YEAR END 2021
Micro Market Report CRESTED BUTTE, COLORADO
82 County Road 740
15 Cinnamon Mountain Road
Crested Butte MARKET UPDATE
Crested Butte, located in the upper valley of Gunnison County, is a true Colorado ski town that reminds us of the beauty of unplugging. 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. Receiving an average of 300 inches of snow per year, Crested Butte is known for its challenging ski slopes and 1,200+ miles of trails. 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 four, this report is a year-over-year comparison of year-end 2020, compared to year-end 2021. Throughout 2021, Gunnison County saw steady growth and appreciation in property values, resulting in 1,208 overall property sales, a 27.2% increase compared to 2020, and a 26% increase in the average sold price, rising from $574,559 to $723,874 in 2021. From Mt. Crested Butte to Almont, every neighborhood saw an increase in the number of properties sold, ranging from a 51.4% increase in Mt. Crested Butte to a 70.7% increase in Crested Butte South. Throughout the City of Gunnison and Rural Gunnison & Almont, highest priced real estate sales increased significantly; the city saw a hefty 141% increase rising from $767,500 in 2020 to $1,850,000 in 2021, and the rural communities saw a 100% increase, with the highest priced sale surging from $5,000,000 in 2020 to $10,000,000 in 2021. Land sales in the City of Gunnison were also up exponentially in value from last year, with a 340% increase in the highest sold price from $125,000 to $550,000. These significant sales aided the overall 60.2% market increase in total sales volume for Gunnison County, increasing from $545,831,999 in 2020 to $874,440,987 in 2021.
Condominium and townhome sales were up throughout most of Gunnison County, with the Town of Crested Butte and Rural Gunnison & Almont seeing the most significant increases at 100% and 114.3%, respectively. Conversely, Mt. Crested Butte, Crested Butte South, and the City of Gunnison saw the highest increases in single family home sales, and land sales were up everywhere but the Town of Crested Butte and the City of Gunnison. While the desire to move to the mountains remained strong throughout 2021, the pace of the market fluctuated depending on the area and the type of property, areas like Crested Butte South and Rural Crested Butte & Kebler Pass saw a decrease in the average number of days on the market, dropping 25.4% from 240 to 179, and 20.6% from 262 to 280, respectively. One thing is for sure, as the consumer desire to leave the large cities and congested suburbs continue, areas like Crested Butte will only continue to grow in popularity.
GUNNISON COUNTY January through December
2020
2021
% Change
Sold Listings (All)
950
1208
27.2%
Sold Single Family
350
349
-0.3%
Sold Condos/TH
242
307
26.9%
Average Days on Market
228
226
-0.9%
$574,559
$723,874
26.0%
95%
96.5%
2.1%
$545,831,999
$874,440,987
60.2%
Average Sold Price % Sold Price to List Price Total Dollar Volume Sold
All Properties January through December Average Sold Price Average Price per Acre Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$388,480
$538,552
38.6%
$11,442
$14,399
25.8%
395
425
7.6%
$2,500,000
$4,300,000
72.0%
53
86
62.3%
90.0%
94.0%
4.5%
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 - DECEMBER 2021 • COLORADOMICROREPORTS.COM
105.1% The highest sold price in the Town of Crested Butte increased by 105.1% January through December 2021 compared to that of 2020.
