Crested Butte Micro Market Reports | Quarter 2 2021

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