CRESTED BUT T E SOT H E BY ’S I NTE RNATI O NAL RE A LTY
QUARTER REPORT Third Quarter - 2017
Contents 3 Overall Market Update 8 4 Single Family Market 10 6 Area Map 11 7 Condo and Townhome Market 12
Land Market Significant Sales Our Office Update Contact Us
Quick Hits
$184.2 Million
Total Sales Volume through the Third Quarter of 2017 in the Upper Valley
330
Total Properties Sold through the Third Quarter of 2017 in the Upper Valley
47.3% 2 | 401 Elk Avenue // 970.349.6653
Percent Up of Sales Volume through the Third Quarter compared to 2016 in the Upper Valley QUARTER REPORT THIRD QUARTER - 2017
Overall Market Update We are excited to inform our base about all the change and uptick in the market. Our overall sales volume for the upper East River Valley has increased a staggering 47.3% year to date. We noted in a previous report about the influx of new people discovering Crested Butte, as well as Colorado yet these numbers are almost stupefying. The first quarter of the year was slightly down from 2016, thus this entire growth has happened during the second and third quarters of 2017. Rural Crested Butte single family homes and lots are both up 127% compared to last year. Condos in Mt. Crested Butte sales volume numbers continue to grow over the last year and a half. This summer land has also started to rebound as the average price of residential properties continue to increase year over year. As of the middle of October the overall sales volume more than $200 million for the upper valley and there are 76 pending contracts with a listing value of $48 million. We could end up at the quarter of a billion mark for the upper valley for the first time in our history. At Crested Butte Sotheby’s International Realty, we continue to lead the real estate market and almost double our competition in number of transactions and sales volume. Contact our brokers to see what we can do to sell your property this winter. All Properties UPPER VALLEY (Crested Butte, Mt. Crested Butte, Rural Crested Butte, CB South, Kebler Pass and Almont)
January to September 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 THIRD QUARTER - 2017
2016 $453,138 n/a 279 $3,300,000 $2,500 276 94.5% $125,066,302
2017 % Change $558,327 n/a 240 $4,500,000 $30,000 330 94.5% $184,248,072
23.2% n/a -14.0% 36.4% 1100.0% 19.6% 0.0% 47.3%
CrestedButteSothebysRealty.com | 3
Single Family Market Single Family Homes Crested Butte
January to September 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
2016 $1,235,337 $529.25 187 $2,389,398 $715,000 16 92.6% $19,765,398
2017 % Change $1,368,873 $546.74 251 $2,750,000 $465,000 17 97.1% $23,270,848
10.8% 3.3% 34.2% 15.1% -35.0% 6.3% 4.9% 17.7%
Single Family Homes Mt. Crested Butte
January to September 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
2016 $1,181,911 $357.33 344 $2,250,000 $324,000 13 95.1% $15,364,850
2017 % Change $822,565 $310.44 301 $1,400,000 $410,000 23 97.6% $18,918,999
-30.4% -13.1% -12.5% -37.8% 26.5% 76.9% 2.6% 23.1%
Single Family Homes Rural Crested Butte
January to September 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
2016 $1,129,000 $359.38 339 $3,300,000 $150,000 20 91.6% $22,580,000
2017 % Change $1,554,575 $471.15 205 $4,500,000 $599,000 33 93.0% $51,301,000
37.7% 31.1% -39.5% 36.4% 299.3% 65.0% 1.5% 127.2%
QUARTER REPORT THIRD QUARTER - 2017
Single Family Market Single Family Homes Crested Butte South
January to September 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
2016 $584,708 $251.11 252 $730,000 $410,000 12 95.7% $7,016,500
2017 % Change $542,777 $261.27 164 $920,000 $425,000 9 95.6% $4,885,000
-7.2% 4.0% -34.9% 26.0% 3.7% -25.0% -0.1% -30.4%
Single Family Homes Rural Gunnison, Almont and Surrounding Areas
January to September 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
2016 $347,079 $182.07 174 $815,000 $99,900 59 96.2% $20,477,700
2017 % Change $408,334 $202.05 218 $876,600 $145,000 62 96.1% $25,316,766
17.6% 11.0% 25.3% 7.6% 45.1% 5.1% -0.1% 23.6%
Single Family Homes City of Gunnison
January to September 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 THIRD QUARTER - 2017
2016 $267,066 $171.29 188 $444,000 $155,000 46 97.0% $12,285,050
2017 % Change $309,436 $186.85 161 $570,000 $155,000 35 97.1% $10,830,275
15.9% 9.1% -14.4% 28.4% 0.0% -23.9% 0.1% -11.8%
CrestedButteSothebysRealty.com | 5
Overview Map
6
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 THIRD QUARTER - 2017
Condo and Townhome Market Condos and Townhomes Crested Butte
January to September
2016
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
$458,500 $327.60 226 $965,000 $170,000 8 94.2% $3,688,000
2017 % Change $524,600 $381.65 213 $625,000 $325,000 5 98.9% $2,623,000
14.4% 16.5% -5.8% -35.2% 91.2% -37.5% 5.0% -28.9%
Condos and Townhomes Mt. Crested Butte
January to September
2016
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
