MARKET UPDATE By: Molly Eldridge, Broker/Owner
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
Hello from Crested Butte! I hope you are staying healthy and home if you aren’t required to go to work. As you may know, Gunnison County has been one of the hotspots for COVID-19 with a very high number of people testing positive on a per capita basis. The ski area closed on March 15 instead of April 12 so that was a major financial blow to our businesses and employees. The social distancing and stay-athome orders seem to be slowing the spread here. We are hopeful that we will be able to reopen for visitors in some capacity this summer. We would love to see you! It is challenging to talk about the statistics for the 1st quarter of 2020 because one would usually assume that these numbers give us a picture of what to expect going forward. This is clearly not the case right now, at least for the short term. 2020 was on track to be a great year for real estate in the Gunnison Valley. The number of sales were up as was the dollar volume of sales. In March, two homes in the town of Crested Butte sold for over $3 million and a home just outside of town sold for $5 million. These sales are at the top of our market and demonstrate that the luxury market in town is still strong. Since March 16, there has been little activity. The county public health order does not allow us to show property in person, nor are visitors allowed to be in the county so people looking for vacation or investment properties will need to work with an agent to see properties virtually. The lack of spring break visitors and general uncertainty shows in the numbers – we only have about 60% of the properties under contract that we typically do this time of year. Some positive thoughts for the future:
This economic downturn/recession is completely different from what we experienced in 2008. The housing market was strong, and the economy was relative stable. Economists say that this strong foundation will help us recover more quickly.
We are about one month into this pandemic in the United States. Everyone took a “time out” initially from most financial decisions, including real estate. We are starting to see some evidence of people looking at real estate in the Gunnison Valley again with several new contracts this week and additional offers being made.
Prices have been going up for the last several years, but with recent events it seems likely that values will hold steady or even go down slightly. I don’t think we will see the foreclosures we had in 2008 so that won’t bring an extreme market drop. If anything, homeowners who have been waiting to sell may decide that now is a good time to do that while the prices are relatively high and interest rates are low. We could see increased inventory this summer which will be good for buyers who have been waiting for the perfect property to come along.
Take care of yourselves and those around you. The agents of Coldwell Banker Mountain Properties continue to work from home and are available to answer questions or to talk about the market. Please let us know how we can be of assistance. 2
MARKET UPDATE
Number of Properties Sold
Properties sold for
69
87%
60 in 2019
of list price
Average Sales Price
$661,889 $624,728 in 2019
Total Dollar Volume Sold
$45,670,323 2019: $37,483,700
Average Days on Market
187 178 in 2019
3
MT. CRESTED BUTTE Overall Mt. Crested Butte
SINGLE FAMILY HOMES 2019
2020
% Change
5
5
No Change
$1,051,400
$927,540
12%
List to Sold Price Ratio
92%
95%
3%
Days on Market
286
114
60%
$5,257,000
$4,637,700
12%
Number of Properties Sold
34 20 in 2019
Total Dollar Volume Sold
Sold Listings Average Sales Price
Total Dollar Volume Sold
$15,574,173 CONDOS & TOWNHOMES
2019: $11,652,500
Properties sold for
96% of list price
2019
2020
% Change
13
27
108%
$457,346
$388,388
15%
List to Sold Price Ratio
96%
97%
1%
Days on Market
124
158
27%
$5,945,500
$10,486,473
76%
Sold Listings Average Sales Price
Total Dollar Volume Sold
Average Sales Price
$458,064
VACANT LAND
$582,625 in 2019 Sold Listings
Average Days on Market
Average Sales Price List to Sold Price Ratio
157 165 in 2019 4
Days on Market
Total Dollar Volume Sold
2019
2020
% Change
1
2
100%
$275,000
$225,000
18%
100%
92%
8%
134
252
88%
$275,000
$450,000
64%
CRESTED BUTTE Overall Crested Butte
SINGLE FAMILY HOMES 2019
2020
% Change
3
5
67%
$1,303,333
$1,826,630
40%
7
List to Sold Price Ratio
94%
93%
1%
9 in 2019
Days on Market
134
199
49%
$3,910,000
$9,113,150
133%
Sold Listings Average Sales Price
Total Dollar Volume Sold
Number of Properties Sold
Total Dollar Volume Sold
$10,780,150 CONDOS & TOWNHOMES Sold Listings Average Sales Price List to Sold Price Ratio Days on Market Total Dollar Volume Sold
