Price to List Price Total Dollar Volume Sold
2015
2016
% Change
$385,000 $297.99 235 $385,000 $385,000 1 90.6% $385,000
$475,125 $321.71 190 $965,000 $170,000 4 90.1% $1,900,500
23.4% 8.0% -19.1% 150.6% -55.8% 300.0% -0.6% 393.6%
Condos and Townhomes Mt. Crested Butte
January to March Average Price Average Price per Square Foot Average Days on Market Highest Price Lowest Price Number of Properties Sold % Sold Price to List Price Total Dollar Volume Sold
2015
2016
% Change
$212,875 $208.06 311 $525,000 $59,000 16 93.5% $3,406,000
$330,646 $267.91 347 $678,300 $43,450 16 95.3% $5,290,350
55.3% 28.8% 11.6% 29.2% -26.4% 0.0% 1.9% 55.3%
Condos and Townhomes Rural CB, CB South, Almont, Rural Gunnison and City of Gunnison
January to March Average Price Average Price per Square Foot Average Days on Market Highest Price Lowest Price Number of Properties Sold % Sold Price to List Price Total Dollar Volume Sold
QUARTER REPORT FIRST QUARTER 2016
2015
2016
% Change
$130,322 $132.73 221 $280,000 $33,000 9 94.0% $1,172,900
$214,544 $172.97 499 $481,500 $88,000 9 96.8% $1,930,900
64.6% 30.3% 125.8% 72.0% 166.7% 0.0% 3.0% 64.6%
BensonSothebysRealty.com | 7
Land Market Residential Lots Crested Butte
January to March Average Price Average Price per Acre Average Days on Market Highest Price Lowest Price Number of Properties Sold % Sold Price to List Price Total Dollar Volume Sold
2015
2016
% Change
$451,142 $2,506,349.21 383 $650,000 $90,000 7 94.9% $3,158,000
$590,000 $2,901,639.34 418 $715,000 $405,000 3 96.2% $1,770,000
30.8% 15.8% 9.1% 10.0% 350.0% -57.1% 1.4% -44.0%
Residential Lots Mt. Crested Butte
January to March Average Price Average Price per Acre Average Days on Market Highest Price Lowest Price Number of Properties Sold % Sold Price to List Price Total Dollar Volume Sold
2015
2016
% Change
$351,250 $450,320.51 875 $510,000 $170,000 4 71.9% $1,405,000
$234,100 $416,548.04 276 $495,000 $157,500 5 93.5% $1,170,500
-33.4% -7.5% -68.5% -2.9% -7.4% 25.0% 30.0% -16.7%
All Lots and Land Rural Crested Butte
January to March Average Price Average Price per Acre Average Days on Market Highest Price Lowest Price Number of Properties Sold % Sold Price to List Price Total Dollar Volume Sold
8 | 401 Elk Avenue // 970.349.6653
2015
2016
% Change
$101,750 $306,015.04 289 $225,000 $25,000 12 91.4% $1,221,000
$133,500 $26,449.93 332 $275,000 $25,000 11 84.8% $1,468,500
31.2% -91.4% 14.9% 22.2% 0.0% -8.3% -7.2% 20.3%
QUARTER REPORT FIRST QUARTER 2016
Land Market Residential Lots CB South
January to March Average Price Average Price per Acre Average Days on Market Highest Price Lowest Price Number of Properties Sold % Sold Price to List Price Total Dollar Volume Sold
2015
2016
% Change
$55,416 $145,833.33 256 $85,000 $30,000 6 96.7% $332,500
$61,250 $167,808.22 265 $68,000 $54,000 4 87.2% $245,000
10.5% 15.1% 3.5% -20.0% 80.0% -33.3% -9.8% -26.3%
All Lots and Land Rural Gunnison, Almont and Surrounding Areas
January to March Average Price Average Price per Acre Average Days on Market Highest Price Lowest Price Number of Properties Sold % Sold Price to List Price Total Dollar Volume Sold
2015
2016
% Change
$176,750 $3,301.06 783 $682,500 $30,000 6 92.8% $1,060,500
$66,091 $33,605.93 212 $145,000 $15,000 6 90.9% $396,550
24.9% -18.8% 20.1% 166.4% -70.0% 6.1% 6.8% 32.5%
All Parcels (11 or More Acres) Gunnison County
January to March Average Price Average Price per Acre Average Days on Market Highest Price Lowest Price Number of Properties Sold % Sold Price to List Price Total Dollar Volume Sold
