MICROMARKET REPORT
CRESTED BUTTE | Q1 2020
CRESTED BUTTE GUNNISON COUNTY
1.
Town of Crested Butte
2.
Mt. Crested Butte
3.
Crested Butte South
4. Almont 5.
2
1 3
City of Gunnison
4
5
Pictured on cover: 6 Treasury Hill Road, Crested Butte
coloradomicroreports.com
CRESTED BUTTE MARKET UPDATE
The incredible community of Crested Butte, Colorado is a place you have to see to believe. Located within Gunnison County, which includes Town of Crested Butte, Mount Crested Butte, Crested Butte South, Almont, and the City of Gunnison, this area is a community of mining towns turned into a world-class skiing and hiking resort destination. With unparalleled access to the mountains as well as proximity to Blue Mesa Reservoir, Colorado’s largest body of water, visitors from around the globe flock to Crested Butte and its surrounding January through March 2019 2020 % Change communities for the chance to experience the outdoors Sold Listings (All Properties) 120 109 -10.1% like never before.
GUNNISON COUNTY
LIV Sotheby’s International Realty produces a Micro Market Report focused on the Crested Butte market and its performance in Q1 of 2020 in comparison to the same time period in 2019. Total dollar volume in sales for all of Gunnison County grew by 6.5% in Q1 of this year, totaling $59,208,408. The average price for homes in this area also increased from last year. Homes listed in Gunnison County saw a 15.1% increase in price during Q1 of this year compared to Q1 of 2019, making the average price $543,196.
Sold Single Family
41
38
-7.9%
Sold Townhouse/Condo/Duplex
23
42
45.2%
216
177
-22.0%
$461,436
$543,196
15.1%
95.0%
88.0%
-8.0%
$55,372,350.00
$59,208,408.00
6.5%
Average Days on Market Average Sold Price % Sold Price to Original List Price Total Dollar Volume Sold All Properties
GUNNISON COUNTY January through March Average Price
Overall, the number of condominium and townhome sales in Gunnison County increased by an impressive 45.2%. During Q1 this year, 42 condominiums and townhomes sold compared to the same time frame in 2019 when 23 condominiums and townhomes sold.
Average Price per Acre Average Days on Market Highest Price Properties Sold & Sold Price to List Price
2019
2020
% Change
$475,083
$431,580
-9.2%
$20,589
$2,295
-88.9%
145
302
108.3%
$1,800,000
$775,000
-56.9%
9
5
-44.4%
94.1%
85.5%
-9.2%
All Parcels over 10 Acres
Analyzing all communities within Gunnison County, Mt. Crested Butte experienced the largest increase in all properties sold during Q1 of 2020. This community saw an incredible 70% increase in properties sold, growing from 20 homes sold in Q1 of 2019 to 34 homes sold in Q1 of this year. For those looking to invest in a home and a community unlike any other, Crested Butte is the place. With options to buy and sell homes as well as land parcels, there are endless possibilities in the Crested Butte real estate market for consumers to reach their lifestyle and real estate goals.
Based on data from the Gunnison County Association of Realtors MLS, Colorado Real Estate Network (CREN). Verify with a local Realtor. All information is deemed reliable but not guaranteed. Data maintained by CREN MLS may not reflect all real estate activity in the market.
MICROMARKET REPORT | Crested Butte livsothebysrealty.com
JANUARY - MARCH 2020 • COLORADOMICROREPORTS.COM
TOWN OF CRESTED BUTTE TOWN OF CRESTED BUTTE January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
January through March
2019
2020
% Change
$1,021,888
$1,540,021
50.7%
Average Price
$497
$657
32.2%
Average Price per Square Foot
118
171
44.9%
Average Days on Market
$1,800,000
$3,363,150
86.8%
Highest Price
9
7
-22.2%
91.6%
93.8%
2.4%
Properties Sold % Sold Price to List Price
2019
2020
% Change
$1,303,333
$2,198,287
68.7%
$549
$790
44.0%
134
216
61.2%
$1,575,000
$3,363,150
113.5%
3
4
33.3%
93.5%
93.3%
-0.2%
All Properties
112.2%
Single Family Homes
TOWN OF CRESTED BUTTE January through March Average Price Average Price per Square Foot Average Days on Market
The average price for condos, townhomes and
Highest Price
duplexes in the Town of Crested Butte increased
Properties Sold
by 112.2% in 2020 compared to that of 2019.
% Sold Price to List Price
2019
2020
% Change
$388,000
$823,500
112.2%
$434
$560
29.1%
48
101
110.4%
$435,000
$862,000
98.2%
2
2
0.0%
89.2%
96.9%
8.6%
Condos, Townhomes, Duplexes
TOWN OF CRESTED BUTTE January through March
2019
2020
% Change
Average Price
$1,125,000
-
-100.0%
Average Price per Acre
$4,326,923
-
100.0%
189
-
100.0%
$1,125,000
-
100.0%
1
No Sales
100.0%
84.9%
-
100.0%
Average Days on Market Highest Price Properties Sold % Sold Price to List Price
Crested Butte is home to the oldest mountain bike festival in the world, which began as the Fat Tire festival in 1983 and is now known as CB Bike Week with many events, races, and clinics.
