Crested Butte Micro Market Report | Quarter 1, 2022

Q1 2022

Micro Market Report CRESTED BUTTE, COLORADO

1515 Red Mountain Ranch Road

347 Overlook Trail

Crested Butte MARKET UPDATE

Crested Butte, located in the upper valley of Gunnison County, is a true Colorado ski town that reminds us of the beauty of unplugging. There are no traffic lights, high-rise buildings, or big box stores, yet the town offers everything one could need on its main street, Elk Avenue. Receiving an average of 300 inches of snow per year, Crested Butte is known for its challenging ski slopes and 1,200+ miles of trails. For locals, life here centers around the endless outdoor recreational activities in any season— hiking, biking, skiing, water sports at Blue Mesa Reservoir, and more. The County of Gunnison, which includes Crested Butte, has a rich history dating back hundreds of years to the original Ute population. Ranching and mining ruled the region before skiing became the predominant industry, luring tourists from Denver and beyond. Today, both Crested Butte and Gunnison are known for their historic downtown squares with shopping, museums, and a range of dining options.

With a little over 2,300 year-round residents between Crested Butte and Mt. Crested Butte, this mountainous haven is the perfect place for those seeking serenity and uninterrupted access to adventure. Every quarter, LIV Sotheby's International Realty produces a Micro Market Report focused on Gunnison County’s market performance, which includes Crested Butte. For quarter one, this report is a year-over-year comparison of the first quarter of 2021, compared to the first quarter of 2022, analyzing January through March. The beginning of 2022 brought the same tenacity as we saw through 2021, with 50.5% fewer days on average on the market, 45.1% fewer properties sold, and a slight increase in appreciation value, rising 8.7% from $746,002 to $810,744 for the average sold price during the first quarter.

From Mt. Crested Butte to Almont, every neighborhood saw an increase in competition and a decrease in the number of properties sold, ranging from a 15.4% decrease in Crested Butte South to a 60% decrease in Rural Gunnison & Almont. Coinciding with this decrease in inventory, every neighborhood except Rural Crested Butte and Rural Gunnison & Almont, saw significant increases in the average sold price. Crested Butte saw a 150% increase in average sold price, rising from $1,308,647 last year to $3,271,875, and the City of Gunnison experienced a 106.8% increase, growing from $333,200 to $689,125 this year. Both Crested Butte and the City of Gunnison’s impressive average sold price increases were due in large part to two notable highest priced sales during the first quarter. The City of Gunnison saw a 314% increase in the highest

sold price, equating to a shocking $3,250,000 sale in 2022, compared to the highest sold price during this time last year of $785,000. Moving over to Crested Butte, a comparably pricier market, the highest sold price last year came in at $5,500,000 and rose 110% to $11,550,000 this year.

While individual communities within Gunnison County saw remarkable increases during the first three months of 2022, the overall county numbers reflect a market that experienced a slight reprieve due to narrowing inventory and fewer transactions. One thing is for sure, as the consumer desire to leave the large cities and congested suburbs continues, areas like Crested Butte will only continue to grow in popularity. As such, buyers who sought to purchase during the first quarter of 2022, and continue to do so in the months to come should be prepared to strike while the iron is hot with the help of an experienced and well-connected broker.

GUNNISON COUNTY January through March

2021

2022

% Change

Sold Listings (All)

253

139

-82.0%

Sold Single Family

64

30

-113.3%

Sold Condos/TH

74

45

-64.4%

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

400

198

-102.0%

$746,002

$810,744

8.0%

96.0%

97.8%

1.9%

$188,738,604.00

$112,693,515.00

-67.5%

All Properties January through March Average Sold Price Average Price per Acre Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price

2021

2022

% Change

$669,950

$509,909

-23.9%

$22,550

$25,931

15.0%

375

464

23.7%

$1,950,000

$1,150,000

-41.0%

10

11

10.0%

95.8%

96.3%

0.6%

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 2022 • COLORADOMICROREPORTS.COM

150.0% The average sold price in the Town of Crested Butte increased by 150.0% January through March 2022 compared to that of 2021.