January through December Average Sold Price Average Price per SqFt Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$1,302,474
$1,696,349
30.2%
$680
$819
20.4%
265
247
-6.8%
$3,900,000
$8,000,000
105.1%
75
87
16.0%
96.3%
96.2%
-0.1%
All Properties
January through December Average Sold Price
TOWN OF CRESTED BUTTE
Average Price per SqFt Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$1,609,646
$2,318,500
44.0%
$753
$993
32.0%
175
128
-26.9%
$3,900,000
$4,606,000
18.1%
41
30
-26.8%
96.3%
96.9%
0.6%
Single Family Homes
January through December
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
2020
2021
% Change
$687,657
$604,137
-12.1%
$460
$597
29.8%
196
187
-4.6%
$1,750,000
$1,115,000
-36.3%
10
20
100.0%
97.3%
99.0%
1.7%
Condominiums, Townhomes, Duplexes and Triplexes
January through December Average Sold Price Average Price per Acre Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$1,221,735
$1,405,323
15.0%
$4,289,275
$5,694,221
32.8%
533
566
6.2%
$2,500,000
$5,500,000
120.0%
17
17
0.0%
97.2%
99.0%
1.9%
Residential / Commercial Lots
January through December Average Sold Price Average Price per SqFt Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$651,610
$806,582
23.8%
$445
$534.91
20.2%
191
324
69.6%
$3,675,000
$5,700,000
55.1%
179
271
51.4%
96.3%
97.2%
0.9%
All Properties
January through December Average Sold Price Average Price per SqFt Average Days on Market
Properties Sold % Sold Price to List Price
2021
% Change
$1,409,539
$2,121,756
50.5%
$459
$583
27.0%
225
126
-44.0%
$3,500,000
$5,700,000
62.9%
33
41
24.2%
95.6%
97.0%
1.4%
The amount of properties sold in Mt. Crested Butte increased by 51.4% January through December 2021 compared to that of 2020.
Single Family Homes
January through December Average Sold Price Average Price per SqFt Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$498,516
$613,958
23.2%
$444
$559
26.0%
166
146
-12.0%
$3,675,000
$2,750,000
-25.2%
124
160
29.0%
97.3%
98.5%
1.2%
Condominiums, Townhomes, Duplexes and Triplexes
January through December
2020
2021
% Change
Average Sold Price
$400,245
$571,037
42.7%
Average Price per Acre
$678,836
$613,169
-9.7%
281
1058
276.5%
$1,500,000
$3,200,000
113.3%
20
53
165.0%
92.7%
93.4%
0.7%
Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price
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
2020
51.4%
38.2% The average price per square foot in Crested Butte South increased by 38.2% January through December 2021 compared to that of 2020.
January through December Average Sold Price Average Price per SqFt Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price
2021
% Change
$432,808
$483,770
11.8%
$320
$442
38.2%
240
179
-25.4%
$1,212,500
$1,530,000
26.2%
58
99
70.7%
98.0%
99.2%
1.2%
All Properties
January through December Average Sold Price Average Price per SqFt Average Days on Market
CRESTED BUTTE SOUTH
2020
Highest Sold Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$794,338
$1,035,864
30.4%
$311
$447
43.8%
169
78
-53.8%
$1,212,500
$1,530,000
26.2%
18
26
44.4%
98.9%
100.3%
1.4%
Single Family Homes
January through December
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
2020
2021
% Change
$458,205
$625,000
36.4%
$329
$433
31.6%
219
74
-66.2%
$650,000
$890,000
36.9%
18
14
-22.2%
98.5%
99.2%
0.8%
Condominiums, Townhomes, Duplexes and Triplexes
January through December
2020
2021
% Change
Average Sold Price
$116,230
$180,887
55.6%
Average Price per Acre
$352,225
$446,178
26.7%
316
250
-20.9%
$169,265
$570,000
236.8%
22
55
150.0%
91.7%
97.3%
6.2%
Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price
Residential / Commercial Lots
January through December Average Sold Price Average Price per SqFt Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$927,987
$968,266
4.3%
$468
$634
35.4%
262
208
-20.6%
$5,150,000
$5,625,000
9.2%
178
221
24.2%
92.4%
96.8%
4.7%
20.6% The average days on market in Rural Crested Butte decreased by 20.6% January through December 2021 compared to that of 2020.
