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 Year End 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
$185.8
Total Sales Volume in 2016 in the Upper Valley
383
Total Transactions in 2016 in the Upper Valley
Million
8.9% 2 | 401 Elk Avenue // 970.349.6653
Percentage Up of Sales Volume in 2016 compared to 2015 in the Upper Valley QUARTER REPORT YEAR END 2016
Overall Market Update The 2016 upper valley real estate market ended with an almost 9% sales volume growth. This marks the 4th straight year that our sales volume has increased by at least 7% compared to the prior year’s sales. This can be attributed to the growing popularity of Crested Butte driving up the average price throughout the years. The town of Crested Butte again was strong throughout all market segments. Homes, condos/townhomes and land all saw gains in average price, price per square foot/acre and total sales volume. However, the strongest market segment was the condo/townhome market in Mt. Crested Butte. Sixty-three more condominium units sold in 2016 than in 2015. Total sales volume growth was an amazing 73%. We believe in 2017 we will continue to see increases in average sales price as Crested Butte is becoming more and more “on the map.” Adding to the positive messages about CB have been our recent snowfall totals. During the first 2 weeks of 2017 we recorded over 100” of snow -- by far the most in the entire state of Colorado. Our biggest challenge in 2017 will be a lack of well-priced inventory. There are many new listings coming on that are above market value as sellers are shooting for the stars hoping for a return of 2006-2007 values. Our inventory is at an all-time low and we would be pleased to give you a confidential presentation of what we can do for you. Feel free to contact one of our knowledgeable brokers.
All Properties UPPER VALLEY (Crested Butte, Mt. Crested Butte, Rural Crested Butte, CB South, Kebler Pass and Almont)
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 YEAR END 2016
2015
2016
% Change
$451,519 n/a 333 $4,000,000 $4,700 378 92.8% $170,674,359
$485,267 n/a 284 $4,300,000 $2,500 383 94.3% $185,857,397
7.5% n/a -14.7% 7.5% -46.8% 1.3% 1.6% 8.9%
BensonSothebysRealty.com | 3
Single Family Market Single Family Homes Crested Butte
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
$803,403 $450.27 271 $1,925,000 $290,000 26 94.3% $20,888,500
$1,226,135 $545.93 172 $2,389,398 $700,000 25 95.6% $30,653,398
52.6% 21.2% -36.5% 24.1% 141.4% -3.8% 1.4% 46.7%
Single Family Homes Mt. Crested Butte
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
$968,403 $337.15 364 $3,937,500 $310,000 26 92.2% $25,178,500
$1,149,801 $373.57 332 $2,250,000 $324,000 22 94.6% $25,295,627
18.7% 10.8% -8.8% -42.9% 4.5% -15.4% 2.6% 0.5%
Single Family Homes Rural Crested Butte
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
$1,239,611 $350.78 319 $4,000,000 $375,000 36 92.0% $44,626,000
$1,328,371 $421.57 301 $4,300,000 $150,000 33 92.6% $43,836,250
7.2% 20.2% -5.6% 7.5% -60.0% -8.3% 0.7% -1.8%
QUARTER REPORT YEAR END 2016
Single Family Market Single Family Homes Crested Butte South
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
$484,972 $221.77 223 $644,000 $294,000 18 96.3% $8,729,500
$584,708 $251.11 252 $730,000 $410,000 12 95.8% $7,016,500
20.6% 13.2% 13.0% 13.4% 39.5% -33.3% -0.5% -19.6%
Single Family Homes Rural Gunnison, Almont and Surrounding Areas
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
$429,393 $186.30 276 $5,000,000 $30,200 76 96.0% $32,633,920
$354,118 $181.47 192 $815,000 $99,900 69 96.3% $24,434,200
-17.5% -2.6% -30.4% -83.7% 230.8% -9.2% 0.3% -25.1%
Single Family Homes City of Gunnison
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 YEAR END 2016
2015
2016
% Change
$241,220 $149.57 214 $425,000 $90,000 71 96.6% $17,126,625
$266,204 $170.70 187 $444,000 $155,000 54 96.9% $14,375,050
10.4% 14.1% -12.6% 4.5% 72.2% -23.9% 0.3% -16.1%
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 YEAR END 2016
Condo and Townhome Market Condos and Townhomes Crested Butte
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
$374,975 $312.67 184 $740,000 $164,000 12 97.2% $4,499,700
$421,454 $334.02 207 $965,000 $170,000 11 94.4% $4,636,000
12.4% 6.8% 12.5% 30.4% 3.7% -8.3% -2.9% 3.0%
Condos and Townhomes Mt. Crested Butte
