CRESTED BUT T E SOT H E BY ’S I NTE RNATI O NAL RE A LTY
QUARTER REPORT Second 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
$100.7 Million
Total Sales Volume through the Second Quarter of 2017 in the Upper Valley
178
Total Transactions through the Second Quarter of 2017 in the Upper Valley
29.9% 2 | 401 Elk Avenue // 970.349.6653
Percent Up of Sales Volume through the Second Quarter compared to 2016 in the Upper Valley QUARTER REPORT SECOND QUARTER - 2017
Overall Market Update The Crested Butte real estate market is up an astonishing 29.9% through the first half of the year compared to 2016. We also officially hit the $100 million mark by the halfway point of 2017 for the first time in ten years. We saw record sales in May and June, and these two months hit sales totals we had not seen since 2007. Overall we saw a robust second quarter in 2017. The Crested Butte real estate market’s growth was fueled by strong sales volume numbers on Rural Crested Butte single family homes and Mt. Crested Butte condos and townhomes, which were up 78% and 53% respectively. The Rural Crested Butte single family home segment saw an increase in upper-end home sales with nine homes selling for over $1 million and the highest selling for $4.5 million. The Mt. Crested Butte condos and townhomes segment saw 72 properties sell with a $65,000 increase in the average sales price. The land market continues to be soft as total sales volume continues to show little to no growth from year to year. As average residential prices continue to increase the land market will start seeing growth in the latter part of 2017. As we approach our three busiest real estate closing months of July, August, and September, we are looking at another strong quarter. Currently, there are 77 properties under contract in the upper valley with a listing valuation of over $38 million. All Properties UPPER VALLEY (Crested Butte, Mt. Crested Butte, Rural Crested Butte, CB South, Kebler Pass and Almont)
January to June 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 SECOND QUARTER - 2017
2016 $497,230 n/a 289 $3,300,000 $2,500 156 95.0% $77,568,022
2017 % Change $565,908 n/a 257 $4,500,000 $30,000 178 94.3% $100,731,800
13.8% n/a -11.1% 36.4% 1100.0% 14.1% -0.7% 29.9%
CrestedButteSothebysRealty.com | 3
Single Family Market Single Family Homes Crested Butte
January to June 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 $1,287,763 $525.02 210 $2,389,398 $730,000 11 96.0% $14,165,398
2017 % Change $1,406,000 $552.46 231 $2,725,000 $715,000 9 97.6% $12,654,000
9.2% 5.2% 10.0% 14.0% -2.1% -18.2% 1.7% -10.7%
Single Family Homes Mt. Crested Butte
January to June 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 $1,104,785 $351.98 309 $2,250,000 $324,000 10 94.8% $11,047,850
2017 % Change $774,916 $292.79 439 $1,037,500 $410,000 12 96.4% $9,298,999
-29.9% -16.8% 42.1% -53.9% 26.5% 20.0% 1.7% -15.8%
Single Family Homes Rural Crested Butte
January to June 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 $1,321,000 $415.03 364 $3,300,000 $355,000 11 94.2% $14,531,000
2017 % Change $1,617,000 $486.28 231 $4,500,000 $599,000 16 91.8% $25,872,000
22.4% 17.2% -36.5% 36.4% 68.7% 45.5% -2.5% 78.0%
QUARTER REPORT SECOND QUARTER - 2017
Single Family Market Single Family Homes Crested Butte South
January to June 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 $589,785 $246.81 349 $730,000 $410,000 7 94.4% $4,128,500
2017 % Change $542,777 $261.27 164 $920,000 $425,000 9 95.6% $4,885,000
-8.0% 5.9% -53.0% 26.0% 3.7% 28.6% 1.3% 18.3%
Single Family Homes Rural Gunnison, Almont and Surrounding Areas
January to June 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 $349,651 $187.06 174 $670,000 $99,900 31 95.9% $10,839,200
2017 % Change $408,502 $196.06 247 $876,600 $145,000 38 96.4% $15,523,100
3.9% -7.9% 175.8% 6.7% -8.3% 16.7% 3.0% 21.2%
Single Family Homes City of Gunnison
January to June 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 SECOND QUARTER - 2017
2016 $263,294 $164.56 227 $395,000 $155,000 26 97.3% $6,845,650
2017 % Change $303,312 $187.98 125 $570,000 $191,000 16 97.1% $4,853,000
15.2% 14.2% -44.9% 44.3% 23.2% -38.5% -0.2% -29.1%
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 SECOND QUARTER - 2017
Condo and Townhome Market Condos and Townhomes Crested Butte
January to June
2016
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
$501,300 $338.16 164 $965,000 $170,000 5 92.3% $2,506,500
2017 % Change $572,500 $364.40 445 $610,000 $535,000 2 97.4% $1,145,000
14.2% 7.8% 171.3% -36.8% 214.7% -60.0% 5.5% -54.3%
Condos and Townhomes Mt. Crested Butte
