MARKET UPDATE By: Reggie Masters, 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
After a snowy and wet month of May, summer has finally arrived in the Crested Butte area. The late spring moisture has resulted in a super bloom of wildflowers. Even for us, the Wildflower Capital of Colorado, the bloom this summer is stunning. If you have not visited this year, now is the time to come and enjoy our cool summer temperatures and spectacular flowers. With our epic winter moisture, Blue Mesa Reservoir, the largest body of water in Colorado, is almost full and ready for fishing or boating. Summer always brings lots of fun activities and events.
Ride the Rockies came through town twice in June. Our annual Bike Week was again a great, fun success.
Cattlemen’s Days rodeo, the oldest in Colorado, showcases local 4-H projects, as well as rodeo events, a carnival and Tough Enough to Wear Pink events and fundraisers.
Rural CB ………………………...……..Page 8 Crested Butte South………….…….Page 9 Luxury Home Market…….……....Page 10 Area News and Events...………...Page 11
In the real estate market, dollar volume is up, and sales volume is holding steady with last year. The market has shifted from sluggish in the first quarter to robust. Two large pieces of vacant land sold this past quarter. The North Village tract at Mt. Crested Butte, sold for $5,300,000, and a 91-acre tract at the corner of Cement Creek Road and Highway 135 sold for $2,520,000. There is no definitive word on development plans for either piece. So, while dollar volume of sales is up, these two large parcels have contributed to that. Here are a few things to note about the current market:
Second quarter sales of single family homes in Crested Butte South have doubled when compared to the same timeframe of 2018.
Home sales in Crested Butte remained equal in number but doubled in dollar volume, with two sales above $3 million.
We still have homes and condos that are quite affordable in Mt. Crested Butte and Crested Butte South.
Spirits are bright and confidence is strong throughout Gunnison County. All sections of the Gunnison County market are sharing in the activity. The Gunnison and Crested Butte markets are strong. Inventory continues to be light, but opportunity abounds. If you are considering offering your property for sale, now might be a great time. We have buyers looking for the right fit.
If you are taking your first step into the Crested Butte market, or looking at upsizing, downsizing, or adding to your current real estate portfolio, please contact one of our experienced agents for assistance. 2
MARKET UPDATE
Number of Properties Sold
Properties sold for
146
93%
179 in 2018
of list price
Average Sales Price
$707,085 $462,691 in 2018
Total Dollar Volume Sold
$103,234,450 2018: $82,821,773
Average Days on Market
178 263 in 2018
3
MT. CRESTED BUTTE Overall Mt. Crested Butte
SINGLE FAMILY HOMES 2018
2019
% Change
12
10
17%
$1,103,833
$930,000
16%
List to Sold Price Ratio
97%
95%
2%
Days on Market
330
244
26%
$9,300,000
30%
Number of Properties Sold
56 77 in 2018
Total Dollar Volume Sold
Sold Listings Average Sales Price
Total Dollar Volume Sold $13,246,000
$35,790,199 CONDOS & TOWNHOMES
2018: $32,919,499
Properties sold for
88% of list price
2018
2019
% Change
56
40
29%
$294,482
$501,853
70%
List to Sold Price Ratio
97%
96%
1%
Days on Market
191
150
21%
Sold Listings Average Sales Price
Total Dollar Volume Sold $16,490,999 $20,074,500
22%
Average Sales Price
$639,111
VACANT LAND 2018
2019
% Change
9
5
44%
$353,611
$1,248,140
253%
List to Sold Price Ratio
92%
63%
29%
Days on Market
371
130
65%
$3,182,500
$6,240,699
96%
$427,526 in 2018 Sold Listings
Average Days on Market
164 234 in 2018 4
Average Sales Price
Total Dollar Volume Sold
CRESTED BUTTE Overall Crested Butte
SINGLE FAMILY HOMES 2018
2019
% Change
8
9
13%
$1,218,619
$1,776,578
46%
21
List to Sold Price Ratio
91%
97%
6%
20 in 2018
Days on Market
304
174
43%
$9,748,950
$15,989,200
64%
Sold Listings Average Sales Price
Total Dollar Volume Sold
Number of Properties Sold
Total Dollar Volume Sold
$25,645,051 CONDOS & TOWNHOMES
2018: $15,026,183
2018
2019
% Change
7
5
29%
$465,910
$324,200
30%
List to Sold Price Ratio
95%
94%
1%
95%
Days on Market
103
87
16%
of list price
$3,261,370
$1,621,000
50%
Sold Listings Average Sales Price
