Crested Butte Mid Year 2020 Micro Market Report

MICROMARKET REPORT

CRESTED BUTTE | MID-YEAR 2020

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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: 1515 Red Mountain Ranch Road, Crested Butte

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CRESTED BUTTE MARKET UPDATE Crested Butte, Colorado, known for its stunning mountain vistas and skiing, is a wonderful place to live for those who want a serene escape from the ordinary. Although the COVID-19 pandemic impacted the performance of the real estate market so far in 2020, the neighborhoods within Gunnison County still managed to create positive growth.

LIV Sotheby’s International Realty produces a Micro Market Report focused on the Crested Butte real estate market and its performance through June of 2020 in comparison to the same time period in 2019.

Even though real estate activity was halted in the spring, consumers have continued to show interest in the housing market in Gunnison County. The average sold price for all properties throughout the County increased slightly by 1.3%, growing from $492,664 to $498,951 in 2020.

Other neighborhoods also saw upward trends in average prices, such as Rural Crested Butte. Single family homes in Rural Crested Butte rose in average sold price by 25.3%, bringing the average home price to $1,561,527. Condominiums, townhomes, and duplexes in the Town of Crested Butte also experienced rising prices. Attached homes in this community increased in price by 81.8%, reaching an average sold price of $589,393.

The City of Gunnison saw a boost in the number of homes sold through June of this year. Single family home sales increased by 10.5%, growing from 19 homes sold between January and June of 2019 to 21 homes sold through June of 2020.

GUNNISON COUNTY January through June

2019

2020

% Change

287

213

-34.7%

Sold Single Family

85

79

-7.6%

Sold Townhouse/Condo/Duplex

88

58

-51.7%

198

195

-1.5%

$492,664

$498,951

1.3%

93.0%

91.0%

-3.2%

$141,394,725

$106,276,692

-33.0%

Sold Listings (All Properties)

Average Days on Market Average Sold Price % Sold Price to Original List Price Total Dollar Volume Sold All Properties

GUNNISON COUNTY January through June Average Price Average Price per Acre Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2019

2020

% Change

$716,821

$445,718

-37.8%

$14,790

$4,273

-71.1%

325

288

-11.4%

$5,300,000

$1,300,000

-75.5%

19

11

-42.1%

75.2%

85.5%

13.7%

All Parcels over 10 Acres

The average sold price for land parcels in the Almont and Rural Gunnison area rose as well. As of June, the average price for a parcel of land in this area was $225,582, an 88.7% increase from the same period of time in 2019 when the average price was $119,527.

This unique mountain community is a great place to buy and sell properties of all sorts. For consumers looking for something special, there is nowhere that can compare to Crested Butte.

Based on data from the Gunnison – Crested Butte 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.

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TOWN OF CRESTED BUTTE TOWN OF CRESTED BUTTE January through June Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

January through June

2019

2020

% Change

$1,274,310

$1,459,023

14.5%

Average Price

$540

$641

18.7%

Average Price per Square Foot

166

161

-3.0%

Average Days on Market

$3,850,000

$3,363,150

-12.6%

Highest Price

20

14

-30.0%

Properties Sold

95.4%

94.6%

-0.8%

% Sold Price to List Price

2019

2020

% Change

$1,776,577

$1,831,815

3.1%

$678

$739

9.0%

179

170

-5.0%

$3,850,000

$3,363,150

-12.6%

9

10

11.1%

96.9%

94.4%

-2.6%

All Properties

Single Family Homes

TOWN OF CRESTED BUTTE

14.5%

January through June Average Price Average Price per Square Foot Average Days on Market

The average price for all properties in the Town of Crested Butte increased by 14.5% January through June 2020 compared to that of 2019.

Highest Price Properties Sold % Sold Price to List Price

2019

2020

% Change

$324,200

$589,393

81.8%

$400

$425

6.1%

86

141

64.0%

$435,000

$862,000

98.2%

5

3

-40.0%

94.4%

97.1%

2.9%

Condos, Townhomes, Duplexes

TOWN OF CRESTED BUTTE 2019

2020

% Change

Crested Butte is home to

Average Price

$1,125,000

-

-

the oldest mountain bike

Average Price per Acre

$4,326,923

-

-

festival in the world, which

189

-

-

began as the Fat Tire

$1,125,000

-

-

Festival in 1983 and is now

1

No Sales

-

known as CB Bike Week

84.9%

-

-

with many events, races,

January through June

Average Days on Market Highest Price Properties Sold % Sold Price to List Price

Residential / Commercial Lots

and clinics.

