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 Area News and Events...………...Page 11
Crested Butte was treated to a spectacular autumn season this year, a rainbow of yellows and reds and golds, and the leaves lasted later into the season than usual. For many locals and visitors alike, fall is a favorite time of year in the mountains. Summer has flown by, as it always does, and there is already fresh snow on the peaks, hinting to the upcoming ski season. It is a good time to savor the memories of another fabulous summer in CB, and to take a look back at the market’s third quarter numbers. The stats may come as a surprise because summer feels so busy in Crested Butte. Q3 2019 realized only 54 residential sales, for a total dollar volume of $49M. Compared to Q3 2018, which saw 105 units sold for a total volume of $67M, the market is down 48% in number of units sold, and down 27% in total sales volume during the third quarter. One possible explanation for this is that asking prices rose faster than buyers’ perception of fair market value. The average price-per-square-foot of all residential properties sold in Q3 2018 was $384/SF. In Q3 2019, the average sold price was $458/SF, an increase of 19%. Currently there are 209 residential properties for sale, with an average asking price of $546/SF. That is 19% higher (again) than the recent Q3 2019 sales average. This disparity between asking prices and recent sales is resulting in longer days on market and is causing many sellers to now drop their price. About 41% of the residential properties for sale under $1.5M have had recent price drops. Inventory is up in most segments of the market compared to this time last year, and we may be shifting towards more of a buyer’s market. But it is important for buyers to remember that many sellers in Crested Butte are not in a hurry, and some don't mind waiting, sometimes years, to get their price.
The high-end luxury market saw impressive action during the third quarter, with five sales over the $2M mark. 518 9th Street, a stunning in-town custom home listed by Coldwell Banker Mountain Properties, sold for a record-setting $4.46M. There are currently four homes over $2M under contract in the area, and an additional 44 homes available in the $2M+ range. The market is in flux and we will likely continue to see price corrections in most segments of the market as we head into 2020. This is the perfect time for buyers to pay close attention and be on the lookout for sudden price-drop opportunities. For sellers, pricing right will be the key to getting property sold in a timely fashion.
Whether you are looking to buy or sell, or just want to get familiar with the market and the area, please feel free to contact any of our experienced agents. And remember to smile… winter is coming! 2
MARKET UPDATE
Number of Properties Sold
Properties sold for
236
94%
351 in 2018
of list price
Average Sales Price
$700,453 $477,850 in 2018
Total Dollar Volume Sold
$165,307,025 2018: $167,725,414
Average Days on Market
184 228 in 2018
3
MT. CRESTED BUTTE Overall Mt. Crested Butte
SINGLE FAMILY HOMES 2018
2019
% Change
27
18
33%
$1,049,676
$1,060,222
1%
List to Sold Price Ratio
97%
96%
1%
Days on Market
278
200
28%
Number of Properties Sold
88 155 in 2018
Total Dollar Volume Sold
Sold Listings Average Sales Price
Total Dollar Volume Sold $28,341,250 $19,084,000
33%
$55,713,074 CONDOS & TOWNHOMES
2018: $73,821,539
Properties sold for
91% of list price
2018
2019
% Change
105
60
43%
$350,865
$488,290
39%
List to Sold Price Ratio
97%
96%
1%
Days on Market
163
145
11%
Sold Listings Average Sales Price
Total Dollar Volume Sold $36,840,789 $29,297,375
20%
Average Sales Price
$633,103
VACANT LAND 2018
2019
% Change
23
9
61%
$375,630
$795,189
112%
List to Sold Price Ratio
95%
66%
29%
Days on Market
428
555
30%
$8,639,500
$7,156,699
17%
$476,268 in 2018 Sold Listings
Average Days on Market
198 223 in 2018 4
Average Sales Price
Total Dollar Volume Sold
CRESTED BUTTE Overall Crested Butte
SINGLE FAMILY HOMES 2018
2019
% Change
15
17
13%
$1,077,219
