MARKET UPDATE By: Andrew Allen, 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
Happy New Year! After a dependably spectacular fall in the Gunnison Valley, we are now in the throes of an equally impressive winter. Two large snowstorms in December blanketed one of the most amazing views in all of Colorado: the Crested Butte corridor. Crested Butte Mountain Resort has fantastic early season skiing conditions and all that remains is a bit more snow to open the entire mountain. Crested Butte is noted for having four seasons, each distinctly unique, and winter is highly sought and anticipated because it brings all of the winter activities for locals and visitors alike including alpine skiing and snowboarding, classic Nordic and skate skiing, backcountry snowmobiling, snowshoeing and more. The statistics for the 2019 year-end review compared to 2018 shows that the total sales volume remained roughly equal, $240 million vs. $243 million, but with fewer properties being transacted, 334 vs. 270. Properties sold for 94% of their listing price, were on the market for 184 days on average, an 18% quicker transaction period than in 2018 and on average sold for $718k which is an increase of 38% compared to the average sales price in 2018. These numbers in Crested Butte evidence our national economic statistics showing a 50-year low for unemployment and a 10-year bull stock market. Steady income for buyers and increase in wealth for investors could account for the impressive transaction data in the Crested Butte property market. The overall Q4 statistics for Mt. Crested Butte, Crested Butte and rural Crested Butte are very encouraging for buyers and sellers. In Mt. Crested Butte fewer properties sold but the average sale price increased by 25% from 2018. We had a better trend in Crested Butte with fewer sales but an increase of roughly 43% in the average sales price over sales in 2018. And similarly in rural Crested Butte the number of properties sold were less than in 2018, but the price increased on average by 34%. Valley wide, entry level clients could either buy or sell property with 52% of sales being less than $499,000. High end sales of $1 million or more accounted for 21% of the sales for the luxury end of the market with 7% of the total sales in the $2 million and above range. Mt. Crested Butte and Crested Butte tally 40% of our area’s sales but have 55% of the sales volume. Clients in Crested Butte South and rural Crested Butte account for the remainder of the market and offer a valuable option for purchases/sales compared to the ‘urban’ areas (if we can call it that) of the north end of the valley. As discussed, the two most eye catching statistics are the decrease in volume of transactions while keeping the same total dollar volume sold for 2019 compared to 2018. It remains to be seen whether, considering the local and national economic data, it can be predicted that this trend will continue into 2020. Keeping an eye out and staying in close contact with your broker for any opportunities in our market is a must if you want to take advantage of any newly listed properties.
2
MARKET UPDATE
Number of Properties Sold
Properties sold for
334
94%
470 in 2018
of list price
Average Sales Price
$718,619 $518,457 in 2018
Total Dollar Volume Sold
$240,018,685 2018: $243,674,908
Average Days on Market
184 221 in 2018
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MT. CRESTED BUTTE Overall Mt. Crested Butte
SINGLE FAMILY HOMES 2018
2019
% Change
32
24
25%
$1,076,492
$1,102,063
2%
List to Sold Price Ratio
96%
95%
1%
Days on Market
272
189
31%
Number of Properties Sold
124 197 in 2018
Total Dollar Volume Sold
Sold Listings Average Sales Price
Total Dollar Volume Sold $34,447,750 $26,449,500
23%
$76,362,934 CONDOS & TOWNHOMES
2018: $96,510,789
Properties sold for
92% of list price
2018
2019
% Change
139
86
38%
$379,349
$479,264
26%
List to Sold Price Ratio
97%
96%
1%
Days on Market
162
141
13%
Sold Listings Average Sales Price
Total Dollar Volume Sold $52,729,539 $41,216,735
22%
Average Sales Price
$615,830
VACANT LAND 2018
2019
% Change
26
13
50%
$358,981
$655,515
83%
List to Sold Price Ratio
95%
69%
26%
Days on Market
421
502
19%
$9,333,500
$8,521,699
9%
$489,902 in 2018 Sold Listings
Average Days on Market
188 215 in 2018 4
Average Sales Price
Total Dollar Volume Sold
CRESTED BUTTE Overall Crested Butte
SINGLE FAMILY HOMES 2018
2019
% Change
22
21
5%
$1,302,877
$1,734,224
33%
43
List to Sold Price Ratio
94%
95%
1%
46 in 2018
Days on Market
217
154
29%
Sold Listings Average Sales Price
