2019 First Quarter Report

CRESTED BUT T E SOT H E BY ’S I NTE RNATI O NAL RE A LTY

QUARTER REPORT First Quarter - 2019

Contents

QUICK HITS

3 Overall Market Update

8 4 Single Family Market 10 6 Area Map 11 7 Condo and Townhome Market 12

$37

Land Market Significant Sales Our Office Update Contact Us

Total Sales Volume for First Quarter 2019 in the Upper Valley

Million

60

Total Properties Sold for First Quarter 2019 in the Upper Valley

1.7%

Percent Up of Sales Volume in 2019 compared to 2018 in the Upper Valley

2 | 401 Elk Avenue // 970.349.6653

QUARTER REPORT FIRST QUARTER - 2019

Overall Market Update The Crested Butte Sotheby’s International Realty Quarter Report offers a summary of the real estate market analysis for the Crested Butte and Gunnison areas. As the first quarter of 2019 ends, we are grateful for a successful and snowy 18-19 winter season. The Crested Butte Sotheby’s International Realty office had a fantastic start to the new year and saw some exciting changes. In March, we announced our new alliance with LIV Sotheby’s International Realty. This partnership will elevate the already excellent service we provide our clients and will expand our network throughout Colorado and beyond! Read more about LIV Sotheby’s International Realty on page 11.

As we look at the sales statistics thus far, the overwhelming trend throughout Gunnison Valley is that we are seeing a continued decrease in inventory at lower price points, resulting in a higher demand from buyers. This is driving price up and causing quicker sales in many areas.

One exception to this trend is residential lot sales in the Town of Crested Butte and Mt. Crested Butte. Both areas experienced one lot sale each in Q1, while available inventory at the time of publishing this report shows 15 lots in town and 38 lots in Mt. CB. We are attributing less interest in residential lots to the dramatic increase in price and building costs. Crested Butte South on the other hand is seeing more demand for lots (specifically those located in the flats) as we see properties selling 25% faster than last year even with higher prices.

Condo / Townhome sales show a substantial decrease in price for properties in the Town of Crested Butte over last year; however, only two sales have closed this year, one of which was among family members with private concessions made. For this reason, the data shown is not comprehensive and will likely equalize as the year progresses.

Single family home sales are generally seeing a decrease in average sold price over last year apart from the City of Gunnison, which saw a 27% bump in sales price. Impressively, Gunnison also experienced a 67% increase in number of properties sold over 2018, meaning this area is continuing to gain popularity for buyers!

For a more in-depth market analysis or assistance with all your real estate needs, stop in our office located at 401 Elk Avenue in Crested Butte or contact one of our experienced brokers today. See page 12 for our brokers.

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 - 2019

2018 $491,286 n/a 267 $2,090,000 $35,000 75 92.6% $36,846,483

2019 % Change $624,728 n/a 177 $1,900,000 $70,000 60 95.2% $37,483,700

27.2% n/a -33.7% -9.1% 100.0% -20.0% 2.8% 1.7%

CrestedButteSothebysRealty.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

2018 $1,770,000 $535.34 333 $2,090,000 $1,450,000 2 89.7% $3,540,000

2019 % Change $1,303,333 $584.98 134 $1,575,500 $985,000 3 93.5% $3,910,000

-26.4% 9.3% -59.8% -24.6% -32.1% 50.0% 4.2% 10.5%

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

2018 $1,149,500 $357.36 215 $1,520,000 $628,000 4 94.4% $4,598,000

2019 % Change $1,051,400 $323.32 286 $1,540,000 $638,000 5 92.4% $5,257,000

-8.5% -9.5% 33.0% 1.3% 1.6% 25.0% -2.1% 14.3%

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

2018 $1,177,500 $411.24 114 $1,610,000 $835,000 3 93.7% $3,532,500

2019 % Change $1,006,250 $435.72 227 $1,350,000 $535,000 4 96.7% $4,025,000

-14.5% 6.0% 99.1% -16.1% -35.9% 33.3% 3.2% 13.9%

QUARTER REPORT FIRST QUARTER - 2019

Single Family Market Single Family Homes Crested Butte 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

