B E N S O N S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y
QUARTER REPORT Second Quarter 2016
CONTENTS 3 4 6 7
Overall Market Update Single Family Market Area Map Condo and Townhome Market
8 10 11 12
Land Market Significant Sales Our Office Update Contact Us
QUICK HITS
$77.6
Total Sales Volume Through Q2-2016 in the Upper Valley
156
Total Transactions Through Q2-2016 in the Upper Valley
Million
18% 2 | 401 Elk Avenue // 970.349.6653
Percentage Up of Sales Volume Through Q2-2016 in the Upper Valley QUARTER REPORT SECOND QUARTER 2016
OVERALL MARKET UPDATE The overall real estate market in Crested Butte and Gunnison continues to climb as we reach our peak summer selling season. Most of our overall sales volume gains are not because more properties are being sold but because properties are being sold at a higher average price then compared to previous years. We have seen the average price of homes in the towns of Crested Butte and Mt. Crested Butte increase by over 50% compared to last year at this time. Condos and Townhomes have also steadily increased in value throughout our area. The one segment of our market that has seen a dip in 2016 is the land market. It is an indication that many buyers would like to purchase a home or condo and enjoy the beauty of Crested Butte right away without having to go through the building process. The summer selling season looks to be as busy as ever as currently there are 122 listings currently under contract with an asking price value of $42.7 million. Considering that Crested Butte is poised to have its busiest summer tourism season ever and that federal 10- and 30-year interest rates reached an all time low this week, our market should see an increase in sales volume and average price through all residential properties. All Properties UPPER VALLEY (Crested Butte, Mt. Crested Butte, Rural Crested Butte, CB South, Kebler Pass and Almont)
January to June Average Price Average Price per Square Foot Average Days on Market Highest Price Lowest Price Number of Properties Sold % Sold Price to List Price Total Dollar Volume Sold
QUARTER REPORT SECOND QUARTER 2016
2015
2016
% Change
$410,708 n/a 317 $2,750,000 $4,700 160 91.7% $65,713,361
$497,230 n/a 289 $3,300,000 $2,500 156 95.0% $77,568,022
21.1% n/a -8.8% 20.0% -46.8% -2.5% 3.6% 18.0%
BensonSothebysRealty.com | 3
SINGLE FAMILY MARKET Single Family Homes Crested Butte
January to June Average Price Average Price per Square Foot Average Days on Market Highest Price Lowest Price Number of Properties Sold % Sold Price to List Price Total Dollar Volume Sold
2015
2016
% Change
$827,846 $426.07 354 $1,925,000 $290,000 13 94.2% $10,762,000
$1,287,763 $525.02 210 $2,389,398 $730,000 11 96.0% $14,165,398
55.6% 23.2% -40.7% 24.1% 151.7% -15.4% 1.9% 31.6%
Single Family Homes Mt. Crested Butte
January to June Average Price Average Price per Square Foot Average Days on Market Highest Price Lowest Price Number of Properties Sold % Sold Price to List Price Total Dollar Volume Sold
2015
2016
% Change
$718,714 $296.23 381 $1,450,000 $315,000 7 94.7% $5,031,000
$1,104,785 $351.98 309 $2,250,000 $324,000 10 94.8% $11,047,850
53.7% 18.8% -18.9% 55.2% 2.9% 42.9% 0.1% 119.6%
Single Family Homes Rural Crested Butte
January to June Average Price Average Price per Square Foot Average Days on Market Highest Price Lowest Price Number of Properties Sold % Sold Price to List Price Total Dollar Volume Sold
4 | 401 Elk Avenue // 970.349.6653
2015
2016
% Change
$1,206,964 $348.30 321 $2,750,000 $240,000 14 89.8% $16,897,500
$1,321,000 $415.03 364 $3,300,000 $355,000 11 94.2% $14,531,000
9.4% 19.2% 13.4% 20.0% 47.9% -21.4% 4.9% -14.0%
QUARTER REPORT SECOND QUARTER 2016
SINGLE FAMILY MARKET Single Family Homes CB South
January to June Average Price Average Price per Square Foot Average Days on Market Highest Price Lowest Price Number of Properties Sold % Sold Price to List Price Total Dollar Volume Sold
2015
2016
% Change
$429,500 $220.09 116 $644,000 $294,000 9 95.4% $3,865,500
$589,785 $246.18 349 $730,000 $410,000 7 94.4% $4,128,500