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MT. CRESTED BUTTE January through June

2019

2020

% Change

$639,110

$531,273

-16.9%

$412

$448

8.7%

164

153

-6.7%

$5,300,000

$2,100,000

-60.4%

56

46

-17.9%

87.7%

95.3%

8.6%

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

January through June Average Price

2019

% Change

$930,000

$1,083,300

16.5%

$362

$462

27.6%

243

122

-49.8%

$1,540,000

$2,100,000

36.4%

10

9

-10.0%

94.5%

94.6%

0.1%

Average Price per Square Foot Average Days on Market Highest Price

2020

Properties Sold % Sold Price to List Price Single Family Homes

MT. CRESTED BUTTE January through June

2019

2020 $511,717

$414,305

-19.0%

$435

$447

2.9%

152

148

-2.6%

$2,375,000

$1,537,500

-35.3%

39

34

-12.8%

96.4%

95.8%

-0.6%

Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

16.5%

% Change

The average price for single family homes in Mt. Crested Butte increased by 16.5% January through June 2020 compared to that of 2019.

Condos, Townhomes, Duplexes

MT. CRESTED BUTTE Our namesake mountain

January through June

rises just above town

Average Price

to a height of 12,162

Average Price per Acre

feet. This unique setting

Average Days on Market

affords some of the most

Highest Price

breathtaking vistas in

Properties Sold

Colorado.

% Sold Price to List Price

2019

2020

% Change

$1,248,139

$225,000

-82.0%

$692,969

$480,474

-30.7%

129

252

95.3%

$5,300,000

$255,000

-95.2%

5

2

-60.0%

63.3%

91.8%

44.9%

Residential / Commercial Lots

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RURAL CRESTED BUTTE January through June 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 June

$687,696

$806,240

17.2%

Average Price

$429

$431

0.3%

Average Price per Square Foot

231

219

-5.2%

Average Days on Market

$2,520,000

$5,000,000

98.4%

Highest Price

39

26

-33.3%

Properties Sold

93.8%

78.6%

-16.2%

% Sold Price to List Price

2019

2020

% Change

$1,245,800

$1,561,527

25.3%

$472

$444

-5.8%

251

209

-16.7%

$2,043,000

$5,000,000

144.7%

10

9

-10.0%

92.6%

71.9%

-22.3%

All Properties

Single Family Homes

RURAL CRESTED BUTTE January through June Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2019

2020

% Change

$481,312

$816,250

69.6%

$401

$422

5.2%

119

120

0.8%

$1,375,000

$1,175,000

-14.5%

8

4

-50.0%

98.4%

99.6%

1.2%

Most homes in the area have a western feel to them with open spaces and large wooden cabins or other types of sprawling

Condos, Townhomes, Duplexes

69.6%

The average price for condos, townhomes and duplexes in Rural Crested Butte increased by 69.6% January through June 2020 compared to that of 2019.

RURAL CRESTED BUTTE January through June

2019

2020

% Change

Average Price

$498,082

$288,125

-42.2%

Average Price per Acre

$509,809

$394,935

-22.5%

260

246

-5.4%

$2,520,000

$600,000

-76.2%

20

12

-40.0%

93.7%

94.5%

0.8%

Average Days on Market Highest Price Properties Sold % Sold Price to List Price

Residential / Commercial Lots

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CRESTED BUTTE SOUTH January through June Average Price

2019

2020

% Change

$418,032

$410,416

-1.8%

Average Price

$294

$270

-7.9%

Average Price per Square Foot

140

257

83.6%

$910,000

$965,000

6.0%

28

12

-57.1%

97.1%

97.1%

0.0%

Average Price per Square Foot Average Days on Market Highest Price

CRESTED BUTTE SOUTH

Properties Sold % Sold Price to List Price All Properties

Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2019

2020

% Change

$704,227

$820,000

16.4%

$302

$243

-19.4%

162

228

40.7%

$910,000

$965,000

6.0%

11

3

-72.7%

97.0%

98.8%

1.8%

Single Family Homes

CRESTED BUTTE SOUTH

16.4%

January through June Average Price Average Price per Square Foot Average Days on Market

The average price for single family homes in Crested Butte South increased by 16.4% January through June 2020 compared to that of 2019.

