Quarter Report - Second Quarter 2017

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%

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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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