Total Dollar Volume Sold $28,663,289 $36,418,700
27%
Number of Properties Sold
Total Dollar Volume Sold
$54,719,851 CONDOS & TOWNHOMES
2018: $40,661,872
2018
2019
% Change
14
9
36%
$502,123
$460,114
8%
List to Sold Price Ratio
96%
95%
1%
94%
Days on Market
114
102
10%
of list price
$7,029,720
$4,141,300
41%
Sold Listings Average Sales Price
Total Dollar Volume Sold
Properties sold for
Average Sales Price
$1,272,555
VACANT LAND Sold Listings Average Sales Price List to Sold Price Ratio Days on Market
Total Dollar Volume Sold
2018
2019
% Change
3
7
133%
$816,667
$983,407
20%
100%
91%
9%
334
184
45%
166
$2,450,000
$6,883,851
181%
200 in 2018
$883,954 in 2018
Average Days on Market
5
AREA MAP
6
UPPER VALLEY STATISTICS
Dollar Volume by Area
Transactions by Area
Almont 5% Almont 4% Mt. Crested Butte 37%
CB South 19%
Kebler 1%
Crested Butte 13%
Mt. Crested Butte 32%
CB South 11%
Rural CB 25%
Crested Butte 23%
Rural CB 29%
Kebler 1%
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RURAL CRESTED BUTTE Overall Rural CB
SINGLE FAMILY HOMES 2018
2019
% Change
32
27
16%
$1,315,516
$1,698,093
29%
List to Sold Price Ratio
95%
94%
1%
Days on Market
259
246
5%
Number of Properties Sold
84 119 in 2018
Total Dollar Volume Sold
Sold Listings Average Sales Price
Total Dollar Volume Sold $42,096,500 $45,848,500
9%
$68,540,600 CONDOS & TOWNHOMES
2018: $72,386,900
Properties sold for
95% of list price
2018
2019
% Change
9
12
33%
$564,500
$548,292
3%
List to Sold Price Ratio
96%
98%
2%
Days on Market
127
113
11%
$5,080,500
$6,579,500
30%
Sold Listings Average Sales Price
Total Dollar Volume Sold
Average Sales Price
$815,960
VACANT LAND 2018
2019
% Change
78
44
44%
$323,204
$353,695
9%
List to Sold Price Ratio
93%
94%
1%
Days on Market
252
201
20%
$608,293 in 2018 Sold Listings
Average Days on Market
206 245 in 2018 8
Average Sales Price
Total Dollar Volume Sold $25,209,900 $15,562,600
38%
CRESTED BUTTE SOUTH Overall CB South
SINGLE FAMILY HOMES 2018
2019
% Change
21
15
29%
$690,816
$726,133
5%
65
List to Sold Price Ratio
97%
97%
No Change
80 in 2018
Days on Market
143
145
1%
Sold Listings Average Sales Price
Total Dollar Volume Sold $14,507,144 $10,892,000
25%
Number of Properties Sold
Total Dollar Volume Sold
$25,474,800 CONDOS & TOWNHOMES
2018: $26,074,097
2018
2019
% Change
19
23
21%
$400,877
$454,148
13%
List to Sold Price Ratio
98%
98%
No Change
97%
Days on Market
126
139
10%
of list price
$7,616,662
$10,445,400
37%
Sold Listings Average Sales Price
Total Dollar Volume Sold
Properties sold for
Average Sales Price
$391,920
VACANT LAND 2018
2019
% Change
40
24
40%
$98,757
$150,204
52%
List to Sold Price Ratio
96%
95%
1%
Days on Market
281
115
59%
128
$3,950,291
$3,604,900
9%
208 in 2018
Sold Listings Average Sales Price
Total Dollar Volume Sold
$325,926 in 2018
Average Days on Market
9
LUXURY HOME MARKET
594 County Road 4 | Rural CB Sold for $2,850,000
63 Wapiti Way | Rural CB Sold for $2,575,000
Listed by Coldwell Banker Mountain Properties Sold by Signature Properties
Listed by LIV Sotheby’s International Realty Sold By Coldwell Banker Mountain Properties
20 Walking Deer Lane | Mt. CB Offered at $3,500,000
66 Red Mountain Ranch | Rural CB Offered at $3,490,000
Listed By Coldwell Banker Mountain Properties
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Listed by Coldwell Banker Mountain Properties
CRESTED BUTTE NEWS
Area News Highlights October—December 2019 On The Range: A Look at Ranching in the Gunnison Valley—Part 1, Part 2, Part 3 October 2 — ICELAB Begins New Program October 22 — Solar Garden a Success in CB
November 1 — Corner at Bruch Creek Officially Rejected by County Staff November 13 — RTA Explores Potential Second Bus on Denver Route November 13 — CB South Passes Plan for Commercial Area December 18 —Crested Butte Community School Enrollment Numbers up Again December 31 — Long Lake Land Exchange Deal Meets Fundraising Goal in 2019
Upcoming Events: January 16-18 January 24-26 February 1 February 21-23 March 21 March 29 April 3-7 April 12 April 26
Mountain High Music Festival Borealis Fat Bike World Championships Alley Loop Nordic Marathon Prater Cup Ski Race U14 Qualifiers Al Johnson Memorial Telemark Race The North Face Grand Traverse Flaushink Festival End of Season Celebration Closing Day for Crested Butte Mountain Resort CB3P-Crested Butte Pole, Pedal, Paddle Race 11
WE’VE GOT YOU COVERED! Visit one of our 3 local offices to explore the possibilities.
215 Elk Avenue (970) 349-5007 Crested Butte
121 W Virginia Avenue (970) 641-7055 Gunnison
www.CrestedButte.RealEstate
305 6th Street (970) 349-5313 Crested Butte