Q3 2021
Micro Market Report CRESTED BUTTE
13 Kokanee Lane
346 Overlook Trail
Crested Butte MARKET UPDATE
Crested Butte, located in north-central Gunnison County, receives an average of 300 inches of snow per year and is known for its challenging ski slopes and 1,200+ miles of trails. Dubbed “the wildflower capital of Colorado,” Crested Butte and its surrounding wilderness provide gorgeous vistas and flowering meadows throughout the warm summer months. 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. It is no surprise that the county has seen a steady influx of potential buyers cruise into town hoping to own a slice of this mountain wonderland. The Micro Market Report produced by LIV Sotheby’s International Realty analyzes the real estate market for the first three quarters of 2021 compared to the first three quarters of 2020. Gunnison County had a strong showing between January and September, with an overall 60.5% increase in properties sold over this time last year. Every neighborhood saw an increase in the number of sold listings, ranging from a 67.4% increase in the Town of Crested Butte to a 139.4% increase in Crested Butte South. The total dollar volume sold in the region grew an incredible 123.1%, from $291,906,760 to $651,293,514. As the exodus from large cities and congested suburbs continues, a desire to own something off the beaten path fueled competition for Crested Butte properties in the first three quarters of 2021. Single family homes were especially popular, but condominiums and townhomes also sold well, and land sales went like hotcakes in all areas except the City of Gunnison, which saw a 50% decrease in land sales. However, the City of Gunnison also experienced the highest price increase—at 340%—for a single land parcel sold.
Despite the overall rise in housing and land prices across most of Gunnison County, properties in some neighborhoods didn’t sell as fast as they did over the same time frame in 2020. Even though the average number of days a property stayed on the market increased in some neighborhoods, others saw dramatic increases in the number of properties sold, specifically a 433.3% increase in the number of residential and commercial lots sold in Mt. Crested Butte compared to last year, from 9 to 48. In Rural Crested Butte, the highest price paid for a parcel of land over 10 acres was $4.3 million—an incredible increase of 224.5%. In Almont & Rural Gunnison, condominium and townhome sales rose 200% over the same time frame last year. All this market activity shows that Gunnison County, like other Colorado resort communities, remains a popular choice for buyers in 2021.
GUNNISON COUNTY January through September
2020
2021
% Change
Sold Listings (All)
567
910
60.5%
Sold Single Family
218
263
20.6%
Sold Condos/TH
144
219
52.1%
Average Days on Market
214
254
18.7%
$514,826
$715,707
39.0%
94%
96.4%
2.8%
$291,906,760.00
$651,293,514.00
123.1%
Average Price % Sold Price to List Price Total Dollar Volume Sold
All Properties January through September Average Price Average Price per Acre Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$317,245
$555,531
75.1%
$6,789
$14,399
112.1%
377
482
27.9%
$1,325,000
$4,300,000
224.5%
33
63
90.9%
88.4%
94.2%
6.5%
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 - SEPTEMBER 2021 • COLORADOMICROREPORTS.COM
67.4%
The number of properties sold in the Town of Crested Butte increased by 67.4% January through September 2021 compared to that of 2020.
January through September Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$1,286,417
$1,533,283
19.2%
$627
$745
18.9%
183
278
51.9%
$3,363,150
$6,000,000
78.4%
43
72
67.4%
95.7%
97.2%
1.5%
All Properties
January through September 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
$1,592,391
$2,184,291
37.2%
$712
$982
38.0%
195
127
-34.9%
$3,363,150
$4,250,000
26.4%
25
24
-4.0%
96.1%
96.8%
0.7%
Single Family Homes
183% The number of properties sold for condominiums, townhomes, duplexes and triplexes in the Town of Crested Butte increased by 183.3% January through September 2021 compared to that of 2020.
January through September Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2021
% Change
$733,779
$595,808
-18.8%
$451
$579
28.5%
125
194
55.2%
$1,750,000
$1,115,000
-36.3%
6
17
183.3%
97.1%
99.8%
2.8%
Condominiums, Townhomes, Duplexes and Triplexes
January through September
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
$1,115,562
$1,405,323
26.0%
Average Price per Acre
$6,337,297
$5,694,221
-10.1%
190
566
197.9%
$2,279,500
$5,500,000
141.3%
8
17
112.5%
95.4%
99.0%
3.9%
Average Days on Market Highest Price Properties Sold % Sold Price to List Price
Residential / Commercial Lots
January through September Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$529,971
$822,002
55.1%
$428
$554.63
29.6%
171
385
125.1%
$2,100,000
$5,700,000
171.4%
102
196
92.2%
95.7%
96.9%
1.3%
All Properties
January through September Average Price Average Price per Square Foot Average Days on Market
Properties Sold % Sold Price to List Price
2021
% Change
$1,144,668
$2,050,926
79.2%
$433
$564
30.2%
183
113
-38.3%
$2,100,000
$5,700,000
171.4%
16
34
112.5%
94.3%
97.4%
3.4%
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 September Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$421,033
$601,435
42.8%
$431
$559
29.7%
147
145
-1.4%
$1,537,500
$2,700,000
75.6%
75
110
46.7%
96.8%
98.3%
1.6%
Condominiums, Townhomes, Duplexes and Triplexes
January through September
2020
2021
% Change
Average Price
$429,155
$508,541
18.5%
Average Price per Acre
$618,780
$640,604
3.5%
310
1,146
269.7%
$800,000
$2,975,000
271.9%
9
48
433.3%
93.2%
91.9%
-1.3%
Average Days on Market Highest Price Properties Sold % Sold Price to List Price
Residential / Commercial Lots
433% The number of residential and commercial lots sold in Mt. Crested Butte increased by 433.3% January through September 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 September Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$420,842
$469,545
11.6%
$294
$460
56.6%
241
202
-16.2%
$970,000
$2,000,000
106.2%
33
79
139.4%
97.4%
99.2%
1.8%
All Properties
January through September 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
$744,818
$1,079,983
45.0%
$293
$476
62.3%
178
71
-60.1%
$970,000
$2,000,000
106.2%
11
19
72.7%
98.8%
100.2%
1.5%
Single Family Homes
52.5% The average price for condominiums, townhomes, duplexes and triplexes in Crested Butte South increased by 52.5% January through September 2021 compared to that of 2020.