Residential / Commercial Lots
coloradomicroreports.com
MT. CRESTED BUTTE January through March
2019
2020
% Change
January through March
$582,625
$458,063
-21.4%
$394
$431
9.3%
164
157
-4.3%
Average Days on Market
$1,540,000
$1,537,500
-0.2%
Highest Price
20
34
70.0%
Properties Sold
93.6%
96.0%
2.5%
Average Price Average Price per Square Foot Average Days on Market Highest Price
MT. CRESTED BUTTE
Properties Sold % Sold Price to List Price All Properties
2019
Average Price
2020
% Change
$1,051,400
$927,540
-11.8%
$323
$449
38.8%
286
114
-60.1%
$1,540,000
$1,467,200
-4.7%
5
5
0.0%
92.4%
95.2%
3.1%
Average Price per Square Foot
% Sold Price to List Price Single Family Homes
MT. CRESTED BUTTE January through March
2019
% Change
$457,346
$388,387
-15.1%
$349
$429
22.9%
123
157
27.6%
$1,300,000
$1,537,500
18.3%
13
27
107.7%
95.8%
96.5%
0.8%
Average Price Average Price per Square Foot Average Days on Market Highest Price
2020
Properties Sold % Sold Price to List Price
60.1%
The average days on market for single family homes in Mt. Crested Butte decreased by 60.1% January through March 2020 compared to that of 2019.
Condos, Townhomes, Duplexes
MT. CRESTED BUTTE Our namesake mountain
January through March
rises just above town to a
Average Price
$275,000
$225,000
-18.2%
height of 12,162 feet. This
Average Price per Acre
$466,102
$480,474
3.1%
unique setting affords some
Average Days on Market
134
252
88.1%
of the most breathtaking
Highest Price
$275,000
$255,000
-7.3%
vistas in Colorado.
Properties Sold
1
2
100.0%
100.0%
91.8%
-8.2%
% Sold Price to List Price
2019
2020
% Change
Residential / Commercial Lots
MICROMARKET REPORT | Crested Butte livsothebysrealty.com
JANUARY - MARCH 2020 • COLORADOMICROREPORTS.COM
RURAL CRESTED BUTTE January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
RURAL CRESTED BUTTE
2019
2020
% Change
January through March
$605,425
$852,562
40.8%
Average Price
$421
$474
12.8%
Average Price per Square Foot
220
232
5.5%
$1,900,000
$5,000,000
163.2%
16
16
0.0%
97.4%
72.0%
-26.1%
Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$1,006,250
$1,825,000
81.4%
$436
$526
20.6%
227
309
36.1%
$1,350,000
$5,000,000
270.4%
4
5
25.0%
96.7%
63.9%
-34.0%
All Properties
Single Family Homes
RURAL CRESTED BUTTE January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$318,000
$760,000
139.0%
$360
$432
20.2%
140
122
-12.9%
$318,000
$1,175,000
269.5%
1
3
200.0%
97.3%
99.4%
2.2%
Most homes in the area have a western feel to them, with open spaces and large wooden cabins or other types of sprawling estates.
Condos, Townhomes, Duplexes
139%
The average price of condos, townhomes and duplexes in Rural Crested Butte increased by 139% January through March 2020 compared to that of 2019.
RURAL CRESTED BUTTE January through March
2019
2020
% Change
Average Price
$485,800
$292,857
-39.7%
Average Price per Acre
$596,802
$397,865
-33.3%
224
205
-8.5%
$1,900,000
$550,000
-71.1%
11
7
-36.4%
97.9%
94.3%
-3.7%
Average Days on Market Highest Price Properties Sold % Sold Price to List Price
Residential / Commercial Lots
coloradomicroreports.com
CRESTED BUTTE SOUTH January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
CRESTED BUTTE SOUTH
2019
2020
% Change
$378,385
$422,142
11.6%
$295
$257
-12.9%
181
215
18.8%
Average Days on Market
$910,000
$850,000
-6.6%
Highest Price
14
7
-50.0%
97.2%
98.2%
1.0%
All Properties
January through March Average Price Average Price per Square Foot
Properties Sold % Sold Price to List Price
2019
2020
% Change
$742,000
$747,500
0.7%
$290
$211
-27.3%
189
232
22.8%
$910,000
$850,000
-6.6%
5
2
-60.0%
97.2%
100.0%
2.9%
Single Family Homes
111.5%
CRESTED BUTTE SOUTH January through March Average Price Average Price per Square Foot Average Days on Market
The average price for condos, townhomes and
Highest Price
duplexes in Crested Butte South increased by
Properties Sold
111.5% January through March 2020 compared to
% Sold Price to List Price
that of 2019.
