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 Third 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
$125.1
Total Sales Volume Through Q3-2016 in the Upper Valley
276
Total Transactions Through Q3-2016 in the Upper Valley
.2%
Percentage Up of Sales Volume Through Q3-2016 in the Upper Valley
Million
2 | 401 Elk Avenue // 970.349.6653
QUARTER REPORT THIRD QUARTER 2016
Overall Market Update The first significant snow fell last night and the last of the aspen leaves are falling at this exact moment. So we say goodbye to fall and hello to the beginnings of winter. The overall sales volume in the Crested Butte real estate market is almost exactly where we were in 2015 with only a marginal 0.2% increase. So far this year there have been fewer homes that have sold but those that have sold have sold at a higher average price. The high end luxury market has been soft as we have only had 5 homes sell for over $2 million and nothing over $3.3 million. This trend seems to be happening throughout the nation in the second home market and especially in the Colorado ski/resort market. Much of this can be contributed to two major factors. The first is it is a presidential election year where historically luxury buyers wait to purchase luxury items. The second is oil prices have continued to stay relatively low these past two years. Now it is not all bad news. This year we had huge gains in the condo and townhome segments throughout the area but especially in Mt. Crested Butte. Most of this can be contributed to the influx of people moving to the front range of Colorado which in turns means an influx of buyers coming to Crested Butte to get their foot in the door and enjoy the mountain/ski lifestyle. It looks like the fourth quarter will be slightly stronger than last year as there has already been $11 million worth of closings in the early part of October and we currently have $42 million worth of listings under contract in the Upper Valley.
All Properties UPPER VALLEY (Crested Butte, Mt. Crested Butte, Rural Crested Butte, CB South, Kebler Pass and Almont)
January to September 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 THIRD QUARTER 2016
2015
2016
% Change
$442,730 n/a 310 $4,000,000 $4,700 282 92.8% $124,849,961
$453,138 n/a 279 $3,300,000 $2,500 276 94.5% $125,066,302
2.4% n/a -10.0% -17.5% -46.8% -2.1% 1.8% 0.2%
BensonSothebysRealty.com | 3
Single Family Market Single Family Homes Crested Butte
January to September 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
$830,175 $436.13 302 $1,925,000 $290,000 20 94.7% $16,603,500
$1,236,337 $529.25 187 $2,389,398 $715,000 16 95.5% $19,765,398
48.9% 21.4% -38.1% 24.1% 146.6% -20.0% 0.8% 19.0%
Single Family Homes Mt. Crested Butte
January to September 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
$873,687 $342.61 330 $3,000,000 $315,000 16 93.9% $13,979,000
$1,181,911 $357.33 344 $2,250,000 $324,000 13 95.2% $15,364,850
35.3% 4.3% 4.2% -25.0% 2.9% -18.8% 1.4% 9.9%
Single Family Homes Rural Crested Butte
January to September 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
$1,303,125 $362.54 309 $4,000,000 $375,000 28 92.0% $36,487,500
$1,129,000 $359.38 339 $3,300,000 $150,000 20 91.6% $22,580,000
-13.4% -0.9% 9.7% -17.5% -60.0% -28.6% -0.4% -38.1%
QUARTER REPORT THIRD QUARTER 2016
Single Family Market Single Family Homes Crested Butte South
January to September 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
$480,705 $224.01 232 $644,000 $294,000 17 96.0% $8,172,000
$584,708 $251.11 252 $730,000 $410,000 12 95.8% $7,016,500
21.6% 12.1% 8.6% 13.4% 39.5% -29.4% -0.2% -14.1%
Single Family Homes Rural Gunnison, Almont and Surrounding Areas
January to September 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
$384,398 $170.20 231 $2,500,000 $30,200 55 95.7% $21,141,920
$346,045 $181.46 154 $815,000 $99,900 60 96.2% $20,762,700
-10.0% 6.6% -33.3% -67.4% 230.8% 9.1% 0.5% -1.8%
Single Family Homes City of Gunnison
January to September 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 THIRD QUARTER 2016
2015
2016
% Change
$241,451 $148.21 233 $425,000 $90,000 53 96.7% $12,796,925
$266,553 $171.03 186 $444,000 $155,000 48 97.0% $12,794,550
10.4% 15.4% -20.2% 4.5% 72.2% -9.4% 0.3% 0.0%
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 THIRD QUARTER 2016
Condo and Townhome Market Condos and Townhomes Crested Butte