37.3% 11.9% 200.9% 13.4% 39.5% -22.2% -1.0% 6.8%
Single Family Homes Rural Gunnison, Almont and Surrounding Areas
January to June Average Price Average Price per Square Foot Average Days on Market Highest Price Lowest Price Number of Properties Sold % Sold Price to List Price Total Dollar Volume Sold
2015
2016
% Change
$359,453 $173.31 248 $1,845,000 $43,500 38 95.4% $13,659,220
$349,651 $187.06 174 $670,000 $99,900 31 95.8% $10,839,200
-2.7% 7.9% -29.8% -63.7% 129.7% -18.4% 0.4% -20.6%
Single Family Homes City of Gunnison
January to June Average Price Average Price per Square Foot Average Days on Market Highest Price Lowest Price Number of Properties Sold % Sold Price to List Price Total Dollar Volume Sold
QUARTER REPORT SECOND QUARTER 2016
2015
2016
% Change
$236,952 $143.03 243 $382,500 $95,075 32 96.7% $7,582,475
$263,294 $164.56 227 $395,000 $155,000 26 97.3% $6,845,650
11.1% 15.1% -6.6% 3.3% 63.0% -18.8% 0.6% -9.7%
BensonSothebysRealty.com | 5
6
OVERVIEW MAP Legend 1
Crested Butte
2 Mt. Crested Butte 3 Skyland - Golf 4 CB South 5 Gunnison 6 Almont 6 | 401 Elk Avenue // 970.349.6653
QUARTER REPORT SECOND QUARTER 2016
CONDO AND TOWNHOME MARKET Condos and Townhomes Crested Butte
January to June Average Price Average Price per Square Foot Average Days on Market Highest Price Lowest Price Number of Properties Sold % Sold Price to List Price Total Dollar Volume Sold
2015
2016
% Change
$387,742 $306.28 198 $740,000 $169,000 7 96.8% $2,714,200
$501,300 $338.16 164 $965,000 $170,000 5 92.3% $2,506,500
29.3% 10.4% -17.2% 30.4% 0.6% -28.6% -4.6% -7.7%
Condos and Townhomes Mt. Crested Butte
January to June Average Price Average Price per Square Foot Average Days on Market Highest Price Lowest Price Number of Properties Sold % Sold Price to List Price Total Dollar Volume Sold
2015
2016
% Change
$266,580 $222.83 354 $1,075,000 $47,500 31 94.0% $8,264,000
$276,559 $270.35 282 $950,000 $43,450 58 96.9% $5,290,350
3.7% 21.3% -20.3% -11.6% -8.5% 87.1% 3.1% -36.0%
Condos and Townhomes Rural CB, CB South, Almont, Rural Gunnison and City of Gunnison
January to June Average Price Average Price per Square Foot Average Days on Market Highest Price Lowest Price Number of Properties Sold % Sold Price to List Price Total Dollar Volume Sold
QUARTER REPORT SECOND QUARTER 2016
2015
2016
% Change
$199,910 $156.92 267 $772,661 $33,000 26 95.4% $5,197,661
$258,713 $173.63 402 $929,500 $78,000 23 96.0% $5,950,400
29.4% 10.6% 50.6% 20.3% 136.4% -11.5% 0.6% 14.5%
BensonSothebysRealty.com | 7
LAND MARKET Residential Lots Crested Butte
January to June Average Price Average Price per Acre Average Days on Market Highest Price Lowest Price Number of Properties Sold % Sold Price to List Price Total Dollar Volume Sold
2015
2016
% Change
$451,142 $2,506,349.21 383 $650,000 $90,000 7 94.9% $3,158,000
$610,000 $2,965,277.78 342 $1,025,000 $405,000 7 95.7% $4,270,000
35.2% 18.3% -10.7% 57.7% 350.0% 0.0% 0.8% 35.2%
Residential Lots Mt. Crested Butte
January to June Average Price Average Price per Acre Average Days on Market Highest Price Lowest Price Number of Properties Sold % Sold Price to List Price Total Dollar Volume Sold
2015
2016
% Change
$301,687 $309,820.28 661 $510,000 $125,000 8 81.6% $2,413,500
$208,664 $388,470.48 367 $495,000 $11,500 7 93.7% $1,460,649
-30.8% 25.4% -44.5% -2.9% -90.8% -12.5% 14.8% -39.5%
All Lots and Land Rural Crested Butte
January to June Average Price Average Price per Acre Average Days on Market Highest Price Lowest Price Number of Properties Sold % Sold Price to List Price Total Dollar Volume Sold
8 | 401 Elk Avenue // 970.349.6653
2015
2016
% Change
$143,333 $33,411.03 315 $750,000 $25,000 18 86.5% $2,580,000
$151,535 $35,969.82 291 $275,000 $25,000 14 85.7% $2,121,500
5.7% 7.7% -7.6% -63.3% 0.0% -22.2% -0.9% -17.8%
QUARTER REPORT SECOND QUARTER 2016
LAND MARKET Residential Lots CB South
January to June Average Price Average Price per Acre Average Days on Market Highest Price Lowest Price Number of Properties Sold % Sold Price to List Price Total Dollar Volume Sold
