CRESTED BUT T E SOT H E BY ’S I NTE RNATI O NAL RE A LTY
QUARTER REPORT Third Quarter - 2018
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
$84.5 Million
Total Sales Volume in Third Quarter 2018 in the Upper Valley
168
Total Properties Sold in Third Quarter 2018 in the Upper Valley
1.4% 2 | 401 Elk Avenue // 970.349.6653
Increase in Third Quarter 2018 Sales Volume compared to 2017 in the Gunnison Valley QUARTER REPORT THIRD QUARTER - 2018
Overall Market Update As the third quarter closes and we reflect on the year thus far, one thing is certain; 2018 is the year of change for Crested Butte. We can undoubtedly expect even more change in the coming years with the recent acquisition of Crested Butte Mountain Resort by Vail Resorts. We reported in the second quarter of this year that land sales were improving, and this is still true. With the exception of the Town of Crested Butte, land sales have increased by 60% or more in every area in Gunnison County compared to 2017. Parcels of 10+ acres continue to see the most growth year over year with an astonishing 318% increase in sales volume (due in part to a $5.3 million sale in March) and 84% more properties sold than in 2017. Crested Butte South experienced the second largest jump in properties sold with 78% more than 2017. Looking at all property types, prices are down 15%, causing a 9% dip in total sales volume compared to last year; however, we are seeing an increase of 6.1% in total units sold. Single family home sales were divided; the Town of Crested Butte and outlying areas continued to see a significant decrease in sales over last year, while Mt. CB sales were up 50% and Crested Butte South enjoyed a spike in sales volume of 65% in the third quarter. As inventory improves, condo sales appear to be equalizing slightly over Quarter 2 with sales in the Town of Crested Butte remaining strong and Mt. Crested Butte down just 5% over last year (compared to -33% last quarter). As the winter season kicks off and the new resort ownership takes shape, we are excited to see how the expected improvements affect interest in our small town. As tourism continues to grow in the Gunnison Valley, we expect the real estate market to follow suit. Visit us in beautiful downtown Crested Butte to learn more about these statistics and how Crested Butte Sotheby’s International Realty can help you in your real estate endeavors. Our staff of professionals have a wealth of information, and we’re here to help!
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 - 2018
2017 $558,327 n/a 240 $4,500,000 $30,000 330 94.5% $184,248,072
2018 % Change $477,575 n/a 227 $2,365,250 $ 7,000 350 95.5% $167,151,414
-14.5% n/a -5.4% -47.4% -76.7% 6.1% 1.1% -9.3%
CrestedButteSothebysRealty.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
2017 $1,368,873 $546.74 251 $2,750,000 $465,000 17 97.1% $23,270,848
2018 % Change $1,077,219 $548.55 221 $2,090,000 $455,839 15 93.6% $16,158,289
-21.3% 0.3% -12.0% -24.0% -2.0% -11.8% -3.6% -30.6%
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
2017 $822,565 $310.44 301 $1,400,000 $410,000 23 97.6% $18,918,999
2018 % Change $1,049,675 $366.00 277 $2,365,250 $415,000 27 96.7% $28,341,250
27.6% 17.9% -8% 68.9% 1.2% 17.4% -0.9% 49.8%
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
2017 $1,554,575 $471.15 205 $4,500,000 $599,000 33 93.0% $51,301,000
2018 % Change $1,237,547 $363.97 252 $2,200,000 $660,000 21 95.4% $25,988,500
-20.4% -22.7% 22.9% -51.1% 10.2% -36.4% 2.6% -49.3%
QUARTER REPORT THIRD QUARTER - 2018
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
2017 $542,777 $261.27 164 $920,000 $425,000 9 95.6% $4,885,000
2018 % Change $670,708 $288.31 137 $915,000 $480,000 12 97.0% $8,048,500
23.6% 10.3% -16.5% -0.5% 12.9% 33.3% 1.5% 64.8%
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
2017 $408,334 $202.05 218 $876,600 $145,000 62 96.1% $25,316,766
2018 % Change $503,533 $229.60 229 $1,100,000 $65,000 44 95.6% $22,155,480
23.3% 13.6% 5.0% 25.5% -55.2% -29.0% -0.5% -12.5%
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 - 2018
2017 $309,436 $186.85 161 $570,000 $155,000 35 97.1% $10,830,275
2018 % Change $350,978 $201.39 91 $612,000 $185,000 32 96.9% $11,231,300
13.4% 7.8% -43.5% 7.4% 19.4% -8.6% -0.2% 3.7%
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 THIRD QUARTER - 2018
