Crested Butte Q3 2019 Micro Market Report

MICROMARKET REPORT |

Crested Butte • Q3 2019

GUNNISON COUNTY 2

1 3

4

1.

Town of Crested Butte

2.

Mt. Crested Butte

3.

Crested Butte South

4. Almont 5.

City of Gunnison

5

Pictured on cover: 33 Buckhorn Way, Crested Butte

coloradomicroreports.com

CRESTED BUTTE market update Gunnison County is home to some of Colorado’s most adventurous skiing, hiking and biking, breathtaking mountain views and the state’s largest body of water, Blue Mesa Reservoir. This area in comprised of five communities which includes the quaint towns of Crested Butte and Gunnison. No matter the season, adventure seekers and nature lovers alike flock to Gunnison County to get outdoors and experience the real Colorado.

GUNNISON COUNTY

January through September

LIV Sotheby’s International Realty produces a Micro Market Report focused on the Crested Butte market and its performance Q1 through Q3 of this year in comparison to the same time period last year. All of Gunnison County experienced a 24.6% increase in average price January through September of this year in comparison to 2018. On a smaller scale, the Town of Crested Butte also saw a rise in average price growing by an impressive 85.1% from 2018. In addition to increased average prices across the board, homes in Gunnison County also stayed on the market for shorter amounts of time, decreasing by 15.8%.

2018

2019

% Change

Sold Listings (All Properties)

606

490

-19.1%

Sold Single Family

195

162

-16.9%

Sold Condos/TH/DP

186

134

-28.0%

Average Days on Market

222

187

-15.8%

$393,921

$490,971

24.6%

95.6%

94.0%

-1.7%

$238,716,305

$240,576,096

0.8%

Average Price % Sold Price to List Price Total Dollar Volume Sold

All Properties

Other areas also within Gunnison County witnessed growth as well. The amount of properties sold in the City of Gunnison grew an impressive 16.5%, rising from 85 homes in Q1 through Q3 of 2018 to 99 homes in the same time frame this year.

resorts.livsothebysrealty.com

Based on data from the Gunnison County 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.

MICROMARKET REPORT | Crested Butte 2019 • COLORADOMICROREPORTS.COM

TOWN OF CRESTED BUTTE January through September Average Price

2018 $722,260

$1,336,751

85.1%

$453

$604

33.3%

193

161

-16.6%

$2,090,000

$4,461,500

113.5%

34

34

0.0%

94.3%

94.4%

0.1%

Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

% Change

2019

All Properties 706 BelleviewAvenue, Crested Butte

TOWN OF CRESTED BUTTE January through September

2018

2019

Average Price

$1,077,219

$1,802,041

67.3%

$549

$724

31.9%

221

157

-29.0%

$2,090,000

$4,461,500

113.5%

15

17

13.3%

93.6%

95.3%

1.8%

Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

4x

% Change

The number of times the record for the highest sale price to date in the Town of Crested Butte was broken so far in 2019.

(LIV Sotheby’s International Realty represented three of these homes, and brought a buyer for two!)

Single Family Homes

TOWN 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 Condos, Townhomes, Duplexes

2018

TOWN OF CRESTED BUTTE % Change

2019

January through September

2018

2019

Average Price

$200,000

$1,170,000

485.0%

Average Price per Acre

$2,857,143

$4,538,462

58.8%

53

237

347.2%

$200,000

$1,475,000

637.5%

1

5

400.0%

100%

91.0%

-9.0%

$496,226

$342,500

-31.0%

$440

$406

-7.7%

119

78

-34.5%

Average Days on Market

$964,250

$435,000

-54.9%

Highest Price

12

6

-50.0%

Properties Sold

96.4%

94.8%

-1.7%

% Sold Price to List Price

% Change

Residential / Commercial Lots

coloradomicroreports.com

MT. CRESTED BUTTE January through September Average Price

2018 $476,267

$633,103

32.9%

$353

$415

17.6%

222

197

-11.3%

$2,365,250

$5,300,000

124.1%

155

88

-43.2%

96.7%

90.6%

-6.3%

Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

% Change

2019

All Properties 17 Wildhorse Trail, Mt. Crested Butte

MT. CRESTED BUTTE

$5.3M

January through September

2018

Average Price

$1,049,675

$1,060,222

1.0%

$366

$397

8.5%

277

200

-27.8%

$2,365,250

$2,170,000

-8.3%

27

18

-33.3%

96.7%

95.5%

-1.2%

Average Price per Square Foot Average Days on Market Highest Price

The highest sale to date in Mt. Crested Butte was a parcel of 156 acres that sold for $5.3M, causing the average land price to jump 112% compared to 2018.