All Properties
January through December Average Sold Price Average Price per SqFt Average Days on Market
Properties Sold % Sold Price to List Price
2021
% Change
$1,766,140
$2,173,177
23.0%
$484
$703
45.5%
248
152
-38.7%
$5,150,000
$5,625,000
9.2%
65
53
-18.5%
91.3%
96.2%
5.4%
Single Family Homes
January through December Average Sold Price Average Price per SqFt Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$721,951
$839,385
16.3%
$439
$530
20.7%
124
126
1.6%
$1,875,000
$2,410,000
28.5%
33
35
6.1%
98.1%
100.2%
2.2%
Condominiums, Townhomes, Duplexes and Triplexes
January through December
2020
2021
% Change
Average Sold Price
$333,825
$515,885
54.5%
Average Price per Acre
$338,705
$428,833
26.6%
330
252
-23.6%
$1,625,000
$4,300,000
164.6%
79
131
65.8%
92.3%
96.1%
4.2%
Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price
Residential / Commercial Lots
16.3% The average sold price of condominiums, townhomes, duplexes and triplexes in Rural Crested Butte increased by 16.3% January through December 2021 compared to that of 2020.
RURAL CRESTED BUTTE
Highest Sold Price
2020
29.5% The number of properties sold in the City of Gunnison increased by 29.5% January through December 2021 compared to that of 2020.
January through December Average Sold Price Average Price per SqFt Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price
CITY OF GUNNISON
2021
% Change
$326,272
$401,249
23.0%
$240
$288
20.0%
135
124
-8.1%
$767,500
$1,850,000
141.0%
129
167
29.5%
97.4%
97.9%
0.5%
All Properties
January through December
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 Sold Price Average Price per SqFt Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$397,028
$500,486
26.1%
$243
$297
21.8%
101
78
-22.8%
$767,500
$1,125,000
46.6%
53
68
28.3%
96.7%
97.8%
1.1%
Single Family Homes
January through December Average Sold Price Average Price per SqFt Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$307,328
$313,779
2.1%
$259
$307
18.6%
163
68
-58.3%
$460,000
$750,000
63.0%
50
63
26.0%
98.8%
100.0%
1.2%
Condominiums, Townhomes, Duplexes and Triplexes
219% The average sold price for residential/ commercial lots in the City of Gunnison increased by 219% January through December 2021 compared to that of 2020.
January through December Average Sold Price Average Price per Acre Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$90,375
$288,300
219.0%
$499,718
$830,043
66.1%
166
340
104.8%
$125,000
$550,000
340.0%
8
5
-37.5%
88.6%
94.5%
6.7%
Residential / Commercial Lots
January through December Average Sold Price Average Price per SqFt Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$443,298
$579,982
30.8%
$243
$319
31.5%
209
210
0.5%
$5,000,000
$10,000,000
100.0%
167
187
12.0%
91.7%
95.7%
4.4%
All Properties
January through December Average Sold Price
Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price
2021
% Change
$601,646
$786,314
30.7%
$264
$359
36.0%
172
113
-34.3%
$5,000,000
$3,100,000
-38.0%
85
74
-12.9%
94.9%
97.7%
3.0%
Single Family Homes
January through December Average Sold Price Average Price per SqFt Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$271,857
$406,366
49.5%
$199
$281
41.1%
43
122
183.7%
$359,000
$855,000
138.2%
7
15
114.3%
98.4%
99.9%
1.5%
The average price per square foot in Almont & Rural Gunnison increased by 31.5% January through December 2021 compared to that of 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.
Condominiums, Townhomes, Duplexes and Triplexes
January through December
2020
2021
% Change
Average Sold Price
$161,507
$264,782
63.9%
Average Price per Acre
$50,626
$75,264
48.7%
323
353
9.3%
$1,350,000
$1,800,000
33.3%
53
74
39.6%
88.2%
95.0%
7.7%
Average Days on Market Highest Sold Price Properties Sold % Sold Price to List Price
Residential / Commercial Lots
63.9% The average sold price for residential and commercial lots in Almont & Rural Gunnison increased by 63.9% January through December 2021 compared to that of 2020.
ALMONT & RURAL GUNNISON
Average Price per SqFt
2020
31.5%
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 - DECEMBER 2021 • COLORADOMICROREPORTS.COM