January through March Average Sold Price Average Price per SqFt Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price

2022

% Change

$1,308,647

$3,271,875

150.0%

$614

$1,128

83.8%

279

669

139.8%

$5,500,000

$11,550,000

110.0%

23

8

-65.2%

97.0%

99.0%

2.1%

All Properties

January through March Average Sold Price Average Price per SqFt

TOWN OF CRESTED BUTTE

2021

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

2021

2022

% Change

$1,583,428

$2,626,666

65.9%

$770

$1,128

46.6%

179

118

-34.1%

$3,400,000

$5,100,000

50.0%

7

3

-57.1%

96.2%

99.3%

3.3%

Single Family Homes

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.

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

2021

2022

% Change

$555,180

-

-

$520

-

-

245

-

-

$757,000

-

-

5

-

-

102.7%

-

-

Condominiums, Townhomes, Duplexes and Triplexes

January through March

2021

2022

% Change

Average Sold Price

$1,769,833

$3,659,000

106.7%

Average Price per Acre

$4,428,191

$8,304,037

87.5%

407

1000

145.7%

$5,500,000

$11,550,000

110.0%

6

5

-16.7%

98.8%

99.2%

0.4%

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

Residential / Commercial Lots

January through March Average Sold Price Average Price per SqFt Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price

2021

2022

% Change

$676,858

$816,918

20.7%

$522

$622

19.2%

732

135

-81.6%

$3,350,000

$3,700,000

10.4%

78

45

-42.3%

96.4%

97.6%

1.3%

All Properties

January through March Average Sold Price Average Price per SqFt Average Days on Market

Properties Sold % Sold Price to List Price

2022

% Change

$1,522,900

$2,647,650

73.9%

$476

$723

52.0%

133

134

0.8%

$3,350,000

$3,250,000

-3.0%

10

4

-60.0%

97.8%

96.1%

-1.7%

The average days on market in Mt. Crested Butte decreased by 81.6% January through March 2022 compared to that of 2021.

Single Family Homes

January through March Average Sold Price Average Price per SqFt Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price

2021

2022

% Change

$574,977

$711,782

23.8%

$531

$647

21.7%

178

110

-38.2%

$1,500,000

$3,700,000

146.7%

47

31

-34.0%

97.2%

98.7%

1.5%

Condominiums, Townhomes, Duplexes and Triplexes

January through March Average Sold Price Average Price per Acre Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price

2021

2022

% Change

$502,000

$746,625

48.7%

$651,286

$891,409

36.9%

2259

406

-82.0%

$2,975,000

$937,500

-68.5%

21

4

-81.0%

92.4%

94.5%

2.3%

Residential / Commercial Lots

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.

MT. CRESTED BUTTE

Highest Sold Price

2021

81.6%

46.3% The average sold price in Crested Butte South increased by 46.3% January through March 2022 compared to that of 2021.

January through March Average Sold Price Average Price per SqFt Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price

2022

% Change

$421,692

$616,772

46.3%

$334

$566

69.5%

203

188

-7.4%

$995,000

$1,647,500

65.6%

13

11

-15.4%

96.7%

99.1%

2.5%

All Properties

January through March Average Sold Price Average Price per SqFt Average Days on Market

CRESTED BUTTE SOUTH

2021

Highest Sold Price Properties Sold % Sold Price to List Price

2021

2022

% Change

$882,500

$1,190,833

34.9%

$334

$578

73.2%

58

78

34.5%

$995,000

$1,647,500

65.6%

4

3

-25.0%

97.7%

98.2%

0.5%

Single Family Homes

January through March

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.

2021

2022

% Change

Average Sold Price

-

$862,500

-

Average Price per SqFt

-

$523

-

Average Days on Market

-

50

-

Highest Sold Price

-

$885,000

-

Properties Sold

-

2

-

% Sold Price to List Price

-

101.5%

-

Condominiums, Townhomes, Duplexes and Triplexes

January through March

2021

2022

% Change

Average Sold Price

$216,888

$247,833

14.3%

Average Price per Acre

$404,210

$559,874

38.5%

267

289

8.2%

$570,000

$425,000

-25.4%

9

6

-33.3%

95.8%

98.5%

2.9%

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

Residential / Commercial Lots

January through March Average Sold Price Average Price per SqFt Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price

2021

2022

% Change

$721,035

$715,211

-0.8%

$521

$633

21.4%

231

261

13.0%

$3,385,000

$2,550,000

-24.7%

57

26

-54.4%

96.6%

99.1%

2.6%

All Properties

January through March Average Sold Price Average Price per SqFt Average Days on Market

Properties Sold % Sold Price to List Price

2022

% Change

$1,724,615

$1,473,600

-14.6%

$586

$675.70

15.2%

164

127

-22.6%

$3,385,000

$2,550,000

-24.7%

13

5

-61.5%

95.7%

102.5%

7.1%

The average price per square foot in Rural Crested Butte increased by 21.4% January through March 2022 compared to that of 2021.

