MARKET UPDATE By: Ross Tunkey, Broker Associate
TABLE OF CONTENTS Market Update ………………………Page 3 Mt. Crested Butte ………………....Page 4 Crested Butte …………………….….Page 5 Area Map ……………………………...Page 6 Upper Valley Statistics ….……….Page 7 Rural CB ………………………...……..Page 8 Crested Butte South………….…….Page 9
Luxury Home Market…….……....Page 10
Happy New Year from Crested Butte and all of us at Coldwell Banker Mountain Properties! The winter ski season is in full swing, the snow has been exceptional, and Vail Resorts is now at the helm of Crested Butte Mountain Resort. Vail plans to ring in the new era by replacing the outdated Teocalli chairlift with a new, high-speed four person chairlift this summer. Exciting news, and surely just the beginning of things to come. Following several years of a robust and steadily growing market, and in light of the resort’s new ownership, more than ever people are asking, “How is the market?” Looking back at 2018, the answer is that the market remains strong in the wake of a banner 2017, with a slight uptick in total combined residential and land transactions. While total number of residential sales was about equal to 2017, we did see several record sale prices set in 2018, the highest of which was an unprecedented $3.85M for a 4,200 square foot luxury home in the Town of Crested Butte.
Area News and Events...………...Page 11 For many buyers right now, the question is whether to buy an existing home or to build new. The most significant increase in 2018 sales activity was in vacant land, which saw a dramatic 25% increase in total parcels sold. Not surprising, considering that the average home price in the Crested Butte area is currently over $2M, and buyers can score a readily buildable homesite in neighborhoods like Buckhorn Ranch and Crested Butte South for under $90K. Sellers of residential properties remain confident and asking prices continue to rise. The median list price for a single family home is $1.79M, while the median sale price of homes sold in 2018 was $929,000. Prices for condos and townhomes in Mt. Crested Butte are also on the rise, and supply is limited. 132 units sold in 2018 at a median price of $341,000. Currently only 61 units are available, with a median list price of $499,000. Some buyers, when first previewing the area’s offerings, find themselves in a state of sticker shock. It is understandable, considering that the average asking price-per-square-foot for a single family home in the area is $630/SF and $470/ SF for condos and townhomes. But it is important to remember that Crested Butte is still an exceptional value when compared to other resort areas in Colorado and the mountain west. Your purchase power here is significantly greater when compared to areas such as Telluride, Breckenridge, Vail and Aspen. Please contact a Coldwell Banker Mountain Properties broker for additional information on this report or with any questions about the market. We look forward to helping you make an informed decision in your Crested Butte real estate and lifestyle investment. Here’s to a happy, healthy and successful 2019. 2
CrestedButte.RealEstate
MARKET UPDATE
Number of Properties Sold
Properties sold for
470
96%
467 in 2017
of list price
Average Sales Price
$518,457 $568,504 in 2017
Total Dollar Volume Sold
$243,674,908 2017: $265,491,413
Average Days on Market
221 247 in 2017
(970) 349–5007
3
MT. CRESTED BUTTE Overall Mt. Crested Butte
SINGLE FAMILY HOMES 2017
2018
% Change
30
32
7%
$1,015,340
$1,076,492
6%
List to Sold Price Ratio
97%
96%
1%
Days on Market
297
272
8%
Number of Properties Sold
197 207 in 2017
Total Dollar Volume Sold
Sold Listings Average Sales Price
Total Dollar Volume Sold $30,460,201 $34,447,750
13%
$96,510,789 CONDOS & TOWNHOMES
2017: $95,087,770
Properties sold for
96% of list price
2017
2018
% Change
151
139
8%
$352,279
$379,349
8%
List to Sold Price Ratio
96%
97%
1%
Days on Market
193
162
16%
Sold Listings Average Sales Price
Total Dollar Volume Sold $53,194,169 $52,729,539
1%
Average Sales Price
$489,902
VACANT LAND 2017
2018
% Change
25
26
4%
$297,336
$358,981
21%
List to Sold Price Ratio
82%
95%
13%
Days on Market
447
421
6%
$7,433,400
$9,333,500
26%
$459,361 in 2017 Sold Listings
Average Days on Market
215 239 in 2017 4
CrestedButte.RealEstate
Average Sales Price
Total Dollar Volume Sold
CRESTED BUTTE Overall Crested Butte
SINGLE FAMILY HOMES 2017
2018
% Change
23
22
4%
$1,363,624
$1,302,877
4%
46
List to Sold Price Ratio
97%
94%
3%
53 in 2017
Days on Market
247
217
12%
Sold Listings Average Sales Price
Total Dollar Volume Sold $31,363,348 $28,663,289
9%
Number of Properties Sold
Total Dollar Volume Sold