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
$264,905 $229.19 315 $1,075,000 $42,500 85 95.0% $22,516,948
$263,519 $262.94 298 $1,580,000 $43,450 148 96.5% $39,000,823
-0.5% 14.7% -5.4% 47.0% 2.2% 74.1% 1.6% 73.2%
Condos and Townhomes Rural CB, CB South, Almont, Rural Gunnison and City of Gunnison
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 YEAR END 2016
2015
2016
% Change
$197,945 $166.20 211 $772,661 $33,000 65 95.8% $12,866,436
$243,049 $176.18 229 $929,500 $78,000 73 96.2% $17,742,600
22.8% 6.0% 8.5% 20.3% 136.4% 12.3% 0.4% 37.9%
BensonSothebysRealty.com | 7
Land Market Residential Lots Crested Butte
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
$510,025 $3,054,041.92 375 $837,250 $90,000 10 93.3% $5,100,250
$635,100 $3,223,857.87 294 $1,025,000 $405,000 10 95.5% $6,351,000
24.5% 5.6% -21.6% 22.4% 350.0% 0.0% 2.4% 24.5%
Residential Lots Mt. Crested Butte
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
$303,535 $256,612.32 783 $800,000 $36,000 14 84.2% $4,249,500
$224,665 $290,322.96 443 $495,000 $11,500 13 90.6% $2,920,649
-26.0% 13.1% -43.4% -38.1% -68.1% -7.1% 7.6% -31.3%
All Lots and Land Rural Crested Butte
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
$203,113 $30,076.73 407 $815,000 $25,000 44 90.1% $8,937,000
$219,257 $16,375.74 303 $750,000 $8,500 35 89.8% $7,674,000
7.9% -45.6% -25.6% -8.0% -66.0% -20.5% -0.3% -14.1%
QUARTER REPORT YEAR END 2016
Land Market Residential Lots CB South
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
$68,277 $166,870.33 239 $175,000 $30,000 36 92.6% $2,458,000
$75,410 $176,191.59 286 $160,000 $38,000 25 89.2% $1,885,250
10.4% 5.6% 19.7% -8.6% 26.7% -30.6% -3.7% -23.3%
All Lots and Land City of Gunnison, Rural Gunnison, Almont and Surrounding Areas
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
$377,482 $11,248.98 588 $4,662,500 $9,000 47 84.1% $17,741,670
$123,566 $12,298.25 587 $1,869,000 $12,000 48 92.8% $5,931,200
-67.3% 9.3% -0.2% -59.9% 33.3% 2.1% 10.3% -66.6%
All Parcels (10 or More Acres) Gunnison County
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 YEAR END 2016
2015
2016
% Change
$532,651 $7,641.16 741 $4,662,500 $10,000 34 83.5% $18,110,150
$271,762 $5,613.08 458 $1,869,000 $12,000 32 94.6% $8,696,400
-49.0% -26.5% -38.2% -59.9% 20.0% -5.9% 13.3% -52.0%
BensonSothebysRealty.com | 9
Significant Sales in 2016
1091 Slate River Road | Rural C.B.
5 Moon Ridge Lane | Rural C.B.
Listed by Benson Sotheby’s International Realty Sold by Benson Sotheby’s International Realty
Listed by Benson Sotheby’s International Realty Sold by Coldwell Banker Bighorn Realty
710 Skyland Drive | Rural C.B.
369 Smith Road | Rural C.B.
Listed by Crested Butte Resort Real Estate Sold by Coldwell Banker Bighorn Realty
Listed by United Country RE/Gunnison County Realty & Auction Sold by Coldwell Banker Bighorn Realty
194 Meadow Drive | Rural C.B.
606 Ninth Street | Town of C.B.
Listed by Benson Sotheby’s International Realty Sold by Benson Sotheby’s International Realty
Listed by Benson Sotheby’s International Realty Sold by Benson Sotheby’s International Realty
Sold for $4,300,000
Sold for $3,050,000
Sold for $2,900,000
10 | 401 Elk Avenue // 970.349.6653
Sold for $3,300,000
Sold for $3,000,000
Sold for $2,389,398
QUARTER REPORT YEAR END 2016
Benson Sotheby’s International Realty Stats • 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. • Our office currently has a 42% market share of sales volume in 2016 in the Crested Butte area. • We have been involved in 273 transaction sides of the 766 total in the Upper Valley. • We sold $77 million worth of our listings in 2016. • Our BSIR brokers were very successful in 2016. • The top 3 brokers in sales volume in Crested Butte are BSIR brokers and 6 of the top 13 are BSIR brokers • The top 3 listing 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 YEAR END 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
OUR BROKERS
Channing Boucher 970.596.3228
Jaima Giles 970.275.9357
Corey Dwan 970.596.3219
Jamie Watt 970.209.2675
Megan Clark 970.209.3537
Dustin Kujawski 970.275.0262 Manager/Marketing
Di Bridges 970.901.0888
Jill Matlock 970.275.0595
Larry Neilson 970.209.7849
Heejohng Chae 970.349.6653 Office Assistant
Gary Huresky 970.209.2421
Katy Mattson 970.275.4601
Sam Lumb 970.275.2448
Kiley Flint 970.275.2554
Wayne Meredith 970.209.2706
BensonSothebysRealty.com