Q2 2021
Micro Market Report CRESTED BUTTE
215 Butte Avenue
2 Ridge Lane
Crested Butte MARKET UPDATE
Located in Gunnison County, Crested Butte is a vibrant resort town nestled in the Colorado Rockies at an altitude of nearly 9,000 feet. Locals and vacationers alike revel in Crested Butte’s impressive mountain peaks, flowering fields, and historical architecture. For people seeking an out-of-the-way sanctuary, this valley offers a tight-knit community, top-tier amenities, unparalleled alpine beauty, and an abundance of activities for the outdoor enthusiast. The rising popularity of this hidden gem has kept area real estate professionals busy for months. While Crested Butte is a little more off the beaten path, many buyers clearly appreciate that seclusion and tranquility. Plus, Gunnison County is home to the state’s largest body of water, Blue Mesa Reservoir, where people can enjoy activities like sailing and kayaking. The Micro Market Report produced by LIV Sotheby’s International Realty analyzes the real estate market for the first half of 2021 compared to the the first half of 2020. The total number of sold listings in Gunnison County rose 160.1% in that time frame, with the average sales price increasing 39.4%, from $498,951 to $695,682. Heading into the peak summer selling months, real estate in Crested Butte continues to soar even as inventory remains low. That, coupled with increased demand for properties in small towns away from congested cities, is helping drive the current boom, especially in the Town of Crested Butte, Mt. Crested Butte, and Rural Crested Butte.
neighborhood. Condos and townhomes were the hot tickets in Rural Crested Butte, which saw a 425% increase in sales. Buyers seeking land, however, purchased a total of 40 lots in Mt. Crested Butte, creating a whopping 1,900% increase in land sales over the same time period in 2020. Whatever the property type, Gunnison County appears to have something for everyone.
GUNNISON COUNTY January through June
2020
2021
% Change
Sold Listings (All)
213
554
160.1%
Sold Single Family
79
151
91.1%
Sold Condos/TH
58
142
144.8%
195
310
59.0%
$498,951
$695,682
39.4%
91.0%
96.7%
6.3%
$106,279,692.00
$385,407,974.00
262.6%
Average Days on Market Average Price % Sold Price to List Price Total Dollar Volume Sold
All Properties January through june Average Price Average Price per Acre Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$445,718
$513,214
15.1%
$4,273
$14,681
243.6%
288
556
93.1%
$1,300,000
$1,950,000
50.0%
11
28
154.5%
85.6%
94.9%
10.9%
All Parcels Over 10 Acres
Boasting a 300% increase compared to the first half of 2020, buyers in the first half of 2021 purchased more single family homes in Crested Butte South than in any other
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 - JUNE 2021 • COLORADOMICROREPORTS.COM
235.7% The number of properties sold in the Town of Crested Butte increased by 235.7% January through June 2021 compared to that of 2020.
January through June Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$1,459,023
$1,492,139
2.3%
$641
$688
7.3%
161
334
107.5%
$3,363,150
$6,000,000
78.4%
14
47
235.7%
94.6%
96.5%
2.0%
All Properties
January through June Average Price
TOWN OF CRESTED BUTTE
Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$1,831,815
$2,148,428
17.3%
$739
$918
24.3%
170
162
-4.7%
$3,363,150
$3,944,000
17.3%
10
14
40.0%
94.4%
95.8%
1.5%
Single Family Homes
31.2% The average price per square foot for condominiums, townhomes, duplexes and triplexes in the Town of Crested Butte increased by 31.2% January through June 2021 compared to that of 2020.
January through June Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2021
% Change
$589,393
$538,977
-8.6%
$425
$557
31.2%
141
269
90.8%
$862,000
$861,000
-0.1%
3
11
266.7%
97.0%
100.3%
3.4%
Condominiums, Townhomes, Duplexes and Triplexes
January through June
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
-
$1,516,150
-
Average Price per Acre
-
$4,127,328
-
Average Days on Market
-
690
-
Highest Price
-
$5,500,000
-
No Sales
10
-
-
98.9%
-
Properties Sold % Sold Price to List Price
Residential / Commercial Lots
January through June Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$531,273
$749,970
41.2%
$448
$535
19.3%
153
500
226.8%
$2,100,000
$3,825,000
82.1%
46
139
202.2%
95.3%
97.2%
2.0%
All Properties
January through June Average Price Average Price per Square Foot Average Days on Market
Properties Sold % Sold Price to List Price
2021
% Change
$1,083,300
$1,795,795
65.8%
$462
$520
12.4%
122
129
5.7%
$2,100,000
$3,825,000
82.1%
9
22
144.4%
94.6%
98.2%
3.8%
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 June Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$414,305
$602,532
45.4%
$447
$544
21.7%
148
163
10.1%
$1,537,500
$2,700,000
75.6%
34
76
123.5%
95.8%
97.7%
2.0%
Condominiums, Townhomes, Duplexes and Triplexes
January through June
2020
2021
% Change
Average Price
$225,000
$464,900
106.6%
Average Price per Acre
$480,474
$598,891
24.6%
252
1,350
435.7%
$255,000
$2,975,000
1,066.7%
2
40
1,900.0%
91.8%
94.0%
2.4%
Average Days on Market Highest Price Properties Sold % Sold Price to List Price
Residential / Commercial Lots
106.6% The average price for residential/commercial lots in Mt. Crested Butte increased by 106.6% January through June 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 June Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$410,416
$460,497
12.2%
$270
$442
63.4%
257
189
-26.5%
$965,000
$2,000,000
107.3%
12
49
308.3%
97.1%
100.1%
3.1%
All Properties
January through June Average Price Average Price per Square Foot
CRESTED BUTTE SOUTH
Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$820,000
$1,072,098
30.7%
$243
$470
93.3%
228
66
-71.1%
$965,000
$2,000,000
107.3%
3
12
300.0%
98.8%
101.8%
3.0%
Single Family Homes
43.0%
The average days on market for condominiums, townhomes, duplexes and triplexes in Crested Butte South decreased by 43.0% January through June 2021 compared to that of 2020.
