M I D -Y E A R 2 0 2 2
Micro Market Report CRESTED BUTTE, COLORADO
29 Mulligan Drive
310 No Name Road
Crested Butte MARKET UPDATE
Located in the upper valley of Gunnison County, Crested Butte is known for its stunning mountain vistas and its serene escape from the ordinary. 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. Known in the winter for its abundant snowfall and challenging ski slopes, in the summer, the area transforms into the Wildflower Capital of the USA, featuring over 1,200 miles of trails and beautiful views. 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 two, this report is a year-over-year comparison of the first six months of 2021 compared to the first six months of 2022, analyzing January through June.
of $784,689. Crested Butte South saw the highest increase in average sold price of 62.7% year over year, resulting in an average property price of $697,204, up from $428,424 last year. Though prices continued to increase, inventory still flew off the market at record speeds throughout Gunnison County, with the average days on market decreasing by 44.8% to just 171 days this year. Continue reading to learn more about how the real estate market in Gunnison County performed during the first six months of the year. This Colorado Micro Market Report includes real estate data statistics for the following neighborhoods: Town of Crested Butte, Mt. Crested Butte, Crested Butte South, Rural Crested Butte, City of Gunnison, Almont & Rural Gunnison.
GUNNISON COUNTY January through June
2021
2022
% Change
Sold Listings (All)
554
337
-39.2%
Sold Single Family
150
75
-50.0%
Sold Condos/TH
143
133
-7.0%
Average Days on Market Average Sold Price % Sold Price to List Price Total Dollar Volume Sold
171
-44.8%
$784,689
12.8%
96.7%
98.1%
1.4%
$385,407,974.00
$264,440,415.00
-31.4%
All Properties January through June Average Sold Price Average Price per Acre
Like many mountainous areas, Gunnison County saw a 39.2% decrease in listings sold compared to the first six months of 2021. However, of the 337 properties sold so far this year, the average sold price increased 12.8%, indicating the strong desire for inventory in the area. This increase in average sold price resulted in an average property price
310 $695,682
Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price
2021
2022
% Change
$1,424,430
$997,362
-30.0%
$799
$481
-39.8%
443
392
-11.5%
$27,000,000
$6,792,000
-74.8%
50
29
-42.0%
93.2%
96.0%
2.9%
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 - JUNE 2022 • COLORADOMICROREPORTS.COM
56.0% The average sold price in the Town of Crested Butte increased by 56.0% January through June 2022 compared to that of 2021.
January through June Average Sold Price Average Price per SqFt Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price
2022
% Change
$1,492,139
$2,327,619
56.0%
$688
$1,048
52.2%
334
693
107.5%
$6,000,000
$11,550,000
92.5%
47
21
-55.3%
96.5%
99.1%
2.7%
All Properties
January through June 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
$2,148,428
$2,942,857
37.0%
$918
$1,190
29.6%
162
244
50.6%
$3,944,000
$5,100,000
29.3%
14
7
-50.0%
95.8%
99.2%
3.6%
Single Family Homes
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.
Average Sold Price Average Price per SqFt Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price
2021
2022
% Change
$538,977
$850,333
57.8%
$557
$716
28.5%
269
61
-77.3%
$861,000
$1,040,000
20.8%
11
3
-72.7%
100.3%
101.8%
1.5%
Condominiums, Townhomes, Duplexes and Triplexes
January through June
2021
2022
% Change
Average Sold Price
$1,513,150
$2,339,000
54.6%
Average Price per Acre
$4,194,072
$5,596,635
33.4%
690
1152
67.0%
$5,500,000
$11,550,000
110.0%
10
11
10.0%
98.9%
98.7%
-0.2%
Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price
Residential / Commercial Lots
January through June Average Sold Price Average Price per SqFt Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price
2021
2022
% Change
$749,970
$842,736
12.4%
$535
$635
18.8%
500
117
-76.6%
$3,825,000
$5,500,000
43.8%
139
94
-32.4%
97.2%
98.7%
1.6%
All Properties
January through June Average Sold Price Average Price per SqFt Average Days on Market
Properties Sold % Sold Price to List Price
2022
% Change
$1,837,738
$2,267,054
23.4%
$521
$691
32.6%
133
187
40.6%
$3,825,000
$3,300,000
-13.7%
21
11
-47.6%
103.2%
96.9%
-6.2%
The average price per square foot in Mt. Crested Butte increased by 18.8% January through June 2022 compared to that of 2021.
Single Family Homes
January through June Average Sold Price Average Price per SqFt Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price
2021
2022
% Change
$606,590
$568,947
-6.2%
$544
$627
15.3%
162
83
-48.8%
$2,700,000
$3,700,000
37.0%
77
73
-5.2%
97.8%
100.1%
2.4%
Condominiums, Townhomes, Duplexes and Triplexes
January through June Average Sold Price Average Price per Acre Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price
2021
2022
% Change
$465,307
$805,166
73.0%
$647,518
$1,447,827
123.6%
1382
284
-79.5%
$2,975,000
$1,250,000
-58.0%
39
9
-76.9%
93.9%
96.2%
2.5%
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
18.8%
33.3% The average days on market in Crested Butte South decreased by 33.3% January through June 2022 compared to that of 2021.
January through June Average Sold Price Average Price per SqFt Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price
2022
% Change
$428,424
$697,204
62.7%
$403
$595
47.5%
192
128
-33.3%
$1,311,000
$1,647,500
25.7%
48
22
-54.2%
100.6%
99.4%
-1.2%
All Properties
January through June 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
$987,743
$1,307,916
32.4%
$410
$644
57.1%
65
65
0.0%
$1,311,000
$1,647,500
25.7%
11
6
-45.5%
103.1%
99.1%
-3.8%
Single Family Homes
January through June
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.
