Q1 2021
Micro Market Report CRESTED BUTTE
1515 Red Mountain Ranch Road, Crested Butte
404 Butte Avenue, Crested Butte
Crested Butte MARKET UPDATE
Located at almost 9,000 feet elevation along the banks of Coal Creek in Gunnison County, Crested Butte is an idyllic alpine resort town with roots in mining and ranching. Both vacationers and residents enjoy the area’s pristine beauty as well as its vibrant art, music and theatre scene. Boasting one of Colorado’s largest historical districts, Crested Butte has a relaxed vibe that draws in those seeking the good life. Though many outdoor enthusiasts flock to Crested Butte to enjoy its 1,058-acre downhill ski resort, the summers in this mountain community are just as remarkable. Known as the “wildflower capital of Colorado” due to its brilliant, colorful meadows, Crested Butte’s majestic mountains provide plenty of activities in all seasons—skiing, hiking, mountain biking, shopping, fishing, festivals, rafting and ice skating. It’s no surprise that real estate in this area has flourished despite the economic uncertainty of the past year. The Micro Market Report produced by LIV Sotheby’s International Realty analyzes the real estate market for the first quarter of 2021 as compared to the first quarter of 2020. Gunnison County overall saw property sales rise 132.1% while average price per property in the area increased 37.3%, from $543,196 to $746,002. Overall, the total dollar volume sold in Gunnison County rose 218.8% compared to the first quarter of 2020. So far, 2021 has been a seller’s market in Gunnison County, with high demand and low inventory helping drive prices up, particularly in Mt. Crested Butte, Gunnison, and Almont. The number of properties sold in Rural Crested Butte nearly quadrupled, from 16 to 57—a rise of 256.3%— and land parcels in the same area increased a phenomenal 371.4%. Land, in fact, was in high demand across all the neighborhoods with the exception of the Town of Gunnison. Land sales in Mt. Crested Butte saw an incredible 950% increase over the same quarter in 2020.
Almost all the neighborhoods in the Gunnison County region experienced a rise in the number of single family homes sold, with the largest gains seen in Rural Crested Butte. Despite this flurry of activity, the overall increases in residences sold, and the increases in home prices, properties stayed on the market an average of 400 days this quarter, which is 126% longer than this time last year. As we move further into a new year that remains clouded with challenges, one thing remains clear—Crested Butte and its surrounding areas continue to be a high-demand, appealing option for those seeking a resort lifestyle in an iconic ski town.
GUNNISON COUNTY January through March
2020
2021
% Change
Sold Listings (All)
109
253
132.1%
Sold Single Family
38
64
68.4%
Sold Condos/TH
41
74
80.5%
177
400
126.0%
$543,196
$746,002
37.3%
88.0%
96.0%
9.0%
$59,208,408.00
$188,738,604.00
218.8%
Average Days on Market Average Price % Sold Price to List Price Total Dollar Volume Sold
All Properties January through March Average Price Average Price per Acre Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$431,580
$669,950
55.2%
$2,295
$22,550
882.4%
302
375
24.2%
$775,000
$1,950,000
151.6%
5
10
100.0%
85.5%
95.8%
12.0%
All Parcels Over 10 Acres 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.
coloradomicroreports.com
CRESTED BUTTE NEIGHBORHOODS
1.
Town of Crested Butte
2.
Mt. Crested Butte
3.
Crested Butte South
4.
Almont
5.
City of Gunnison
2
1 3
4
5
MICROMARKET REPORT | Crested Butte livsothebysrealty.com
JANUARY - MARCH 2021 • COLORADOMICROREPORTS.COM
228.⁶% The number of residential properties sold in the Town of Crested Butte increased by 228.6% January through March 2021 compared to that of 2020.
January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2021
% Change
$1,540,021
$1,308,647
-15.0%
$657
$614
-6.6%
171
279
63.2%
$3,363,150
$5,500,000
63.5%
7
23
228.6%
93.8%
97.0%
3.4%
All Properties
January through March Average Price Average Price per Square Foot
TOWN OF CRESTED BUTTE
2020
Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$2,198,287
$1,583,428
-28.0%
$790
$770
-2.6%
216
179
-17.1%
$3,363,150
$3,400,000
1.1%
4
7
75.0%
93.3%
96.2%
3.1%
Single Family Homes
150% The number of condominiums, townhomes, duplexes and triplexes sold in the Town of Crested Butte increased by 150% January through March 2021 compared to that of 2020.