January to September 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
$356,188 $299.86 172 $740,000 $164,000 9 97.2% $3,205,700
$458,500 $327.60 226 $965,000 $170,000 8 94.2% $3,668,000
28.7% 9.3% 31.4% 30.4% 3.7% -11.1% -3.1% 14.4%
Condos and Townhomes Mt. Crested Butte
January to September 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
$256,414 $230.64 293 $1,075,000 $47,500 62 95.0% $15,897,700
$271,659 $274.28 279 $1,580,000 $43,450 111 96.9% $30,154,255
5.9% 18.9% -4.8% 47.0% -8.5% 79.0% 2.0% 89.7%
Condos and Townhomes Rural CB, CB South, Almont, Rural Gunnison and City of Gunnison
January to September 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 THIRD QUARTER 2016
2015
2016
% Change
$189,234 $156.89 201 $772,661 $33,000 54 95.4% $10,218,636
$246,510 $172.96 251 $929,500 $78,000 55 96.0% $13,558,100
30.3% 10.2% 24.9% 20.3% 136.4% 1.9% 0.6% 32.7%
BensonSothebysRealty.com | 7
Land Market Residential Lots Crested Butte
January to September 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
$611,111 $3,197,674.42 307 $1,025,000 $405,000 9 96.1% $5,500,000
35.5% 27.6% -19.8% 57.7% 350.0% 28.6% 1.3% 74.2%
Residential Lots Mt. Crested Butte
January to September 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
$328,590 $250,138.41 669 $800,000 $36,000 11 82.6% $3,614,500
$226,564 $293,858.50 413 $495,000 $11,500 10 95.5% $2,265,649
-31.0% 17.5% -38.3% -38.1% -68.1% -9.1% 15.6% -37.3%
All Lots and Land Rural Crested Butte
January to September 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
$159,933 $29,080.61 398 $750,000 $25,000 30 86.4% $4,798,000
$179,347 $13,345.53 224 $630,000 $8,500 23 87.4% $4,125,000
12.1% -54.1% -43.7% -16.0% -66.0% -23.3% 1.2% -14.0%
QUARTER REPORT THIRD QUARTER 2016
Land Market Residential Lots CB South
January to September 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
$68,656 $165,561.42 246 $175,000 $30,000 32 92.3% $2,197,000
$76,671 $173,760.62 341 $160,000 $38,000 16 90.4% $1,226,750
11.7% 5.0% 38.6% -8.6% 26.7% -50.0% -2.1% -44.2%
All Lots and Land City of Gunnison, Rural Gunnison, Almont and Surrounding Areas
January to September 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
$516,658 $11,391.06 507 $4,662,500 $15,500 31 83.2% $16,016,400
$139,597 $12,009.56 619 $1,869,000 $12,000 34 94.0% $4,746,300
-73.0% 5.4% 22.1% -59.9% -22.6% 9.7% 13.0% -70.4%
All Parcels (10 or More Acres) Gunnison County
January to September 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 THIRD QUARTER 2016
2015
2016
% Change
$685,586 $7,677.79 653 $4,662,500 $17,500 23 82.6% $15,768,500
$317,300 $5,632.66 419 $1,869,000 $12,000 23 95.0% $7,297,900
-53.7% -26.6% -35.8% -59.9% -31.4% 0.0% 15.0% -53.7%
BensonSothebysRealty.com | 9
Significant Sales from January to September
5 Moon Ridge Lane | Rural C.B.
710 Skyland Drive | Mt. C.B.
Listed by Benson Sotheby’s International Realty Sold by Coldwell Banker Bighorn Realty
Listed by Crested Butte Resort Real Estate Sold by Coldwell Banker Bighorn Realty
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.
2 Peakview Drive | Mt. C.B.
Listed by Benson Sotheby’s International Realty/Keller Williams Realty Sold by Keller Williams Realty
Listed by Benson Sotheby’s International Realty Sold by Red Lady Realty
Sold for $3,300,000
Sold for $2,389,398
Sold for $2,100,000
10 | 401 Elk Avenue // 970.349.6653
Sold for $3,050,000
Sold for $2,250,000
Sold for $1,850,000
QUARTER REPORT THIRD QUARTER 2016
Benson Sotheby’s International Realty Stats • Leads the real estate brokerage community in Crested Butte by $23.7 million in total transaction volume in comparison to our closest competitor in 2016 through the third quarter. • Our office currently has a 38% market share of sales volume in 2016 through the third quarter in the Crested Butte area. • We have been involved in 206 transaction sides of the 552 total in the Upper Valley. • We sold $50 million worth of our listings in 2016 through the third quarter. • Our BSIR brokers have been very successful so far in 2016. • The top 2 brokers in sales volume in Crested Butte are BSIR brokers and 4 of the top 8 are BSIR brokers • The top 2 selling 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 THIRD 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 Owner/Broker
Dustin Kujawski 970.275.0262 Manager/Marketing
Heejohng Chae 970.349.6653 Office Assistant
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