QUARTER REPORT FIRST QUARTER 2016
2015
2016
% Change
$449,250 $2,848.94 802 $682,500 $216,000 2 95.6% $898,500
$190,000 $8,435.07 395 $270,000 $110,000 2 94.1% $380,000
-57.7% 196.1% -50.7% -60.4% -49.1% 0.0% -1.6% -57.7%
BensonSothebysRealty.com | 9
Significant Sales for Q1-2016
606 Ninth Street | Town of C.B.
29 Summit Road | Mt. C.B.
Listed by Benson Sotheby’s International Realty Sold by Benson Sotheby’s International Realty
Listed by Coldwell Banker Bighorn Realty Sold by Keller Williams Realty
16 Walking Deer | Mt. C.B.
311 Teocalli Avenue | Town of C.B.
Listed by Benson Sotheby’s International Realty/Keller Williams Realty Sold by Keller Williams Realty
Listed by Coldwell Banker Bighorn Realty Sold by Coldwell Banker Bighorn Realty
455 Oversteeg Gulch | Rural C.B.
28 Gothic Avenue | Town of C.B.
Sold for $2,389,398
Sold for $2,100,000
Sold for $1,700,000
Listed by Benson Sotheby’s International Realty Sold by St. James Sporting Properties
10 | 401 Elk Avenue // 970.349.6653
Sold for $2,250,000
Sold for $1,785,000
Sold for $1,625,000 Listed by Benson Sotheby’s International Realty Sold by Alpine Property Realty
QUARTER REPORT FIRST QUARTER 2016
Benson Sotheby’s International Realty Stats • Leading the real estate brokerage community in Crested Butte by $72 million in total transaction volume in comparison to our closest competitor in 2015. • Our office currently has a 39% market share of sales volume in 2015 in the Crested Butte area. A 9% increase from 2014. • We have been involved in 207 transaction sides of the 754 total. • We sold over $67 million worth of our listings in 2015. Our listings also sell for $204,000 more on average compared to our competitors. • Our brokers were very successful in 2015. • The top 3 brokers in sales volume in Crested Butte are from our office and 6 of the top 8 are from our office. • The top 5 selling brokers in Crested Butte are from our office. • The top 3 buyers’ brokers in Crested Butte are from our office and 5 of the top 6 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.
QUARTER REPORT FIRST QUARTER 2016
BensonSothebysRealty.com | 11
If you would like more information about this Quarter Report, would like detailed market data concerning your property or would like to view any property in the Crested Butte and Gunnison area, please contact one of our knowledgeable and experienced brokers.
MANAGEMENT AND STAFF
Cathy Benson 970.209.5015 Broker/Owner
Dustin Kujawski 970.275.0262 Manager/Marketing
OUR BROKERS
Channing Boucher 970.596.3228
Corey Dwan 970.596.3219
Gary Huresky 970.209.2421
Sam Lumb 970.275.2448
Jaima Giles 970.275.9357
Kiley Flint 970.275.2554
Wayne Meredith 970.209.2706
Larry Neilson 970.209.7849
Katy Mattson 970.275.4601
Di Bridges 970.901.0888
Megan Clark 970.209.3537
Jill Matlock 970.275.0595
Jamie Watt 970.209.2675
Bud Bush 214.803.3300
Diane Dunaway 970.596.1373
BensonSothebysRealty.com