Properties Sold % Sold Price to List Price

% Change

2019

Single Family Homes

MT. CRESTED BUTTE January through September

2018

% Change

2019

MT. CRESTED BUTTE January through September

Average Price

$375,630

$795,188

111.7%

Average Price

Average Price per Acre

$432,469

$584,735

35.2%

Average Price per Square Foot

428

555

29.7%

Average Days on Market

$1,050,000

$5,300,000

404.8%

Highest Price

23

9

-60.9%

Properties Sold

95.2%

66.0%

-30.7%

% Sold Price to List Price

Average Days on Market Highest Price Properties Sold % Sold Price to List Price All Land

2018

% Change

2019

$350,864

$488,289

39.2%

$349

$426

22.1%

163

144

-11.7%

$1,533,500

$2,375,000

54.9%

105

60

-42.9%

97.1%

96.4%

-0.7%

Condos, Townhomes, Duplexes

MICROMARKET REPORT | Crested Butte resorts.livsothebysrealty.com

2019 • COLORADOMICROREPORTS.COM

RURAL CRESTED BUTTE January through September Average Price

2018 $578,734

$669,210

15.6%

$358

$431

20.4%

258

219

-15.1%

$2,200,000

$2,520,000

14.5%

78

60

-23.1%

94.2%

94.6%

0.4%

Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

45.5%

% Change

2019

The highest sold price for condo/townhome properties in Rural Crested Butte increased by 45.5% January through September 2019 compared to that of 2018 due to a significant sale of $1.375M.

All Properties

RURAL CRESTED BUTTE January through September

2018

2019

Average Price

$1,237,547

$1,326,750

7.2%

$364

$461

26.6%

252

254

0.8%

$2,200,000

$2,200,000

0.0%

21

16

-23.8%

95.4%

93.6%

-1.9%

Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

% Change

Single Family Homes

590 Red Mountain Ranch Road, Crested Butte

RURAL 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 Condos, Townhomes, Duplexes

2018

RURAL CRESTED BUTTE % Change

2019

January through September

2018

% Change

2019

$595,071

$555,750

-6.6%

Average Price

$299,746

$388,396

29.6%

$339

$403

18.9%

Average Price per Acre

$301,574

$507,038

68.1%

142

119

-16.2%

Average Days on Market

277

229

-17.3%

$945,000

$1,375,000

45.5%

Highest Price

$1,850,000

$2,520,000

36.2%

7

10

42.9%

Properties Sold

50

33

-34.0%

95.8%

98.2%

2.5%

91.7%

95.0%

3.6%

% Sold Price to List Price All Lots and Land

coloradomicroreports.com

CRESTED BUTTE SOUTH January through September Average Price

2018 $284,138

$379,963

33.7%

$281

$303

7.8%

212

134

-36.8%

$915,000

$910,000

-0.5%

61

47

-23.0%

97.3%

96.7%

-0.6%

Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

% Change

2019

All Properties 111 Alpine Court, Crested Butte South

CRESTED BUTTE SOUTH

88.2%

January through September Average Price

Average Price Average Price per Acre Average Days on Market Highest Price Properties Sold % Sold Price to List Price Residential /Commercial Lots

5.5%

$288

$305

5.9%

137

154

12.4%

$915,000

$910,000

-0.5%

12

13

8.3%

97.0%

96.8%

-0.2%

Properties Sold % Sold Price to List Price Single Family Homes

CRESTED BUTTE SOUTH 2018

$707,923

Average Days on Market Highest Price

% Change

2019

$670,708

Average Price per Square Foot

January through September 2019 the average price for residential lots in Crested Butte South increased by 88.2% compared to that of 2018.