Condo and Townhome Market Condos and Townhomes Crested Butte
January to September
2017
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
$524,600 $381.65 231 $625,000 $325,000 5 98.9% $ 2,623,000
2018 % Change $496,226 $439.58 119 $964,250 $216,120 12 96.5% $5,954,720
-5.4% 15.2% -48.5% 54.3% -33.5% 140.0% -2.4% 127.0%
Condos and Townhomes Mt. Crested Butte
January to September
2017
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
$342,172 $301.30 192 $1,800,000 $60,500 113 95.3% $38,665,526
2018 % Change $350,864 $349.30 163 $1,533,500 $68,000 105 97.1% $36,840,789
2.5% 15.9% -15.1% -14.8% 12.4% -7.1% 1.9% -4.7%
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 - 2018
2017 $302,073 $216.23 116 $1,125,000 $87,000 63 96.8% $19,030,650
2018 % Change $287,471 $223.15 69 $945,000 $59,000 69 97.0% $19,835,562
-4.8% 3.2% -40.5% -16.0% -32.2% 9.5% 0.2% 4.2%
CrestedButteSothebysRealty.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
2017 $718,749 $4,563,490.48 480 $1,300,000 $451,077 4 83.6% $2,874,999
2018 % Change -
-
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
2017 $268,400 $402,851.78 324 $552,000 $125,000 16 92.9% $4,294,400
2018 % Change $344,977 $428,263.50 439 $574,000 $125,000 22 94.5% $7,589,500
28.5% 6.3% 35.5% 4.0% 0.0% 37.5% 1.7% 76.7%
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
2017 $246,994 $76,643.80 232 $930,000 $57,500 38 90.8% $9,385,800
2018 % Change $299,746 $301,573.57 277 $1,850,000 $15,000 50 91.7% $14,987,300
21.4% 293.5% 19.4% 98.9% -73.9% 31.6% 1.0% 59.7%
QUARTER REPORT THIRD QUARTER - 2018
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
2017 $82,583 $209,366.20 233 $156,000 $30,000 18 85.5% $1,486,500
2018 % Change $92,687 $208,805.17 265 $269,000 $50,000 32 96.1% $2,966,000
12.2% -0.3% 13.7% 72.4% 66.7% 77.8% 12.4% 99.5%
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
2017 $112,810 $10,141.85 441 $400,000 $10,000 58 90.7% $6,543,013
2018 % Change $278,540 $97,502.51 255 $5,323,750 $6,250 45 96.9% $12,534,301
146.9% 861.4% -42.2% 1230.9% -37.5% -22.4% 6.8% 91.6%
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 - 2018
2017 $201,263 $5,616.18 462 $930,000 $30,000 19 90.8% $3,824,000
2018 % Change $457,011 $8,554.74 369 $5,323,750 $15,000 35 91.8% $15,995,400
127.1% 52.3% -20.1% 472.4% -50.0% 84.2% 1.1% 318.3%
CrestedButteSothebysRealty.com | 9
Significant Sales in 2018
TBD Snowy River Lane | Gunnison Sold for $5,323,750
4 Black Diamond Trail | Mt. C.B. Sold for $2,365,250
Listed by Non-Member Sold by Red Lady Realty
Listed by Keller Williams Colorado West Realty Sold by Crested Butte Resort Real Estate
200 Wright Ranch | Rural C.B.
608 Nicholson Lake Ridge Road
Listed by Bluebird Real Estate Sold by Signature Properties Ebner & Associates
Listed by Crested Butte Sotheby’s International Realty Sold by Crested Butte Sotheby’s International Realty
713 & 715 Belleview Avenue | Town of C.B.
625 Red Mountain Ranch Rd. | Rural C.B.
Listed by Crested Butte Sotheby’s International Realty Sold by Crested Butte Resort Real Estate
Listed by Coldwell Banker Mountain Properties - Sixth St. Office Sold by Coldwell Banker Mountain Properties - Sixth St. Office
Sold for $2,200,000
Sold for $2,090,000
10 | 401 Elk Avenue // 970.349.6653
Sold for $2,200,000
Sold for $2,000,000
QUARTER REPORT THIRD QUARTER - 2018
2018 Gunnison County Brokerage Stats Rank Office
Successful Transaction Sides
Sales Volume
1
Crested Butte Sotheby's International Realty
170
$80,351,223
2
Coldwell Banker Mountain Properties - 6th St.
116
$60, 344,245
3
Bluebird Real Estate
117
$48,488,050
4
Crested Butte Resort Real Estate
88.5
$44,829,639
5
Berkshire Hathaway HSTR
108
$28,972,336
6
Coldwell Banker Mountain Properties - Elk Ave
83.5
$25,198,500
7
Signature Properties Ebner & Associates
45.5
$25,043,750
8
Keller Williams Colorado West Realty
32
$17,715,500
9
The Clark Agency
58
$14,734,580
10
RE/MAX Community Brokers
44
$12,744,751
Data pulled from Agent Ranking report in MLS, for period of January - September, 2018. 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 - 2018
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 Owner/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
Oz Osmundson 970.275.2448
Sam Lumb 970.275.2448
Wayne Meredith 970.209.2706
CrestedButteSothebysRealty.com