2015
2016
% Change
$59,956 $161,098.13 199 $175,000 $30,000 23 92.8% $1,379,000
$70,944 $149,882.63 292 $160,000 $54,000 9 89.6% $638,500
18.3% -7.0% 46.7% -8.6% 80.0% -60.9% -3.4% -53.7%
All Lots and Land Rural Gunnison, Almont and Surrounding Areas
January to June Average Price Average Price per Acre Average Days on Market Highest Price Lowest Price Number of Properties Sold % Sold Price to List Price Total Dollar Volume Sold
2015
2016
% Change
$334,681 $9,601.74 700 $1,700,000 $30,000 11 92.2% $3,681,500
$69,410 $14,983.74 738 $175,000 $15,000 19 85.1% $1,318,800
-79.3% 56.1% 5.4% -89.7% -50.0% 72.7% -7.7% -64.2%
All Parcels (11 or More Acres) Gunnison County
January to June Average Price Average Price per Acre Average Days on Market Highest Price Lowest Price Number of Properties Sold % Sold Price to List Price Total Dollar Volume Sold
QUARTER REPORT SECOND QUARTER 2016
2015
2016
% Change
$571,214 $8,238.89 531 $1,700,000 $90,000 7 90.0% $3,998,500
$318,544 $4,133.00 661 $1,400,000 $20,000 9 95.2% $2,866,900
-57.7% 196.1% -50.7% -60.4% -49.1% 0.0% -1.6% -57.7%
BensonSothebysRealty.com | 9
SIGNIFICANT SALES FROM JANUARY TO JUNE 2016
5 MOON RIDGE LANE | RURAL C.B.
710 SKYLAND DRIVE | MT. C.B.
Listed by Benson Sotheby’s International Realty Sold by Coldwell Banker Bighorn Realty
Listed by Crested Butte Resort Real Estate Sold by Coldwell Banker Bighorn Realty
606 NINTH STREET | TOWN OF C.B.
29 SUMMIT ROAD | MT. C.B.
Listed by Benson Sotheby’s International Realty Sold by Benson Sotheby’s International Realty
Listed by Coldwell Banker Bighorn Realty Sold by Keller Williams Realty
16 WALKING DEER | MT. C.B.
311 TEOCALLI AVENUE | TOWN OF C.B.
Listed by Benson Sotheby’s International Realty/Keller Williams Realty Sold by Keller Williams Realty
Listed by Coldwell Banker Bighorn Realty Sold by Coldwell Banker Bighorn Realty
SOLD FOR $2,389,398
SOLD FOR $2,389,398
SOLD FOR $2,100,000
10 | 401 Elk Avenue // 970.349.6653
SOLD FOR $3,050,000
SOLD FOR $2,250,000
SOLD FOR $1,785,000
QUARTER REPORT SECOND QUARTER 2016
BENSON SOTHEBY’S INTERNATIONAL REALTY STATS • Leads the real estate brokerage community in Crested Butte by $29 million in total transaction volume in comparison to our closest competitor in 2016 through the second quarter. • Our office currently has a 40% market share of sales volume in 2016 through the second quarter in the Crested Butte area. • We have been involved in 114 transaction sides of the 312 total. • We sold $33 million worth of our listings in 2016 through the second quarter. Our listings also sell for $120,000 more on average compared to our competitors. • Our brokers were very successful in 2015. • The top 3 brokers in sales volume in Crested Butte are from our office and 6 of the top 8 are from our office. • The top 5 selling brokers in Crested Butte are from our office. • The top 3 buyers’ brokers in Crested Butte are from our office and 5 of the top 6 are from our office. All data was pulled from the Gunnison County Association of Realtors MLS. Verify with a local Realtor. All information is deemed reliable but not guaranteed. Each office is independently owned and operated.
QUARTER REPORT SECOND QUARTER 2016
BensonSothebysRealty.com | 11
If you would like more information about this Quarter Report, would like detailed market data concerning your property or would like to view any property in the Crested Butte and Gunnison area, please contact one of our knowledgeable and experienced brokers.
MANAGEMENT AND STAFF
Cathy Benson 970.209.5015 Owner/Broker
Dustin Kujawski 970.275.0262 Manager/Marketing
Heejohng Chae 970.349.6653 Office Assistant
OUR BROKERS
Channing Boucher 970.596.3228
Corey Dwan 970.596.3219
Gary Huresky 970.209.2421
Sam Lumb 970.275.2448
Jaima Giles 970.275.9357
Kiley Flint 970.275.2554
Wayne Meredith 970.209.2706
Larry Neilson 970.209.7849
Katy Mattson 970.275.4601
Di Bridges 970.901.0888
Megan Clark 970.209.3537
Jill Matlock 970.275.0595
Jamie Watt 970.209.2675
Bud Bush 214.803.3300
Diane Dunaway 970.596.1373
BensonSothebysRealty.com