$40,661,872 CONDOS & TOWNHOMES
2017: $49,012,347
2017
2018
% Change
8
14
75%
$511,813
$502,123
2%
List to Sold Price Ratio
97%
96%
1%
95%
Days on Market
188
114
39%
of list price
$4,094,500
$7,029,720
72%
Sold Listings Average Sales Price
Total Dollar Volume Sold
Properties sold for
Average Sales Price
$883,954
VACANT LAND 2017
2018
% Change
7
3
57%
$738,571
$816,667
11%
List to Sold Price Ratio
88%
100%
12%
Days on Market
319
334
5%
200
$5,169,999
$2,450,000
52%
257 in 2017
Sold Listings Average Sales Price
Total Dollar Volume Sold
$924,761 in 2017
Average Days on Market
(970) 349–5007
5
AREA MAP
6
CrestedButte.RealEstate
UPPER VALLEY STATISTICS
Dollar Volume by Area
Transactions by Area
Almont 3%
Almont 4%
Mt. Crested Butte 42%
Crested Butte 17%
Crested Butte 10% Mt. Crested Butte 40%
Rural CB 30%
Rural CB 25% CB South 17%
CB South 11%
Kebler 2% (970) 349–5007
7
RURAL CRESTED BUTTE Overall Rural CB
SINGLE FAMILY HOMES 2017
2018
% Change
43
32
26%
$1,428,965
$1,315,516
8%
List to Sold Price Ratio
93%
95%
2%
Days on Market
198
259
31%
Number of Properties Sold
119 124 in 2017
Total Dollar Volume Sold
Sold Listings Average Sales Price
Total Dollar Volume Sold $61,445,500 $42,096,500
31%
$72,386,900 CONDOS & TOWNHOMES
2017: $89,507,290
Properties sold for
94% of list price
2017
2018
% Change
18
9
50%
$544,458
$564,500
4%
List to Sold Price Ratio
96%
96%
No Change
Days on Market
117
127
9%
$9,800,250
$5,080,500
48%
Sold Listings Average Sales Price
Total Dollar Volume Sold
Average Sales Price
$608,293
VACANT LAND 2017
2018
% Change
63
78
24%
$289,866
$323,204
12%
List to Sold Price Ratio
93%
93%
No Change
Days on Market
266
252
5%
$721,833 in 2017 Sold Listings
Average Days on Market
245 221 in 2017 8
CrestedButte.RealEstate
Average Sales Price
Total Dollar Volume Sold $18,261,540 $25,209,900
38%
CRESTED BUTTE SOUTH Overall CB South
SINGLE FAMILY HOMES 2017
2018
% Change
18
21
17%
$632,445
$690,816
9%
80
List to Sold Price Ratio
96%
97%
1%
58 in 2017
Days on Market
192
143
26%
Sold Listings Average Sales Price
Total Dollar Volume Sold $11,384,006 $14,507,144
27%
Number of Properties Sold
Total Dollar Volume Sold
$26,074,097 CONDOS & TOWNHOMES
2017: $18,969,006
2017
2018
% Change
17
19
12%
$332,882
$400,877
20%
List to Sold Price Ratio
97%
98%
1%
97%
Days on Market
160
126
21%
of list price
$5,659,000
$7,616,662
35%
Sold Listings Average Sales Price
Total Dollar Volume Sold
Properties sold for
Average Sales Price
$325,926
VACANT LAND 2017
2018
% Change
23
40
74%
$83,739
$98,757
18%
List to Sold Price Ratio
87%
96%
9%
Days on Market
246
281
14%
208
$1,926,000
$3,950,291
105%
204 in 2017
Sold Listings Average Sales Price
Total Dollar Volume Sold
$327,052 in 2017
Average Days on Market
(970) 349–5007
9
LUXURY HOME MARKET
19316 Hwy 135 | Rural CB Sold for $1,970,500
202 Lower Allen Road | Rural CB Sold for $1,395,000
Listed by Coldwell Banker Mountain Properties Sold by Coldwell Banker Mountain Properties
Listed By Coldwell Banker Mountain Properties Sold by Coldwell Banker Mountain Properties
518 Ninth Street | Town of CB Offered at $5,000,000
20 Walking Deer Lane | Mt. CB Offered at $3,500,000
Listed By Coldwell Banker Mountain Properties
10
CrestedButte.RealEstate
Listed by Coldwell Banker Mountain Properties
CRESTED BUTTE NEWS
Area News Highlights October—December 2018 October 16 — Gunnison Forest Service Ranger Gives Insight on Vail October 31 — Crested Butte Community School Students Learned Life Lessons in Peru November 7 — Noxious Weed Control a Success in the Area November 10 — Crested Butte Titans win 2A State Title November 28 — Mt. CB Signs Contract for Homestead Affordable Housing
December 19 — Gunnison Valley Health Foundation Receives Contribution from Vail Resorts CEO December 26 — Western Colorado University Received Recycling Grant December 26 — New Adaptive Facility on Track in Mt. Crested Butte
Upcoming Events: January 16-19 January 24-28 February 2 February 21-24 March 24 March 28-30 April 4-7 April 7
Mountain High Music Festival Fat Bike World Championships Alley Loop Nordic Marathon Prater Cup Alpine Ski Race Al Johnson Telemark Race North Face Grand Traverse Flauschink Celebration Closing Day—Resort and CB Nordic
(970) 349–5007
11
Photo: John Holder
The longtime Crested Butte real estate companies of Red Lady Realty and Coldwell Banker Bighorn Realty have merged to create a new force in the Gunnison Valley market. The same great brokers you’ve known, working together with new tools to better serve you. Contact us to explore the possibilities.
215 Elk Avenue (970) 349-5007 Crested Butte
121 W Virginia Avenue (970) 641-7055 Gunnison
305 6th Street (970) 349-5313 Crested Butte