January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2021
% Change
$823,500
$555,180
-32.6%
$560
$520
-7.1%
101
245
142.6%
$862,000
$757,000
-12.2%
2
5
150.0%
96.9%
102.7%
6.0%
Condominiums, Townhomes, Duplexes and Triplexes
January through March
Incorporated in 1880, the Town of Crested Butte rests at an elevation of 8,885 feet and serves as “the Gateway to the Elk Mountains.” Explorer Ferdinand Hayden referred to the dominant peak guarding the residents as a ‘crested butte,’ and the namesake was born.
2020
2020
2021
% Change
Average Price
-
$1,769,833
-
Average Price per Acre
-
$4,428,191
-
Average Days on Market
-
407
-
Highest Price
-
$5,500,000
-
No Sales
6
-
-
98.8%
-
Properties Sold % Sold Price to List Price
Residential / Commercial Lots
January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$458,063
$676,858
47.8%
$431
$522
21.0%
157
732
366.2%
$1,537,500
$3,350,000
117.9%
34
78
129.4%
96.0%
96.4%
0.4%
All Properties
January through March Average Price Average Price per Square Foot Average Days on Market
Properties Sold % Sold Price to List Price
2021
% Change
$927,540
$1,522,900
64.2%
$449
$476
6.0%
114
133
16.7%
$1,467,200
$3,350,000
128.3%
5
10
100.0%
95.2%
97.8%
2.7%
Smaller in size than the Town of Crested Butte (approximately 800 residents compared to 1,500 residents), Mt. Crested Butte is the actual location of the famous resort. Located inside the Gunnison National Forest, this picture-perfect town covers an area just over two square miles, and those two square miles are a skier or snowboarder’s paradise.
Single Family Homes
January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$388,387
$574,977
48.0%
$429
$531
23.9%
157
178
13.4%
$1,537,500
$1,500,000
-2.4%
27
47
74.1%
96.5%
97.2%
0.7%
Condominiums, Townhomes, Duplexes and Triplexes
January through March
2020
2021
% Change
Average Price
$225,000
$502,000
123.1%
Average Price per Acre
$480,474
$651,286
35.6%
252
2259
796.4%
$255,000
$2,975,000
1066.7%
2
21
950.0%
91.8%
92.4%
0.6%
Average Days on Market Highest Price Properties Sold % Sold Price to List Price
Residential / Commercial Lots
74.1% The number of condominiums, townhomes, duplexes and triplexes sold in Mt. Crested Butte increased by 74.1% January through March 2021 compared to that of 2020.
MT. CRESTED BUTTE
Highest Price
2020
For those who like the area of Crested Butte but perhaps want to shy away from the resort area or the large open rural spaces, Crested Butte South is a subdivision located eight miles south of the town center. This area offers more for those who prefer a suburban setting, yet want to enjoy the clean air and breathtaking vistas 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
2020
2021
% Change
$422,142
$421,692
-0.1%
$257
$334
29.9%
215
203
-5.6%
$850,000
$995,000
17.1%
7
13
85.7%
98.2%
96.7%
-1.5%
CRESTED BUTTE SOUTH
All Properties
75.0% The average days on market for single family homes in Crested Butte South decreased by 75.0% January through March 2021 compared to that of 2020.
January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$747,500
$882,500
18.1%
$211
$334
58.6%
232
58
-75.0%
$850,000
$995,000
17.1%
2
4
100.0%
100.0%
97.7%
-2.3%
Single Family Homes
January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$550,000
-
-
$304
-
-
97
-
-
$590,000
-
-
2
No Sales
-
99.1%
-
-
Condominiums, Townhomes, Duplexes and Triplexes
80.7%
January through March
2020
2021
% Change
Average Price
$120,000
$216,888
80.7%
Average Price per Acre
$294,003
$404,210
37.5%
283
267
-5.7%
$145,000
$570,000
293.1%
3
9
200.0%
89.1%
95.8%
7.5%
Average Days on Market Highest Price
The average sold price for residential /
Properties Sold
commercial lots in Crested Butte South
% Sold Price to List Price
increased by 80.7% January through March 2021 compared to that of 2020.
Residential / Commercial Lots
January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$852,562
$721,035
-15.4%
$474
$521
9.8%
232
231
-0.4%
$5,000,000
$3,385,000
-32.3%
16
57
256.3%
72.0%
96.6%
34.2%
All Properties
January through March Average Price Average Price per Square Foot Average Days on Market
Properties Sold % Sold Price to List Price
2021
% Change
$1,825,000
$1,724,615
-5.5%
$526
$586.30
11.6%
309
164
-46.9%
$5,000,000
$3,385,000
-32.3%
5
13
160.0%
63.9%
95.7%
49.9%
The number of residential properties sold in Rural Crested Butte increased by 256.3% January through March 2021 compared to that of 2020.