Single Family Homes

January through March Average Sold Price Average Price per SqFt Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price

2021

2022

% Change

$558,000

$412,000

-26.2%

$444

$561

26.4%

183

30

-83.6%

$1,365,000

$650,000

-52.4%

11

3

-72.7%

99.0%

108.5%

9.6%

Condominiums, Townhomes, Duplexes and Triplexes

January through March Average Sold Price Average Price per Acre Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price

2021

2022

% Change

$380,030

$555,083

46.1%

$547,255

$471,788

-13.8%

273

337

23.4%

$1,950,000

$1,175,000

-39.7%

33

18

-45.5%

90.1%

95.7%

6.3%

Residential / Commercial Lots

83.6% The average days on market for condominiums, townhomes, duplexes and triplexes in Rural Crested Butte decreased by 83.6% January through March 2022 compared to that of 2021.

RURAL CRESTED BUTTE

Highest Sold Price

2021

21.4%

46.6% The average days on market in the City of Gunnison decreased by 46.6% January through March 2022 compared to that of 2021.

January through March Average Sold Price Average Price per SqFt Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price

2021

2022

% Change

$333,200

$689,125

106.8%

$201

$242

20.6%

219

117

-46.6%

$785,000

$3,250,000

314.0%

30

24

-20.0%

97.0%

94.0%

-3.1%

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

2021

2022

% Change

$408,970

$574,800

40.5%

$274

$333

21.6%

68

98

44.1%

$549,000

$699,000

27.3%

10

5

-50.0%

97.8%

96.7%

-1.1%

Single Family Homes

January through March Average Sold Price Average Price per SqFt Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price

2021

2022

% Change

$286,185

$377,388

31.9%

$235

$277

17.7%

103

82

-20.4%

$365,000

$495,000

35.6%

7

9

28.6%

99.4%

99.5%

0.1%

Condominiums, Townhomes, Duplexes and Triplexes

89.8% The price per acre for residential/commercial lots in the City of Gunnison increased by 89.8% January through March 2022 compared to that of 2021.

January through March Average Sold Price Average Price per Acre Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price

2021

2022

% Change

$395,000

$1,699,250

330.2%

$481,276

$913,612

89.8%

522

232

-55.6%

$550,000

$3,250,000

490.9%

2

2

0.0%

97.5%

92.5%

-5.2%

Residential / Commercial Lots

January through March Average Sold Price Average Price per SqFt Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price

2021

2022

% Change

$596,214

$448,726

-24.7%

$269

$295

9.8%

237

230

-3.0%

$6,300,000

$1,100,000

-82.5%

35

14

-60.0%

97.3%

99.2%

2.0%

All Properties

January through March Average Sold Price

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

2022

% Change

$657,633

$567,645

-13.7%

$282

$317.61

12.6%

156

170

9.0%

$1,173,000

$1,100,000

-6.2%

15

8

-46.7%

98.9%

100.4%

1.6%

Single Family Homes

January through March Average Sold Price Average Price per SqFt Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price

2021

2022

% Change

$263,500

-

-

$265

-

-

302

-

-

$3,650,000

-

-

4

-

-

96.5%

-

-

The average price per square foot in Almont & Rural Gunnison increased by 9.8% January through March 2022 compared to that of 2021.

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.

Condominiums, Townhomes, Duplexes and Triplexes

January through March Average Sold Price Average Price per Acre Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price

2021

2022

% Change

$222,230

$239,875

7.9%

$52,441

$154,191

194.0%

340

409

20.3%

$1,350,000

$428,000

-68.3%

13

4

-69.2%

87.4%

96.6%

10.6%

Residential / Commercial Lots

7.9% The average sold price for residential and commercial lots in Almont & Rural Gunnison increased by 7.9% January through March 2022 compared to that of 2021.

ALMONT & RURAL GUNNISON

Average Price per SqFt

2021

9.8%

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 2022 • COLORADOMICROREPORTS.COM