Highest Price Properties Sold % Sold Price to List Price

January through June

2019

2020

% Change

Average Price

$162,740

$117,000

-28.1%

Average Price per Acre

$524,391

$316,871

-39.6%

111

378

240.5%

$374,400

$145,000

-61.3%

10

5

-50.0%

98.2%

89.6%

-8.8%

Average Days on Market

Properties Sold % Sold Price to List Price

2019

2020

% Change

$422,200

$470,000

11.3%

$329

$291

-11.6%

111

128

15.3%

$545,000

$590,000

8.3%

5

4

-20.0%

97.5%

97.4%

-0.1%

Condos, Townhomes, Duplexes

CRESTED BUTTE SOUTH

Highest Price

January through June

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

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CITY OF GUNNISON January through June 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 June

$309,233

$303,704

-1.8%

Average Price

$209

$223

6.3%

Average Price per Square Foot

220

129

-41.4%

Average Days on Market

$1,500,000

$620,000

-58.7%

Highest Price

64

47

-26.6%

Properties Sold

97.1%

96.6%

-0.6%

% Sold Price to List Price

2019

2020

% Change

$364,928

$358,390

-1.8%

$229

$231

0.7%

105

118

12.4%

$655,000

$620,000

-5.3%

19

21

10.5%

97.6%

95.0%

-2.6%

All Properties

Single Family Homes

CITY OF GUNNISON

12.0%

January through June Average Price Average Price per Square Foot Average Days on Market

The average price for condos, townhomes and duplexes in the City of Gunnison increased by 12.0% January through June 2020 compared to that of 2019.

Highest Price Properties Sold % Sold Price to List Price

2019

2020

% Change

$262,658

$294,269

12.0%

$220

$241

9.4%

196

138

-29.6%

$370,000

$392,000

5.9%

24

13

-45.8%

99.1%

99.3%

0.3%

Condos, Townhomes, Duplexes

CITY OF GUNNISON January through June

2019

2020

% Change

Average Price

$214,857

$82,500

-61.6%

Average Price per Acre

$413,869

$579,763

40.1%

720

104

-85.6%

$610,000

$105,000

-82.8%

7

4

-42.9%

98.4%

87.3%

-11.2%

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

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ALMONT & RURAL GUNNISON ALMONT & RURAL GUNNISON January through June Average Price

2019

2020

% Change

$287,684

$369,242

28.3%

$201

$214

6.4%

Average Price per Square Foot

192

201

4.7%

Average Days on Market

$1,650,000

$1,300,000

-21.2%

Highest Price

60

43

-28.3%

Properties Sold

96.3%

92.3%

-4.1%

Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price All Properties

January through June Average Price

% Sold Price to List Price

2019

2020

% Change

$567,138

$521,212

-8.1%

$239

$242

1.1%

153

174

13.7%

$1,650,000

$1,197,000

-27.5%

18

20

11.1%

97.0%

94.9%

-2.1%

Single Family Homes

ALMONT & RURAL GUNNISON January through June Average Price

2019

2020

% Change

$336,433

-

-

$234

-

-

161

-

-

$557,000

-

-

7

No Sales

-

101.6%

-

-

Average Price per Square Foot Average Days on Market Highest Price 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

28.3%

The average price for all properties in Almont & Rural Gunnison increased by 28.3% January through June 2020 compared to that of 2019.

ALMONT & RURAL GUNNISON January through June Average Price Average Price per Acre Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2019

2020

% Change

$119,527

$225,582

88.7%

$58,737

$67,875

15.6%

259

278

7.3%

$1,000,000

$1,300,000

30.0%

26

17

-34.6%

91.2%

85.7%

-6.0%

Residential / Commercial Lots

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WHY COLORADO? NATIONAL PARKS: 4

MOUNTAIN RANGES: 7

SKI AREAS & RESORTS:

AVERAGE DAYS OF SUNSHINE ANNUALLY: 300

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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.

MICROMARKET REPORT | Crested Butte resorts.livsothebysrealty.com

JANUARY - JUNE 2020 • COLORADOMICROREPORTS.COM