Crested Butte | Quarter 2, 2022

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