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 - 2017
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
$30.5 Million
Total Sales Volume in the First Quarter - 2017 in the Upper Valley
67
Total Transactions in the First Quarter of 2017 in the Upper Valley
1.7% 2 | 401 Elk Avenue // 970.349.6653
Percent Down of Sales Volume in the First Quarter compared to 2016 Upper Valley QUARTER REPORT FIRST QUARTER - 2017
Overall Market Update The first quarter of 2017 began with snow storm after snow storm and January alone ended with a 136 inches of snow. It really created a difficult situation as potential buyers could barely see the outside of most homes as snow piled up past the roof line. Along with the snow there was a decrease in inventory which added up to a small decrease (-1.7%) in overall sales volume compared to the first quarter of 2016. The single family home segment of the market was up in the non-incorporated areas. Rural Crested Butte homes, Crested Butte South homes and Almont and Rural Gunnison homes all saw sales volume increases between 12% and 21%. The towns and cities in our area saw decreases in sales volume, between (-16%) and (-65%), which included Crested Butte, Mt. Crested Butte and Gunnison. As we saw in 2016 the condo and townhome market continues to be strong in 2017. A staggering 88% increase in Mt. Crested Butte. We continue to see an influx of Denver metro buyers flocking to Crested Butte and entering our real estate market in the more affordable condo and townhome segment. The land segment of our market was slow but that is to be expected when most lots are covered with 10 feet of snow. As we enter the second quarter of 2017, we are seeing an increase in sales volume as the upper valley already has 90 properties currently under contract with a current listing value of over $61 million. Another influencing factor is that the second quarter historically is when we see an influx of listings. During the second quarter sellers are putting their property on the market before the busy summer selling season. Some of these new properties will hit the market, go under contract and close all within the second quarter. As noted above this is a great time to list your property as there is a decrease in inventory, average prices are continuing to rise and we will see an influx of buyers during the summer. Contact us so we can show you how Benson Sotheby’s International Realty gives your property the greatest worldwide exposure available in our market.
All Properties UPPER VALLEY (Crested Butte, Mt. Crested Butte, Rural Crested Butte, CB South, Kebler Pass 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 - 2017
2016 $508,094 n/a 317 $2,389,398 $25,000 61 93.7% $30,993,748
2017 % Change $454,645 n/a 266 $2,700,000 $65,000 67 95.0% $30,461,250
-10.5% n/a -16.1% 13.0% 160.0% 9.8% 1.4% -1.7%
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
2016
2017
% Change
$1,523,879 $599.01 204 $2,389,398 $730,000 5 95.4% $7,619,398
$1,582,250 $621.78 290 $2,700,000 $900,000 4 96.4% $6,329,000
3.8% 3.8% 42.2% 13.0% 23.3% -20.0% 1.0% -16.9%
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
2016
2017
% Change
$1,665,666 $425.22 431 $2,250,000 $647,000 3 92.6% $4,997,000
$776,499 $278.03 639 $899,999 $654,500 3 95.4% $2,329,499
-53.4% -34.6% 48.3% -60.0% 1.2% 0.0% 3.0% -53.4%
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
2016
2017
% Change
$1,316,666 $372.07 169 $1,700,000 $900,000 3 93.5% $3,950,000
$1,107,500 $370.04 268 $1,275,000 $955,000 4 95.0% $4,430,000
-15.9% -0.5% 58.6% -25.0% 6.1% 33.3% 1.6% 12.2%
QUARTER REPORT FIRST QUARTER - 2017
Single Family Market Single Family Homes Crested Butte South
January to March
2016
2017
% Change
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
None None None None None None None None
$482,500 $280.04 212 $529,500 $440,000 5 94.3% $2,412,500
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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
2016
2017
% Change
$351,741 $184.93 157 $642,000 $180,000 12 94.4% $4,220,900
$365,500 $170.39 433 $685,000 $165,000 14 97.2% $5,117,000
3.9% -7.9% 175.8% 6.7% -8.3% 16.7% 3.0% 21.2%
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 - 2017
2016
2017
% Change
$217,500 $161.96 346 $385,000 $155,000 10 96.8% $2,341,400
$271,666 $210.57 63 $280,000 $260,000 3 96.2% $815,000
24.9% 30.0% -81.8% -27.3% 67.7% -70.0% -0.6% -65.2%
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 - 2017