2018 $580,000 $257.07 193 $650,000 $480,000 4 96.0% $2,320,000

2019 % Change $742,000 $289.72 189 $910,000 $650,000 5 97.2% $3,710,000

27.9% 12.7% -2.1% 40.0% 35.4% 25.0% 1.3% 59.9%

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

2018 $535,233 $245.28 228 $1,100,000 $177,500 16 94.7% $8,563,730

2019 % Change $540,090 $251.70 169 $1,650,000 $170,000 11 100.1% $5,941,000

0.9% 2.6% -25.9% 50.0% -4.2% -31.3% 5.7% -30.6%

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 - 2019

2018 $276,750 $170.30 109 $335,000 $185,000 6 92.1% $1,660,500

2019 % Change $352,140 $214.34 88 $582,000 $175,000 10 96.5% $3,521,400

27.2% 25.9% -19.3% 73.7% -5.4% 66.7% 4.8% 112.1%

CrestedButteSothebysRealty.com | 5

Overview Map

6

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 - 2019

Condo and Townhome Market Condos and Townhomes Crested Butte

January to March

2018

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

$590,185 $469.86 106 $964,250 $216,120 2 89.8% $1,180,370

2019 % Change $388,000 $433.56 48 $435,000 $341,000 2 89.2% $776,000

-34.3% -7.7% -54.7% -54.9% 57.8% 0.0% -0.7% -34.3%

Condos and Townhomes Mt. Crested Butte

January to March

2018

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

$348,833 $346.16 227 $860,000 $68,000 24 97.3% $8,372,000

2019 % Change $457,346 $443.79 123 $1,300,000 $117,500 13 95.8% $5,945,500

31.1% 28.2% -45.8% 51.2% 72.8% -45.8% -1.5% -29.0%

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 - 2019

2018 $222,487 $189.79 184 $467,000 $115,000 8 97.8% $1,779,900

2019 % Change $218,875 $220.20 212 $318,000 $113,000 8 97.2% $1,751,000

-1.6% 16.0% 15.2% -31.9% -1.7% 0.0% -0.6% -1.6%

CrestedButteSothebysRealty.com | 7

Land Market Residential Lots Crested Butte

January to March Average Price Average Sold Price per Acre Average Days on Market Highest Price Lowest Price Number of Properties Sold % Sold Price to List Price Total Dollar Volume Sold

2018 -

2019 % Change $1,125,000 $4,326,923 189 $1,125,000 $1,125,000 1 84.9% $1,125,000

-

Residential Lots Mt. Crested Butte

January to March Average Price Average Sold Price per Acre Average Days on Market Highest Price Lowest Price Number of Properties Sold % Sold Price to List Price Total Dollar Volume Sold

2018 $385,000 $325,167 444 $520,000 $225,000 6 92.6% $2,310,000

2019 % Change $275,000 $466,102 134 $275,000 $275,000 1 100.0% $275,000

-28.6% 43.3% -69.8% -47.1% 22.2% -83.3% 8.0% -88.1%

All Lots and Land Rural Crested Butte

January to March Average Price Average Sold 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

2018 $328,461 $225,066 392 $1,300,000 $35,000 13 83.1% $4,270,000

2019 % Change $485,800 $596,802 224 $1,900,000 $70,000 11 97.9% $5,343,800

47.9% 165.2% -42.9% 46.2% 100.0% -15.4% 17.8% 25.1%

QUARTER REPORT FIRST QUARTER - 2019

Land Market Residential Lots CB South

January to March Average Price Average Sold Price per Acre Average Days on Market Highest Price Lowest Price Number of Properties Sold % Sold Price to List Price Total Dollar Volume Sold

2018 $107,687 $166,926 169 $237,500 $58,250 4 91.9% $430,750

2019 % Change $157,125 $402,075 127 $195,000 $86,500 4 98.0% $628,500

45.9% 140.9% -24.9% -17.9% 48.5% 0.0% 6.6% 45.9%

All Lots and Land City of Gunnison, Rural Gunnison, Almont and Surrounding Areas

January to March Average Price Average Sold Price per Acre Average Days on Market Highest Price Lowest Price Number of Properties Sold % Sold Price to List Price Total Dollar Volume Sold

2018 $775,805 $115,878 322 $5,323,750 $68,500 9 98.2% $6,982,250

2019 % Change $190,333 $116,894 507 $1,000,000 $19,500 15 90.6% $2,855,000

-75.5% 0.9% 57.5% -81.2% -71.5% 66.7% -7.7% -59.1%

All Parcels (10 or More Acres) Gunnison County

January to March Average Price Average Sold 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 - 2019