January through September Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$437,480
$667,111
52.5%
$294
$426
44.9%
208
74
-64.4%
$650,000
$890,000
36.9%
10
9
-10.0%
97.7%
100.2%
2.5%
Condominiums, Townhomes, Duplexes and Triplexes
January through September
2020
2021
% Change
Average Price
$110,000
$176,774
60.7%
Average Price per Acre
$268,668
$415,464
54.6%
327
276
-15.6%
$155,000
$570,000
267.7%
12
47
291.7%
88.4%
97.0%
9.7%
Average Days on Market Highest Price Properties Sold % Sold Price to List Price
Residential / Commercial Lots
January through September Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$948,808
$904,455
-4.7%
$440
$615
39.8%
247
215
-13.0%
$5,150,000
$4,300,000
-16.5%
89
172
93.3%
90.3%
97.1%
7.5%
All Properties
January through September Average Price Average Price per Square Foot Average Days on Market
Properties Sold % Sold Price to List Price
2021
% Change
$1,646,137
$2,043,918
24.2%
$447
$687
53.6%
233
137
-41.2%
$5,150,000
$4,200,000
-18.4%
36
38
5.6%
88.2%
96.7%
9.6%
Single Family Homes
January through September Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$733,013
$817,338
11.5%
$431
$526
22.2%
135
134
-0.7%
$1,275,000
$2,410,000
89.0%
19
31
63.2%
98.2%
100.7%
2.5%
53.6% The average price per square foot for single family homes in Rural Crested Butte increased by 53.6% January through September 2021 compared to that of 2020.
Condominiums, Townhomes, Duplexes and Triplexes
January through September
2020
2021
% Change
Average Price
$330,053
$502,089
52.1%
Average Price per Acre
$343,986
$379,921
10.4%
324
269
-17.0%
$1,325,000
$4,300,000
224.5%
33
101
206.1%
92.6%
95.9%
3.6%
Average Days on Market Highest Price Properties Sold % Sold Price to List Price
Residential / Commercial Lots
206% The number of residential and commercial lots sold in Rural Crested Butte increased by 206.1% January through September 2021 compared to that of 2020.
RURAL CRESTED BUTTE
Highest Price
2020
38.9% The number of properties sold in the City of Gunnison increased by 38.9% January through September 2021 compared to that of 2020.
January through September Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
CITY OF GUNNISON
2021
% Change
$307,529
$380,227
23.6%
$223
$275
23.4%
128
140
9.4%
$675,000
$1,125,000
66.7%
90
125
38.9%
97.2%
98.1%
0.9%
All Properties
January through September
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.
2020
Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$380,045
$488,650
28.6%
$239
$294
23.1%
106
75
-29.2%
$675,000
$1,125,000
66.7%
39
54
38.5%
96.6%
98.1%
1.6%
Single Family Homes
45.0% The average days on market for condominiums, townhomes, duplexes and triplexes in the City of Gunnison decreased by 45% January through September 2021 compared to that of 2020.
January through September Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$282,241
$301,220
6.7%
$237
$289
21.7%
129
71
-45.0%
$392,000
$750,000
91.3%
29
41
41.4%
99.0%
100.3%
1.2%
Condominiums, Townhomes, Duplexes and Triplexes
January through September Average Price Average Price per Acre Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$90,375
$240,375
166.0%
$499,718
$899,587
80.0%
166
403
142.8%
$125,000
$550,000
340.0%
8
4
-50.0%
88.6%
97.6%
10.2%
Residential / Commercial Lots
January through September Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$388,894
$584,281
50.2%
$241
$315
30.5%
207
230
11.1%
$2,750,000
$10,000,000
263.6%
104
138
32.7%
92.7%
95.2%
2.7%
All Properties
January through September Average Price
Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2021
% Change
$504,041
$758,348
50.5%
$249
$351
41.0%
182
115
-36.8%
$1,197,000
$3,100,000
159.0%
57
54
-5.3%
95.5%
97.1%
1.7%
Single Family Homes
January through September Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$268,250
$415,000
54.7%
$200
$284
41.7%
25
142
468.0%
$355,000
$855,000
140.8%
4
12
200.0%
100.3%
98.9%
-1.4%
50.5% The average price for single family homes in Almont & Rural Gunnison increased by 50.5% January through September 2021 compared to that of 2020.
Condominiums, Townhomes, Duplexes and Triplexes
January through September
2020
2021
% Change
Average Price
$151,769
$244,955
61.4%
Average Price per Acre
$44,305
$93,751
111.6%
303
390
28.7%
$1,300,000
$1,351,000
3.9%
33
55
66.7%
86.0%
96.6%
12.3%
Average Days on Market Highest Price Properties Sold % Sold Price to List Price
Residential / Commercial Lots
61.4% The average price for residential and commercial lots in Almont & Rural Gunnison increased by 61.4% January through September 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 - SEPTEMBER 2021 • COLORADOMICROREPORTS.COM