January through June Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$470,000
$584,166
24.3%
$291
$420
44.5%
128
73
-43.0%
$590,000
$792,000
34.2%
4
6
50.0%
97.4%
99.3%
1.9%
Condominiums, Townhomes, Duplexes and Triplexes
January through June
2020
2021
% Change
Average Price
$117,000
$175,075
49.6%
Average Price per Acre
$316,871
$387,937
22.4%
378
259
-31.5%
$145,000
$570,000
293.1%
5
29
480.0%
89.6%
96.9%
8.1%
Average Days on Market Highest Price Properties Sold % Sold Price to List Price
Residential / Commercial Lots
January through June Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$806,240
$789,495
-2.1%
$431
$554
28.8%
219
232
5.9%
$5,000,000
$4,200,000
-16.0%
26
108
315.4%
78.6%
97.3%
23.7%
All Properties
January through June Average Price Average Price per Square Foot Average Days on Market
Properties Sold % Sold Price to List Price
2021
% Change
$1,561,527
$1,760,168
12.7%
$444
$644
45.2%
209
131
-37.3%
$5,000,000
$4,200,000
-16.0%
9
24
166.7%
63.9%
96.5%
51.1%
166.7% The number of single family homes sold in Rural Crested Butte increased by 166.7% January through June 2021 compared to that of 2020.
Single Family Homes
January through June Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$816,250
$658,952
-19.3%
$422
$477
13.0%
120
147
22.5%
$1,175,000
$1,365,000
16.2%
4
21
425.0%
99.6%
99.5%
-0.1%
Condominiums, Townhomes, Duplexes and Triplexes
January through June
2020
2021
% Change
Average Price
$288,125
$448,106
55.5%
Average Price per Acre
$394,935
$454,605
15.1%
246
302
22.8%
$600,000
$1,950,000
225.0%
12
61
408.3%
94.5%
97.2%
2.8%
Average Days on Market Highest Price Properties Sold % Sold Price to List Price
Residential / Commercial Lots
16.2%
The highest price for condominiums, townhomes, duplexes and triplexes in Rural Crested Butte increased by 16.2% January through June 2021 compared to that of 2020.
15.1%
The average price per acre for residential/ commercial lots in Rural Crested Butte increased by 15.1% January through June 2021 compared to that of 2020.
RURAL CRESTED BUTTE
Highest Price
2020
66.0% The number of properties sold in the City of Gunnison increased by 66.0% January through June 2021 compared to that of 2020.
January through June Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$303,704
$380,282
25.2%
$223
$236
6.1%
129
159
23.3%
$620,000
$1,125,000
81.5%
47
78
66.0%
96.5%
97.9%
1.5%
All Properties
CITY OF GUNNISON
January through June
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
$358,390
$478,870
33.6%
$231
$286
23.8%
118
71
-39.8%
$620,000
$1,125,000
81.5%
21
36
71.4%
95.0%
98.0%
3.1%
Single Family Homes
36.2%
The average days on market for condominiums, townhomes, duplexes and triplexes in the City of Gunnison decreased by 36.2% January through June 2021 compared to that of 2020.
January through June Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$294,269
$324,515
10.3%
$241
$250
3.8%
138
88
-36.2%
$392,000
$750,000
91.3%
13
20
53.8%
99.3%
99.4%
0.1%
Condominiums, Townhomes, Duplexes and Triplexes
January through June
2020
2021
% Change
Average Price
$82,500
$240,375
191.4%
Average Price per Acre
$579,763
$881,709
52.1%
104
403
287.5%
$105,000
$550,000
423.8%
4
4
0.0%
87.3%
97.6%
11.8%
Average Days on Market Highest Price Properties Sold % Sold Price to List Price
Residential / Commercial Lots
January through June Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$355,259
$463,562
30.5%
$214
$267
24.4%
201
291
44.8%
$1,300,000
$6,300,000
384.6%
48
72
50.0%
92.6%
96.9%
4.6%
All Properties
January through June Average Price
Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2021
% Change
$512,465
$610,640
19.2%
$240
$280
16.7%
173
153
-11.6%
$1,197,000
$1,200,000
0.3%
22
25
13.6%
95.1%
98.3%
3.3%
Single Family Homes
January through June
2020
2021
% Change
Average Price
-
$378,350
-
Average Price per Square Foot
-
$267
-
Average Days on Market
-
182
-
Highest Price
-
$655,000
-
No Sales
8
-
-
96.6%
-
Properties Sold % Sold Price to List Price
19.2%
The average price for single family homes in Almont & Rural Gunnison increased by 19.2% January through June 2021 compared to that of 2020.
Condominiums, Townhomes, Duplexes and Triplexes
January through June Average Price Average Price per Acre Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$207,995
$206,579
-0.7%
$58,004
$89,401
54.1%
270
439
62.6%
$1,300,000
$1,350,000
3.8%
20
32
60.0%
86.6%
92.0%
6.3%
Residential / Commercial Lots
60.0% The number of residential/commercial lots sold in Almont & Rural Gunnison increased by 60.0% January through June 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 - JUNE 2021 • COLORADOMICROREPORTS.COM