January through September

2018

% Change

2019

CRESTED BUTTE SOUTH January through September

$92,827

$156,178

68.2%

Average Price

$229,280

$431,428

88.2%

Average Price per Square Foot

278

112

-59.7%

Average Days on Market

$269,000

$374,400

39.2%

Highest Price

33

19

-42.4%

96.3%

96.4%

0.1%

Properties Sold % Sold Price to List Price

2018

% Change

2019

$397,044

$429,616

8.2%

$285

$319

11.9%

135

165

22.2%

$580,000

$580,900

0.2%

15

12

-20.0%

98.2%

96.9%

-1.3%

Condos, Townhomes, Duplexes

MICROMARKET REPORT | Crested Butte resorts.livsothebysrealty.com

2019 • COLORADOMICROREPORTS.COM

CITY OF GUNNISON January through September Average Price

2018 $268,649

$326,671

21.6%

$190

$214

12.6%

175

179

2.3%

$950,000

$1,710,000

80.0%

85

99

16.5%

96.4%

97.1%

0.7%

Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

% Change

2019

All Properties 126 Diamond Lane, Gunnison

CITY OF GUNNISON January through September Average Price

2018 $350,978

$377,404

7.5%

$201

$232

15.4%

91

98

7.7%

$612,000

$683,000

11.6%

32

35

9.4%

96.9%

96.7%

-0.2%

Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

80%

% Change

2019

The highest sold price in the City of Gunnison increased by 80% through Q3 of 2019 compared to that of 2018 with the sale of commercial land for $1.71M.

Single Family Homes

CITY OF GUNNISON January through September Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price Condos, Townhomes, Duplexes

2018

CITY OF GUNNISON % Change

2019

January through September

$204,451

$237,751

16.3%

Average Price

$189

$226

19.6%

Average Price per Acre

140

161

15.0%

Average Days on Market

$324,500

$370,000

14.0%

Highest Price

31

33

6.5%

Properties Sold

97.6%

98.8%

1.2%

% Sold Price to List Price

2018

% Change

2019

$127,861

$384,500

200.7%

$294,601

$441,984

50.0%

311

524

68.5%

$259,000

$1,710,000

560.2%

8

12

50.0%

94.7%

97.5%

3.0%

Residential /Commercial Lots

coloradomicroreports.com

ALMONT & RURAL GUNNISON January through September Average Price

2018

$330,762

-13.4%

$207

$208

0.5%

208

174

-16.3%

Average Days on Market

$5,323,750

$1,750,000

-67.1%

Highest Price

108

105

-2.8%

Properties Sold

95.6%

96.2%

0.6%

Average Days on Market

Properties Sold % Sold Price to List Price All Properties

Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2018

Average Price

$503,533

$529,797

5.2%

$230

$237

3.0%

229

119

-48.0%

$1,100,000

$1,650,000

50.0%

44

41

-6.8%

95.6%

97.0%

1.5%

Average Price per Square Foot

% Sold Price to List Price

% Change

2019

Single Family Homes

ALMONT & RURAL GUNNISON January through September

January through September

$381,961

Average Price per Square Foot

Highest Price

% Change

2019

ALMONT & RURAL GUNNISON

2018

% Change

2019

ALMONT & RURAL GUNNISON January through September

2018

% Change

2019

$211,025

$320,695

52.0%

Average Price

$311,119

$162,535

-47.8%

$180

$221

22.8%

Average Price per Acre

$60,214

$60,606

0.7%

123

139

13.0%

Average Days on Market

243

276

13.6%

$467,000

$730,000

56.3%

Highest Price

$5,323,750

$1,750,000

-67.1%

16

13

-18.8%

Properties Sold

37

36

-2.7%

95.4%

95.7%

0.3%

97.1%

94.2%

-3.0%

Condos, Townhomes, Duplexes

% Sold Price to List Price All Lots and Land

GUNNISON COUNTY January through September Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2018

% Change

2019

$457,011

$680,954

49.0%

$8,555

$11,896

39.1%

369

308

-16.5%

$5,323,750

$5,300,000

-0.4%

35

31

-11.4%

91.8%

79.2%

-13.7%

All Parcels 10+ Acres 133 Rainbow Drive, Almont

MICROMARKET REPORT | Crested Butte resorts.livsothebysrealty.com

2019 • COLORADOMICROREPORTS.COM

WHY COLORADO?

NATIONAL PARKS: 4

MOUNTAIN RANGES: 7

AVERAGE DAYS OF SUNSHINE ANNUALLY: 300

SKI AREAS & RESORTS: 28

CRAFT BREWERIES: 350+

LIV SOTHEBY’S INTERNATIONAL REALTY

RESORT REPORT

Interested in learning about other resort markets?

Visit coloradomarketreports.com

The life you love.

resorts.livsothebysrealty.com | coloradomicroreports.com Based on data from the Gunnison County 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.