Average Sold Price Average Price per SqFt Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price
2021
2022
% Change
$584,166
$785,666
34.5%
$420
$545
29.8%
73
82
12.3%
$792,000
$979,000
23.6%
6
6
0.0%
99.3%
100.6%
1.3%
Condominiums, Townhomes, Duplexes and Triplexes
January through June Average Sold Price Average Price per Acre Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price
2021
2022
% Change
$175,075
$277,700
58.6%
$400,549
$672,659
67.9%
259
194
-25.1%
$570,000
$430,000
-24.6%
29
10
-65.5%
96.9%
98.2%
1.3%
Residential / Commercial Lots
January through June Average Sold Price Average Price per SqFt Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price
2021
2022
% Change
$800,601
$1,188,472
48.4%
$566
$691
22.1%
230
223
-3.0%
$4,200,000
$6,792,000
61.7%
109
48
-56.0%
97.2%
97.8%
0.6%
All Properties
January through June Average Sold Price Average Price per SqFt Average Days on Market
Properties Sold % Sold Price to List Price
2022
% Change
$1,769,761
$2,594,900
46.6%
$664
$744.37
12.1%
128
103
-19.5%
$4,200,000
$6,792,000
61.7%
25
13
-48.0%
96.4%
98.4%
2.0%
The highest sold price in Rural Crested Butte increased by 61.7% January through June 2022 compared to that of 2021.
Single Family Homes
January through June Average Sold Price Average Price per SqFt Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price
2021
2022
% Change
$658,952
$669,785
1.6%
$477
$592
24.1%
147
105
-28.6%
$1,365,000
$1,250,000
-8.4%
21
7
-66.7%
99.5%
101.4%
1.9%
Condominiums, Townhomes, Duplexes and Triplexes
January through June
2021
2022
% Change
Average Sold Price
$448,106
$665,160
48.4%
Average Price per Acre
$459,108
$650,271
41.6%
302
308
2.0%
$1,950,000
$1,645,000
-15.6%
61
28
-54.1%
97.2%
96.0%
-1.3%
Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price
Residential / Commercial Lots
24.1% The average price per square foot for condominiums, townhomes, duplexes and triplexes in Rural Crested Butte increased by 24.1% January through June 2022 compared to that of 2021.
RURAL CRESTED BUTTE
Highest Sold Price
2021
61.7%
57.1% The average sold price in the City of Gunnison increased by 57.1% January through June 2022 compared to that of 2021.
January through June Average Sold Price Average Price per SqFt Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price
CITY OF GUNNISON
2022
% Change
$380,982
$598,336
57.1%
$236
$317
34.3%
159
78
-50.9%
$1,125,000
$5,600,000
397.8%
78
71
-9.0%
97.9%
96.3%
-1.6%
All Properties
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.
2021
Average Sold Price Average Price per SqFt Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price
2021
2022
% Change
$478,870
$552,580
15.4%
$286
$333
16.4%
71
85
19.7%
$1,125,000
$699,000
-37.9%
36
15
-58.3%
98.0%
97.6%
-0.5%
Single Family Homes
January through June Average Sold Price Average Price per SqFt Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price
2021
2022
% Change
$324,515
$434,279
33.8%
$250
$358
43.2%
88
56
-36.4%
$750,000
$645,000
-14.0%
20
42
110.0%
99.4%
100.1%
0.7%
Condominiums, Townhomes, Duplexes and Triplexes
59.6% The average days on market for residential/ commercial lots in the City of Gunnison decreased by 59.6% January through June 2022 compared to that of 2021.
January through June
2021
2022
% Change
Average Sold Price
$240,375
$1,191,166
395.5%
Average Price per Acre
$899,587
$1,039,443
15.5%
403
163
-59.6%
$550,000
$3,250,000
490.9%
4
3
-25.0%
97.6%
93.5%
-4.2%
Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price
Residential / Commercial Lots
January through June Average Sold Price Average Price per SqFt Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price
2021
2022
% Change
$463,562
$397,671
-14.2%
$267
$280
5.1%
291
200
-31.3%
$6,300,000
$1,333,000
-78.8%
72
40
-44.4%
96.9%
97.5%
0.6%
All Properties
January through June Average Sold Price
Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price
2022
% Change
$610,640
$651,644
6.7%
$280
$316
12.9%
153
147
-3.9%
$1,200,000
$1,333,000
11.1%
25
15
-40.0%
98.2%
97.6%
-0.6%
Single Family Homes
January through June Average Sold Price Average Price per SqFt Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price
2021
2022
% Change
$365,625
$401,250
9.7%
$267
$300
12.4%
182
28
-84.6%
$655,000
$412,500
-37.0%
8
2
-75.0%
96.6%
103.1%
6.7%
The average price per square foot in Almont & Rural Gunnison increased by 5.1% January through June 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 June Average Sold Price Average Price per Acre Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price
2021
2022
% Change
$206,579
$234,298
13.4%
$93,679
$129,697
38.4%
439
283
-35.5%
$1,350,000
$760,000
-43.7%
32
19
-40.6%
92.0%
96.5%
4.9%
Residential / Commercial Lots
38.4% The average price per acre for residential and commercial lots in Almont & Rural Gunnison increased by 38.4% January through June 2022 compared to that of 2021.
ALMONT & RURAL GUNNISON
Average Price per SqFt
2021
5.1%
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 2022 • COLORADOMICROREPORTS.COM