Single Family Homes
January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$760,000
$558,000
-26.6%
$432
$444
2.6%
122
183
50.0%
$1,175,000
$1,365,000
16.2%
3
11
266.7%
98.7%
99.0%
0.3%
Condominiums, Townhomes, Duplexes and Triplexes
January through March
2020
2021
% Change
Average Price
$292,857
$380,030
29.8%
Average Price per Acre
$397,865
$547,255
37.5%
205
273
33.2%
$550,000
$1,950,000
254.5%
7
33
371.4%
94.3%
90.1%
-4.5%
Average Days on Market Highest Price Properties Sold % Sold Price to List Price
Residential / Commercial Lots
266.⁷% The number of condominiums, townhomes, duplexes and triplexes sold in Rural Crested Butte increased by 266.7% January through March 2021 compared to that of 2020.
RURAL CRESTED BUTTE
Highest Price
2020
256.³%
January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$290,035
$333,200
14.9%
$237
$201
-15.3%
140
219
56.4%
$519,500
$785,000
51.1%
20
30
50.0%
96.6%
97.0%
0.4%
All Properties
CITY OF GUNNISON
January through March
For those who enjoy all that Gunnison County has to offer in the way of skiing and wide-open spaces but still prefer the idea of being in a proper town, the City of Gunnison is an attractive option. The City of Gunnison prides itself on having an Old West heritage feel while still providing the modern comforts of life.
Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$353,742
$408,970
15.6%
$228
$274
19.8%
143
68
-52.4%
$519,500
$549,000
5.7%
7
10
42.9%
95.2%
97.8%
2.7%
Single Family Homes
13.4% The average days on market for condominiums, townhomes, duplexes and triplexes in the City of Gunnison decreased by 13.4% January through March 2021 compared to that of 2020.
January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$286,611
$286,185
-0.1%
$251
$235
-6.4%
119
103
-13.4%
$392,000
$365,000
-6.9%
9
7
-22.2%
99.1%
99.4%
0.2%
Condominiums, Townhomes, Duplexes and Triplexes
January through March Average Price Average Price per Acre Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$77,500
$395,000
409.7%
$763,158
$481,276
-36.9%
173
522
201.7%
$105,000
$550,000
423.8%
2
2
0.0%
86.4%
97.5%
12.9%
Residential / Commercial Lots
January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$382,415
$596,214
55.9%
$217
$269
23.9%
175
237
35.4%
$1,197,000
$6,300,000
426.3%
25
35
40.0%
94.7%
97.3%
2.7%
All Properties
January through March Average Price
Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2021
% Change
$518,865
$657,633
26.7%
$239
$282.15
18.0%
172
156
-9.3%
$1,197,000
$1,173,000
-2.0%
15
15
0.0%
95.2%
98.9%
3.8%
Single Family Homes
January through March
2020
2021
% Change
Average Price
-
$263,500
-
Average Price per Square Foot
-
$265
-
Average Days on Market
-
302
-
Highest Price
-
$3,650,000
-
No Sales
4
-
-
96.5%
-
Properties Sold % Sold Price to List Price
26.7% The average sold price for single family homes in Almont & Rural Gunnison increased by 26.7% January through March 2021 compared to that of 2020.
Condominiums, Townhomes, Duplexes and Triplexes
January through March
2020
2021
% Change
Average Price
$78,816
$222,230
182.0%
Average Price per Acre
$41,799
$52,441
25.5%
242
340
40.5%
$170,000
$1,350,000
694.1%
6
13
116.7%
96.6%
87.4%
-9.6%
Average Days on Market Highest Price Properties Sold % Sold Price to List Price
Residential / Commercial Lots
25.5% The average price per acre for residential / commercial lots in Almont & Rural Gunnison increased by 25.5% January through March 2021 compared to that of 2020.
ALMONT & RURAL GUNNISON
Average Price per Square Foot
2020
The unincorporated community of Almont was originally named Fisher for the founding family but was then changed to honor a famous racehorse of the late 19th century. In its early history, Almont served as a depot for the various nearby mines to store ore that would later be sent to the larger neighboring town of Gunnison. In modern times, the community and the surrounding rural landscape are popular with visitors and nature lovers with vacation homes.
WHY COLORADO?
04
NATIONAL PARKS
07
MOUNTAIN RANGES
28
SKI AREAS & RESORTS
WHY COLORADO?
300
AVG DAYS OF SUNSHINE ANNUALY
350+ CRAFT BREWERIES
MICROMARKET REPORT | Crested Butte JANUARY - MARCH 2021 • COLORADOMICROREPORTS.COM