Total Dollar Volume Sold
Properties sold for
Average Sales Price
$1,221,193
VACANT LAND Sold Listings Average Sales Price List to Sold Price Ratio Days on Market
Total Dollar Volume Sold
2018
2019
% Change
1
2
100%
$200,000
$641,926
221%
100%
80%
20%
53
121
128%
159
$200,000
$1,283,851
542%
229 in 2018
$751,309 in 2018
Average Days on Market
5
AREA MAP
6
UPPER VALLEY STATISTICS
Dollar Volume by Area
Transactions by Area
Almont 3%
Almont 2% Mt. Crested Butte 38%
CB South 19%
Crested Butte 14%
Rural CB 26%
Mt. Crested Butte 35%
CB South 11%
Crested Butte 25%
Rural CB 26%
7
RURAL CRESTED BUTTE Overall Rural CB
SINGLE FAMILY HOMES 2018
2019
% Change
12
10
16%
$1,200,542
$1,245,800
4%
List to Sold Price Ratio
96%
93%
3%
Days on Market
311
252
19%
Number of Properties Sold
38 39 in 2018
Total Dollar Volume Sold
Sold Listings Average Sales Price
Total Dollar Volume Sold $14,406,500 $12,458,000
14%
$26,661,300 CONDOS & TOWNHOMES
2018: $22,309,300
Properties sold for
94% of list price
2018
2019
% Change
2
8
300%
$587,500
$481,313
18%
List to Sold Price Ratio
91%
98%
7%
Days on Market
181
119
34%
$1,175,000
$3,850,500
228%
Sold Listings Average Sales Price
Total Dollar Volume Sold
Average Sales Price
$701,613
VACANT LAND 2018
2019
% Change
25
19
24%
$269,112
$515,937
92%
List to Sold Price Ratio
86%
95%
9%
Days on Market
325
271
17%
$6,727,800
$9,802,800
46%
$572,033 in 2018 Sold Listings
Average Days on Market
236 313 in 2018 8
Average Sales Price
Total Dollar Volume Sold
CRESTED BUTTE SOUTH Overall CB South
SINGLE FAMILY HOMES 2018
2019
% Change
7
11
57%
$641,429
$704,227
10%
28
List to Sold Price Ratio
97%
97%
No Change
30 in 2018
Days on Market
159
163
3%
$4,490,000
$7,746,500
73%
Sold Listings Average Sales Price
Total Dollar Volume Sold
Number of Properties Sold
Total Dollar Volume Sold
$11,707,900 CONDOS & TOWNHOMES Sold Listings Average Sales Price List to Sold Price Ratio Days on Market Total Dollar Volume Sold
2018: $7,714,791
2018
2019
% Change
5
5
No Change
$334,200
$442,800
32%
101%
98%
3%
97%
152
111
27%
of list price
$1,671,000
$2,114,000
27%
Properties sold for
Average Sales Price
$418,139
VACANT LAND 2018
2019
% Change
18
10
44%
$86,322
$162,740
89%
List to Sold Price Ratio
98%
98%
No Change
Days on Market
357
150
58%
140
$1,553,791
$1,627,400
5%
277 in 2018
Sold Listings Average Sales Price
Total Dollar Volume Sold
$257,160 in 2018
Average Days on Market
9
LUXURY HOME MARKET
TBD Gothic Road | Mt. CB Sold for $5,300,000
48 County Road 740 | Rural CB Sold for $2,520,000
Sold by Coldwell Banker Mountain Properties
Listed By Coldwell Banker Mountain Properties Sold by LIV Sotheby’s International Realty
644 Sunset Drive | Rural CB Offered at $4,600,000
20 Walking Deer Lane | Mt. CB Offered at $3,500,000
Listed By Coldwell Banker Mountain Properties
10
Listed by Coldwell Banker Mountain Properties
CRESTED BUTTE NEWS
Area News Highlights April—June 2019 April 24 — Gunnison Public Library Expanding into New Site May 8 — Crested Butte Community School a Top Five High School in Colorado June 2 — Twister and Teo Chair Sale Benefits Local Causes
June 5 — New Idea Emerges for Phase Two of Paradise Park June 7 — High, Fast Water Prompts Sheriff to Temporarily Close Gunnison and Slate River June 22 — Mt. Crested Butte Council Approves Homestead Alterations July 1 — Center for the Arts Grand Opening Pushed Back; Ribbon Cutting Still On July 2 — Adaptive Moving in New Home
Upcoming Events: August 2-4 August 4-5 August 16-18 September 1 September 7 September 12 September 17-21 September 26-29 October 19
Crested Butte Arts Festival Crested Butte Open for Adaptive Sports Center Outerbike in Mt. Crested Butte West Elk Bike Classic Mt. Crested Butte Chili & Beer Festival Sundance Head Concert for Tough Enough to Wear Pink Vinotok Fall Festival Crested Butte Film Festival Children’s Book Festival 11
LET US BE YOUR GUIDE.
Whether you are looking to catch a beautiful trout, the alpenglow over Crested Butte Mountain, a buyer for your property or a new place to call your mountain home, who you select as your guide is an important first step.
215 Elk Avenue (970) 349-5007 Crested Butte
121 W Virginia Avenue (970) 641-7055 Gunnison
305 6th Street (970) 349-5313 Crested Butte
Meet our professional brokers at www.CrestedButte.RealEstate