2019
2020
% Change
Average Price
$165,925
$120,000
-27.7%
Average Price per Acre
$594,529
$294,003
-50.5%
177
283
59.9%
$374,400
$145,000
-61.3%
8
3
-62.5%
98.0%
89.1%
-9.1%
Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
% Change
$260,000
$550,000
111.5%
$323
$304
-6.1%
170
97
-42.9%
$260,000
$590,000
126.9%
1
2
100.0%
93.7%
99.1%
5.8%
Condos, Townhomes, Duplexes
CRESTED BUTTE SOUTH January through March
2019
Crested Butte South boasts some of the most affordable real estate in the upper valley, which is why to date, there are over 1,500 residents, making it one of the most populated neighborhoods in the area as well.
Residential / Commercial Lots
MICROMARKET REPORT | Crested Butte livsothebysrealty.com
JANUARY - MARCH 2020 • COLORADOMICROREPORTS.COM
CITY OF GUNNISON January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
CITY OF GUNNISON
2019
2020
% Change
January through March
$340,533
$290,035
-14.8%
Average Price
$183
$237
29.4%
Average Price per Square Foot
312
140
-55.1%
Average Days on Market
$1,500,000
$519,500
-65.4%
Highest Price
27
20
-25.9%
Properties Sold
96.5%
96.6%
0.0%
% Sold Price to List Price
2019
2020
% Change
$352,140
$353,742
0.5%
$214
$228
6.6%
88
143
62.5%
$582,000
$519,500
-10.7%
10
7
-30.0%
96.5%
95.2%
-1.4%
All Properties
46.6%
The average price for condos, townhomes and
Single Family Homes
CITY OF GUNNISON January through March Average Price Average Price per Square Foot Average Days on Market Highest Price
duplexes lots in the City of Gunnison increased by 46.6% January through March 2020 compared to that of 2019.
Properties Sold % Sold Price to List Price
2019
2020
% Change
$195,500
$286,611
46.6%
$180
$251
39.7%
231
119
-48.5%
$300,000
$392,000
30.7%
6
9
50.0%
98.1%
99.1%
1.1%
Condos, Townhomes, Duplexes
CITY OF GUNNISON January through March
2019
2020
% Change
Average Price
$345,333
$77,500
-77.6%
Average Price per Acre
$298,895
$763,158
155.3%
1614
173
-89.3%
$610,000
$105,000
-82.8%
3
2
-33.3%
99.1%
86.4%
-12.9%
Average Days on Market Highest Price Properties Sold % Sold Price to List Price
The slogan of the city is “Basecamp of the Rocky Mountains,� an homage to those who made the original journey west in the 1800s.
Residential / Commercial Lots
coloradomicroreports.com
ALMONT & RURAL GUNNISON ALMONT & RURAL GUNNISON January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$321,776
$382,415
18.8%
$216
$217
0.6%
191
175
-8.4%
$1,650,000
$1,197,000
-27.5%
Highest Price
28
25
-10.7%
Properties Sold
97.0%
94.7%
-2.3%
All Properties
January through March Average Price Average Price per Square Foot Average Days on Market
% Sold Price to List Price
2019
2020
% Change
$540,090
$518,865
-3.9%
$252
$239
-5.0%
169
172
1.8%
$1,650,000
$1,197,000
-27.5%
11
15
36.4%
100.1%
95.2%
-4.9%
Single Family Homes
ALMONT & RURAL GUNNISON January through March
2019
2020
% Change
Average Price
-
-
-
Average Price per Square Foot
-
-
-
Average Days on Market
-
-
-
Highest Price
-
-
-
No Sales
No Sales
-
-
-
-
Properties Sold % Sold Price to List Price
The unincorporated community of Almont was originally named Fisher for the original founding family but was then changed to honor a famous racehorse of the late 19th century.
Condos, Townhomes, Duplexes
18.8%
ALMONT & RURAL GUNNISON January through March Average Price Average Price per Acre Average Days on Market
The average price for all properties in Almont
Highest Price
& Rural Gunnison increased by 18.8% January
Properties Sold
through March 2020 compared to that of 2019.
% Sold Price to List Price
2019
2020
% Change
$142,104
$78,816
-44.5%
$71,348
$41,799
-41.4%
224
242
-8.0%
$1,000,000
$170,000
-83.0%
12
6
-50.0%
88.9%
96.6%
-8.7%
Residential / Commercial Lots
MICROMARKET REPORT | Crested Butte livsothebysrealty.com
JANUARY - MARCH 2020 • COLORADOMICROREPORTS.COM
WHY COLORADO? NATIONAL PARKS: 4
MOUNTAIN RANGES: 7
SKI AREAS & RESORTS: 28
AVERAGE DAYS OF SUNSHINE ANNUALLY: 300
CRAFT BREWERIES: 350+
The life you love.
livsothebysrealty.com | coloradomicroreports.com Based on data from the Gunnison County Association of Realtors MLS, Colorado Real Estate Network (CREN). Verify with a local Realtor. All information is deemed reliable but not guaranteed. Data maintained by CREN MLS may not reflect all real estate activity in the market.