$271,659 $274.28 279 $1,580,000 $43,450 111 96.9% $30,154,255
2017 % Change $342,172 $301.30 192 $1,800,000 $60,500 113 95.3% $38,665,526
26.0% 9.9% -31.2% 13.9% 39.2% 1.8% -1.7% 28.2%
Condos and Townhomes Rural CB, CB South, Almont, Rural Gunnison and City of Gunnison
January to September 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 THIRD QUARTER - 2017
2016 $246,510 $172.96 251 $929,500 $78,000 55 96.0% $13,558,100
2017 % Change $302,073 $216.23 116 $1,125,000 $87,000 63 96.8% $19,030,650
22.5% 25.0% -53.8% 21.0% 11.5% 14.5% 0.8% 40.4%
CrestedButteSothebysRealty.com | 7
Land Market Residential Lots Crested Butte
January to September 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
2016 $611,111 $3,197,674.42 307 $1,025,000 $405,000 9 96.1% $5,500,000
2017 % Change $718,749 $4,563,490.48 480 $1,300,000 $451,077 4 83.6% $2,874,999
17.6% 42.7% 56.4% 26.8% 11.4% -55.6% -13.0% -47.7%
Residential Lots Mt. Crested Butte
January to September 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
2016 $226,564 $293,858.50 413 $495,000 $11,500 10 95.5% $2,265,649
2017 % Change $268,400 $402,851.78 324 $552,000 $125,000 16 92.9% $4,294,400
18.5% 37.1% -21.5% 11.5% 987.0% 60.0% -2.7% 89.5%
All Lots and Land Rural Crested Butte
January to September 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
2016 $179,347 $13,724.84 224 $630,000 $8,500 23 87.4% $4,125,000
2017 % Change $246,994 $76,643.80 232 $930,000 $57,500 38 90.8% $9,385,800
37.7% 458.4% 3.6% 47.6% 576.5% 65.2% 3.9% 127.5%
QUARTER REPORT THIRD QUARTER - 2017
Land Market Residential Lots CB South
January to September 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
2016 $76,671 $173,760.62 292 $160,000 $38,000 16 90.4% $1,226,750
2017 % Change $82,583 $209,366.20 233 $156,000 $30,000 18 85.5% $1,486,500
7.7% 20.5% -20.2% -2.5% -21.1% 12.5% -5.4% 21.2%
All Lots and Land City of Gunnison, Rural Gunnison, Almont and Surrounding Areas
January to September 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
2016 $139,597 $12,009.56 619 $1,869,000 $12,000 34 94.0% $4,746,300
2017 % Change $112,810 $10,141.85 441 $400,000 $10,000 58 90.7% $6,543,013
-19.2% -15.6% -28.8% -78.6% -16.7% 70.6% -3.5% 37.9%
All Parcels (10 or More Acres) Gunnison County
January to September 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 THIRD QUARTER - 2017
2016 $317,300 $5,632.66 419 $1,869,000 $12,000 23 95.0% $7,297,900
2017 % Change $201,263 $5,616.18 462 $930,000 $30,000 19 90.8% $3,824,000
-36.6% -0.3% 10.3% -50.2% 150.0% -17.4% -4.4% -47.6%
CrestedButteSothebysRealty.com | 9
Significant Sales in 2017
143 Journey’s End Rd | Rural C.B.
Nordic Inn | Mt. C.B.
Listed by Keller Williams Realty Sold by Crested Butte Resort Real Estate
Listed by Coldwell Banker Bighorn Realty Sold by Coldwell Banker Bighorn Realty
15533 State Highway 135 | Rural C.B.
1043 Skyland Drive | Rural C.B.
Listed by Crested Butte Sotheby’s International Realty Sold by Signature Properties Ebner & Associates
Listed by Coldwell Banker Bighorn Realty Sold by Signature Properties Ebner & Associates
Double Top Ranch | Rural C.B.
313 Sopris Avenue | Town of C.B.
Listed by Crested Butte Sotheby’s International Realty Sold by Crested Butte Sotheby’s International Realty
Listed by Crested Butte Sotheby’s International Realty Sold by Crested Butte Sotheby’s International Realty
Sold for $4,500,000
Sold for $3,550,000
Sold for $2,995,000
10 | 401 Elk Avenue // 970.349.6653
Sold for $4,000,000
Sold for $3,075,000
Sold for $2,750,000
QUARTER REPORT THIRD QUARTER - 2017
Crested Butte Sotheby’s International Realty Stats • CBSIR leads the real estate brokerage community in Crested Butte by $25.6 million in total transaction volume in comparison to our closest competitor in 2017. • The CBSIR office had a 32% market share of sales volume in 2017 in the Crested Butte area. • CBSIR has been involved in 210 transaction sides of the 660 total in the Upper Valley. • CBSIR sold $60 million worth of our listings in 2017. • Our CBSIR brokers have been very successful in 2017. • 3 of the top 7 brokers in sales volume in Crested Butte are CBSIR brokers and 8 of the top 19 are CBSIR brokers • The top listing broker in Crested Butte is a CBSIR broker. • 3 of the top 6 buyers’ brokers in Crested Butte are CBSIR brokers. 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 THIRD QUARTER - 2017
CrestedButteSothebysRealty.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
Kourtney Gottschalk 970.349.6653 Office Assistant
OUR BROKERS
Channing Boucher 970.596.3228
Corey Dwan 970.596.3219
Di Bridges 970.901.0888
Gary Huresky 970.209.2421
Jaima Giles 970.275.9357
Jill Matlock 970.275.0595
Katy Mattson 970.275.4601
Kiley Flint 970.275.2554
Megan Clark 970.209.3537
Larry Neilson 970.209.7849
Sam Lumb 970.275.2448
Wayne Meredith 970.209.2706
CrestedButteSothebysRealty.com