2019: $9,197,000
2019
2020
% Change
2
2
No Change
$388,000
$823,500
112%
89%
97%
9%
94%
49
101
106%
of list price
$776,000
$1,647,000
112%
Properties sold for
Average Sales Price
$1,540,021
VACANT LAND 2019
2020
% Change
1
—
—%
$1,125,000
$—
—%
List to Sold Price Ratio
86%
—%
—%
Days on Market
189
—
—%
171
$1,125,000
$—
—%
119 in 2019
Sold Listings Average Sales Price
Total Dollar Volume Sold
$1,021,889 in 2019
Average Days on Market
5
AREA MAP
6
UPPER VALLEY STATISTICS
Dollar Volume by Area
Transactions by Area
Almont 6% Almont 7% Mt. Crested Butte 34%
Crested Butte 10%
Mt. Crested Butte 49%
Rural CB 20%
CB South 6%
CB South 10%
Kebler 3%
Crested Butte 24%
Rural CB 28%
Kebler 2% 7
RURAL CRESTED BUTTE Overall Rural CB
SINGLE FAMILY HOMES 2019
2020
% Change
4
4
No Change
$1,006,250
$2,168,750
116%
List to Sold Price Ratio
97%
63%
35%
Days on Market
228
291
28%
$4,025,000
$8,675,000
116%
Number of Properties Sold
14 16 in 2019
Total Dollar Volume Sold
Sold Listings Average Sales Price
Total Dollar Volume Sold
$12,828,000 CONDOS & TOWNHOMES
2019: $9,686,800
Properties sold for
71% of list price
2019
2020
% Change
1
3
200%
$318,000
$760,000
139%
List to Sold Price Ratio
97%
99%
2%
Days on Market
140
122
13%
$318,000
$2,280,000
617%
Sold Listings Average Sales Price
Total Dollar Volume Sold
Average Sales Price
$916,286
VACANT LAND 2019
2020
% Change
11
6
45%
$485,800
$281,167
42%
List to Sold Price Ratio
98%
96%
2%
Days on Market
225
181
20%
$5,343,800
$1,687,000
68%
$605,425 in 2019 Sold Listings
Average Days on Market
214 220 in 2019 8
Average Sales Price
Total Dollar Volume Sold
CRESTED BUTTE SOUTH Overall CB South
SINGLE FAMILY HOMES 2019
2020
% Change
5
2
60%
$742,000
$747,500
1%
7
List to Sold Price Ratio
97%
100%
3%
14 in 2019
Days on Market
190
232
22%
$3,710,000
$1,495,000
60%
Sold Listings Average Sales Price
Total Dollar Volume Sold
Number of Properties Sold
Total Dollar Volume Sold
$2,955,000 CONDOS & TOWNHOMES
2019: $5,297,400
2019
2020
% Change
1
2
100%
$260,000
$550,000
112%
List to Sold Price Ratio
94%
99%
6%
98%
Days on Market
170
98
42%
of list price
$260,000
$1,100,000
323%
Sold Listings Average Sales Price
Total Dollar Volume Sold
Properties sold for
Average Sales Price
$422,143
VACANT LAND 2019
2020
% Change
8
3
63%
$165,925
$120,000
28%
List to Sold Price Ratio
98%
89%
9%
Days on Market
177
283
60%
215
$1,327,400
$360,000
73%
181 in 2019
Sold Listings Average Sales Price
Total Dollar Volume Sold
$378,386 in 2019
Average Days on Market
9
LUXURY HOME MARKET
79 Anthracite Drive | Mt. CB Sold for $1,467,200
214 Maroon Ave | Town of CB Sold for $900,000
Listed by Coldwell Banker Mountain Properties Sold by Coldwell Banker Mountain Properties
Listed by Coldwell Banker Mountain Properties Sold By Coldwell Banker Mountain Properties
20 Walking Deer Lane | Mt. CB Offered at $3,500,000
412 Ridge Road | Rural CB Offered at $2,895,000
Listed By Coldwell Banker Mountain Properties
10
Listed by Coldwell Banker Mountain Properties
CRESTED BUTTE NEWS
Area News Highlights January—March 2020 January 8 — Upper Valley the Target of in-depth Snow Research from NASA January 15 — Crested Butte Land Trust closes on Woods Walk Easement January 22 — CB Center for the Arts Announces Interim Executive Director
February 12 — Home-Grown in Crested Butte: The Puckett Brothers and World of Skiing February 22 — Prater Memorial Cup Ski Race Celebrating 40 Years March 4 — Complex Long Lake Land Deal Completed March 11 — First Gunnison County Resident Tests Positive for COVID-19
For the latest updates on COVID-19 in Gunnison County, visit: covid19.gunnisoncounty.org
Upcoming Events: At the time of publication, Crested Butte and the Gunnison Valley are both closed to visitors. Although we hope these wonderful summer events will still happen as scheduled, please continue to check the Gunnison County and Crested Butte News websites for updates. July 7 July 9 July 10 July 23 July 31 August 29
Cattlemen’s Days Tough Enough to Wear Pink Concert and Auction Cattlemen’s Days Tough Enough to Wear Pink Rodeo Crested Butte Wildflower Festival Crested Butte Wine & Food Festival Crested Butte Arts Festival Adaptive Sports Center’s Bridges of the Butte Townie Tour 11
We’re here to help! During this time of uncertainty, serving you remains our top priority.
We are prepared to guide you ✔
✔
✔
Market Reports—general and specific Timely information from the ground Historic perspective from agents who have been through it before
Everything can be done from your home ✔
✔ ✔
All contracts can be signed electronically Learn about the market online Tour homes virtually with Matterport
www.CrestedButte.RealEstate