January to June
2016
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
$276,559 $270.35 282 $950,000 $43,450 58 96.9% $16,040,425
2017 % Change $341,538 $294.67 187 $1,550,000 $66,250 72 95.2% $24,590,801
23.5% 9.0% -33.7% 63.2% 52.5% 24.1% -1.8% 53.3%
Condos and Townhomes Rural CB, CB South, Almont, Rural Gunnison and City of Gunnison
January to June 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 SECOND QUARTER - 2017
2016 $258,713 $173.63 402 $929,500 $78,000 23 96.0% $5,950,400
2017 % Change $257,220 $204.69 224 $795,000 $90,000 29 96.8% $7,459,400
-0.6% 17.9% -44.3% -14.5% 15.4% 26.1% 0.8% 25.4%
CrestedButteSothebysRealty.com | 7
Land Market Residential Lots Crested Butte
January to June 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 $610,000 $2,965,277.78 342 $1,025,000 $405,000 7 95.7% $4,270,000
2017 % Change $1,300,000 $5,416,666.67 5 $1,300,000 $1,300,000 1 96.3% $1,300,000
113.1% 82.7% -98.5% 26.8% 221.0% -85.7% 0.6% -69.6%
Residential Lots Mt. Crested Butte
January to June 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 $208,664 $388,470.48 367 $495,000 $11,500 7 93.7% $1,460,649
2017 % Change $286,428 $415,113.87 379 $552,000 $125,000 7 94.0% $2,005,000
37.3% 6.9% 3.3% 11.5% 987.0% 0.0% 0.3% 37.3%
All Lots and Land Rural Crested Butte
January to June 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 $151,535 $35,969.82 291 $275,000 $25,000 14 85.7% $2,121,500
2017 % Change $204,294 $63,133.98 301 $422,500 $103,000 17 88.2% $3,473,000
34.8% 75.5% 3.4% 53.6% 312.0% 21.4% 2.9% 63.7%
QUARTER REPORT SECOND QUARTER - 2017
Land Market Residential Lots CB South
January to June 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 $70,944 $149,882.63 292 $160,000 $45,000 9 89.6% $638,500
2017 % Change $83,888 $219,476.74 230 $156,000 $30,000 9 89.0% $755,000
18.2% 46.4% -21.2% -2.5% -33.3% 0.0% -0.7% 18.2%
All Lots and Land City of Gunnison, Rural Gunnison, Almont and Surrounding Areas
January to June 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 $69,410 $15,847.15 738 $175,000 $15,000 19 85.1% $1,318,800
2017 % Change $115,907 $9,424.69 383 $400,000 $14,000 35 90.4% $4,056,763
67.0% -40.5% -48.1% 128.6% -6.7% 84.2% 6.2% 207.6%
All Parcels (10 or More Acres) Gunnison County
January to June 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 SECOND QUARTER - 2017
2016 $289,090 $4,106.63 631 $1,400,000 $20,000 10 95.1% $2,890,900
2017 % Change $170,777 $3,694.00 291 $400,000 $30,000 9 92.0% $1,537,000
-40.9% -10.0% -53.9% -71.4% 50.0% -10.0% -3.3% -46.8%
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Significant Sales in 2017
143 Journey’s End Rd | Rural C.B.
Nordic Inn | Mt. C.B.
Listed by Keller Williams Realty Sold by Crested Butte Resort Real Estate
Listed by Coldwell Banker Bighorn Realty Sold by Coldwell Banker Bighorn Realty
15533 State Highway 135 | Rural C.B.
606 Ninth Street | Town of C.B.
Listed by Crested Butte Sotheby’s International Realty Sold by Signature Properties Ebner & Associates
Listed by Crested Butte Sotheby’s International Realty Sold by Crested Butte Sotheby’s International Realty
919 Belleview Avenue | Town of C.B.
909 McCormick Ranch Rd | Rural C.B.
Listed by Crested Butte Sotheby’s International Realty Sold by Crested Butte Sotheby’s International Realty
Listed by Red Lady Realty Sold by Coldwell Banker Bighorn Realty
Sold for $4,500,000
Sold for $3,550,000
Sold for $2,700,000
10 | 401 Elk Avenue // 970.349.6653
Sold for $4,000,000
Sold for $2,725,000
Sold for $2,490,000
QUARTER REPORT SECOND QUARTER - 2017
Crested Butte Sotheby’s International Realty Stats • CBSIR 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. • The CBSIR office had a 42% market share of sales volume in 2016 in the Crested Butte area. • CBSIR has been involved in 273 transaction sides of the 766 total in the Upper Valley. • CBSIR sold $77 million worth of our listings in 2016. • Our CBSIR brokers were very successful in 2016. • The top 3 brokers in sales volume in Crested Butte are CBSIR brokers and 6 of the top 13 are CBSIR brokers • The top 3 listing brokers in Crested Butte are CBSIR brokers. • The top 2 buyers’ brokers in Crested Butte are CBSIR 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 SECOND QUARTER - 2017
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.
MANAGEMENT AND STAFF
Cathy Benson 970.209.5015 Owner/Broker
Dustin Kujawski 970.275.0262 Manager/Marketing
Channing Boucher 970.596.3228
Corey Dwan 970.596.3219
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
Sam Lumb 970.275.2448
Wayne Meredith 970.209.2706
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