$1,802,041
67%
34
List to Sold Price Ratio
94%
95%
1%
34 in 2018
Days on Market
222
158
29%
Sold Listings Average Sales Price
Total Dollar Volume Sold $16,158,289 $30,634,700
90%
Number of Properties Sold
Total Dollar Volume Sold
$45,449,551 CONDOS & TOWNHOMES
2018: $24,556,872
2018
2019
% Change
12
6
50%
$496,227
$342,500
31%
List to Sold Price Ratio
96%
95%
1%
94%
Days on Market
120
78
35%
of list price
$5,954,720
$2,055,000
65%
Sold Listings Average Sales Price
Total Dollar Volume Sold
Properties sold for
Average Sales Price
$1,336,752
VACANT LAND Sold Listings Average Sales Price List to Sold Price Ratio Days on Market
Total Dollar Volume Sold
2018
2019
% Change
1
6
83%
$200,000
$1,001,475
401%
100%
90%
10%
53
206
289%
161
$200,000
$6,008,851
2904%
194 in 2018
$722,261 in 2018
Average Days on Market
5
AREA MAP
6
UPPER VALLEY STATISTICS
Dollar Volume by Area
Transactions by Area
Almont 4% Almont 3% Mt. Crested Butte 37%
CB South 20%
Crested Butte 14%
Rural CB 25%
Mt. Crested Butte 34%
CB South 11%
Crested Butte 27%
Rural CB 24%
7
RURAL CRESTED BUTTE Overall Rural CB
SINGLE FAMILY HOMES 2018
2019
% Change
21
16
24%
$1,237,548
$1,326,750
7%
List to Sold Price Ratio
96%
94%
2%
Days on Market
253
255
1%
Number of Properties Sold
60 78 in 2018
Total Dollar Volume Sold
Sold Listings Average Sales Price
Total Dollar Volume Sold $25,988,500 $21,228,000
18%
$40,152,600 CONDOS & TOWNHOMES
2018: $45,141,300
Properties sold for
95% of list price
2018
2019
% Change
7
10
43%
$595,071
$555,750
7%
List to Sold Price Ratio
96%
98%
2%
Days on Market
142
120
15%
$4,165,500
$5,557,500
33%
Sold Listings Average Sales Price
Total Dollar Volume Sold
Average Sales Price
$669,210
VACANT LAND 2018
2019
% Change
50
33
34%
$299,746
$388,397
30%
List to Sold Price Ratio
92%
95%
3%
Days on Market
278
230
17%
$578,735 in 2018 Sold Listings
Average Days on Market
220 259 in 2018 8
Average Sales Price
Total Dollar Volume Sold $14,987,300 $12,817,100
14%
CRESTED BUTTE SOUTH Overall CB South
SINGLE FAMILY HOMES 2018
2019
% Change
12
13
8%
$670,708
$707,923
6%
47
List to Sold Price Ratio
97%
97%
No Change
61 in 2018
Days on Market
138
154
12%
$8,084,500
$9,203,000
14%
Sold Listings Average Sales Price
Total Dollar Volume Sold
Number of Properties Sold
Total Dollar Volume Sold
$17,858,300 CONDOS & TOWNHOMES
2018: $17,332,453
2018
2019
% Change
15
12
20%
$397,044
$429,617
8%
List to Sold Price Ratio
98%
97%
1%
97%
Days on Market
136
166
22%
of list price
$5,955,662
$5,155,400
13%
Sold Listings Average Sales Price
Total Dollar Volume Sold
Properties sold for
Average Sales Price
$379,964
VACANT LAND 2018
2019
% Change
33
19
42%
$92,827
$156,179
68%
List to Sold Price Ratio
96%
96%
No Change
Days on Market
278
112
60%
134
$3,063,291
$2,967,400
3%
213 in 2018
Sold Listings Average Sales Price
Total Dollar Volume Sold
$284,139 in 2018
Average Days on Market
9
LUXURY HOME MARKET
518 Ninth Street | Town of CB Sold for $4,461,500
102 Anthracite Drive | Mt. CB Sold for $2,170,000
Listed by Coldwell Banker Mountain Properties Sold by Crested Butte Resort Real Estate
Listed by LIV Sotheby’s International Realty Sold By Coldwell Banker Mountain Properties
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 July—September 2019 July 17 — Bird’s Eye View: A Glimpse of Gunnison County from 12,800 Feet August 7 — Long-Running Warming Experiment Turned Off at RMBL August 20 — E-Bikes Allowed on the Rec Path
August 26 — School Starts with More Students Than Ever in CB September 4 — CBCS Students Near Completion of Duplex Construction in Crested Butte South September 14—Crested Butte Benefits from Vail’s EpicPromise Initiatives September 29 — Last Chair at Donita’s
Upcoming Events: October 25 October 31 November 16 November 27 November 28– Dec 1 December 6-7 December 24 December 31
KBUT’s 8th Annual Zombie Prom Halloween Parade Nordic Center Opens for the season Crested Butte Mountain Resort Opens Nordic Center Thanksgiving Camp Light Up Night Torchlight Parade Torchlight Parade & Fireworks 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