2018 $1,012,305 $13,664 684 $5,323,750 $50,000 9 90.8% $9,110,750

2019 % Change $526,812 $22,944 162 $1,800,000 $19,500 8 94.0% $4,214,500

-48.0% 67.9% -76.3% -66.2% -61.0% -11.1% 3.5% -53.7%

CrestedButteSothebysRealty.com | 9

Significant Sales in 2019

1 Bifano Drive | Rural C.B. Sold for $1,900,000

25115 State Hwy 135 | Rural C.B. Sold for $1,800,000

Listed by Coldwell Banker Mountain Properties Sold by Coldwell Banker Mountain Properties

Listed by Crested Butte Sotheby’s International Realty Sold by Berkshire Hathaway HomeServices Today Realty

509 Elk Avenue | Town of C.B.

165 Jolee Trail | Almont

Listed by Signature Properties Ebner & Associates Sold bySignature Properties Ebner & Associates

Listed by Berkshire Hathaway HomeServices Today Realty Sold by Berkshire Hathaway HomeServices Today Realty

417 Second Avenue | Town of C.B.

3 Lapis Lane | Mt. C.B.

Listed by Bluebird Real Estate Sold by Bluebird Real Estate

Listed by Bluebird Real Estate Sold by Bluebird Real Estate

Sold for $1,800,000

Sold for $1,575,000

10 | 401 Elk Avenue // 970.349.6653

Sold for $1,650,000

Sold for $1,540,000

QUARTER REPORT FIRST QUARTER - 2019

Crested Butte Sotheby’s International Realty Has Partnered with LIV Sotheby’s International Realty On March 6th, 2019, Crested Butte Sotheby’s International Realty announced it would unite with the esteemed brokerage LIV Sotheby’s International Realty (LIV SIR). Together, this joining of forces will provide an even higher level of service to the local real estate community through enhanced exposure, superior marketing and technology resources, and an expanded network of Colorado resort real estate experts, all while still operating under the same known and trusted Sotheby’s International Realty brand.

“We are proud to welcome the Crested Butte Sotheby’s International Realty team to LIV SIR. Cathy and I have known each other for years, as we joined the Sotheby’s International Realty brand at the same time. We both caught the vision of the power of the global Sotheby’s brand but also stayed committed to delivering a local, customized level of service to the communities that we call home. I couldn’t be happier to join forces with Cathy and her team,” said Scott Webber, president of LIV Sotheby’s International Realty.

“It is our honor to be teaming up with the savvy, talented, and progressive team at LIV Sotheby’s International Realty. As an independent operator, we have always emphasized a quality approach to serving our clients, yet we felt our reach could and should extend further. This collaboration of forces will truly elevate our ability to better serve our clients and offer a higher level of marketing and exposure to every property. With my strong belief in my long-time associate Scott Webber as the visionary and innovative leader, we are excited to up the game, and take our joint efforts to a new level,” said Cathy Benson, former owner of Crested Butte Sotheby’s International Realty.

LIV Sotheby’s International Realty has office locations spanning now from Crested Butte to Telluride, Vail, Beaver Creek, and Breckenridge. In addition, LIV Sotheby’s International Realty has offices in Metro Denver and Boulder, connecting the Front Range to the mountains. Ranked as the #1 Sotheby’s International Realty affiliate in the world, LIV Sotheby’s International Realty is equipped to provide buyers and sellers with unmatched resources, exposure opportunities and service.

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 - 2019

CrestedButteSothebysRealty.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.

LEADERSHIP TEAM

Cathy Benson 970.209.5015 Managing Broker

Kourtney Gottschalk 970.349.6653 Marketing Director

Cassie Slentz 970.349.6653 Office Manager

OUR BROKERS

Channing Boucher 970.596.3228

Di Bridges 970.901.0888

Gary Huresky 970.209.2421

Jaima Giles 970.275.9357

Jill Matlock 970.275.0595

Katy Mattson 970.275.4601

Kiley Flint 970.275.2554

Megan Clark 970.209.3537

Larry Neilson 970.209.7849

Martin Spencer 970.452.9700

Sam Lumb 970.275.2448

Wayne Meredith 970.209.2706

CrestedButteSothebysRealty.com