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
2016
2017
% Change
$475,125 $321.71 190 $965,000 $170,000 4 90.1% $1,900,500
$610,000 $350.98 558 $610,000 $610,000 1 97.6% $610,000
28.4% 9.1% 193.7% -36.8% 258.8% -75.0% 8.3% -67.9%
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
2016
2017
% Change
$330,646 $267.91 347 $678,300 $43,450 16 95.3% $5,290,350
$301,962 $278.84 215 $1,550,000 $66,250 33 96.0% $9,964,751
-8.7% 4.1% -38.0% 128.5% 52.5% 106.3% 0.7% 88.4%
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 - 2017
2016
2017
% Change
$214,544 $172.97 499 $481,500 $88,000 9 96.8% $1,930,900
$259,041 $197.90 107 $645,000 $90,000 12 97.6% $3,108,500
20.7% 14.4% -78.6% 34.0% 2.3% 33.3% 0.8% 61.0%
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
2016
2017
% Change
$590,000 $2,914,285.71 418 $715,000 $405,000 3 96.2% $1,770,000
None None None None None None None None
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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
2016
2017
% Change
$234,100 $400,222.09 276 $495,000 $157,500 5 93.5% $1,170,500
$242,166 $628,542.21 428 $540,000 $125,000 6 92.8% $1,453,000
3.4% 57.0% 55.1% 9.1% -20.6% 20.0% -0.7% 24.1%
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
2016
2017
% Change
$133,500 $214,771.92 332 $275,000 $25,000 11 84.8% $1,468,500
$217,900 $367,167.78 377 $350,000 $112,500 5 82.9% $1,089,500
63.2% 71.0% 13.6% 27.3% 350.0% -54.5% -2.2% -25.8%
QUARTER REPORT FIRST QUARTER - 2017
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
2016
2017
% Change
$61,250 $169,160.22 265 $68,000 $54,000 4 87.2% $245,000
$75,000 $185,219.55 100 $85,000 $65,000 2 79.4% $189,000
22.4% 9.5% -62.3% 25.0% 20.4% -50.0% -8.9% -22.9%
All Lots and Land City of Gunnison, 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
2016
2017
% Change
$65,935 $187,467.15 644 $145,000 $15,000 7 92.0% $461,550
$140,170 $138,556.01 342 $2,102,563 $14,000 15 91.4% $2,102,563
112.6% -26.1% -46.9% 1350.0% -6.7% 114.3% -0.7% 355.5%
All Parcels (10 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 - 2017
2016
2017
% Change
$190,000 $10,616.15 395 $270,000 $110,000 2 94.0% $380,000
$400,000 $10,000.00 34 $400,000 $400,000 1 100.0% $400,000
110.5% -5.8% -91.4% 48.1% 263.6% -50.0% 6.4% 5.3%
BensonSothebysRealty.com | 9
Significant Sales in 2017
919 Belleview Avenue | Town of C.B.
507 Gothic Avenue | Town of 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 Colorado Heritage
16 Snowmass Rd, Unit 12 | Mt. C.B.
702 Forest Lane | Rural C.B.
Listed by Crested Butte Resort Real Estate Sold by Crested Butte Resort Real Estate
Listed by Benson Sotheby’s Intern’l Realty/Crested Butte Resort RE Sold by Crested Butte Resort Real Estate
160 Larkspur Loop | Rural C.B.
16 Willow Court | Rural C.B.
Listed by Crested Butte Resort Real Estate Sold by Crested Butte Resort Real Estate
Listed by Coldwell Banker Bighorn Realty Sold by Coldwell Banker Bighorn Realty
Sold for $2,700,000
Sold for $1,550,000
Sold for $1,230,000
10 | 401 Elk Avenue // 970.349.6653
Sold for $1,770,000
Sold for $1,275,000
Sold for $970,000
QUARTER REPORT FIRST QUARTER - 2017
Benson Sotheby’s International Realty Stats • Leads the real estate brokerage community in Crested Butte by $39.8 million in total transaction volume in comparison to our closest competitor in 2016. • Our office currently has a 42% market share of sales volume in 2016 in the Crested Butte area. • We have been involved in 273 transaction sides of the 766 total in the Upper Valley. • We sold $77 million worth of our listings in 2016. • Our BSIR brokers were very successful in 2016. • The top 3 brokers in sales volume in Crested Butte are BSIR brokers and 6 of the top 13 are BSIR brokers • The top 3 listing brokers in Crested Butte are BSIR brokers. • The top 2 buyers’ brokers in Crested Butte are BSIR brokers. 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 - 2017
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 Owner/Broker
Dustin Kujawski 970.275.0262 Manager/Marketing
Heejohng Chae 970.349.6653 Office Assistant
OUR BROKERS
Channing Boucher 970.596.3228
Jaima Giles 970.275.9357
Corey Dwan 970.596.3219
Jamie Watt 970.209.2675
Megan Clark 970.209.3537
Di Bridges 970.901.0888
Jill Matlock 970.275.0595
Larry Neilson 970.209.7849
Gary Huresky 970.209.2421
Katy Mattson 970.275.4601
Sam Lumb 970.275.2448
Kiley Flint 970.275.2554
Wayne Meredith 970.209.2706
BensonSothebysRealty.com