CRESTED BUTTE & GUNNISON
Quarterly Report
First Quarter of 2014
Contents 3 Overall Market Update 8 4 Single Family Market 10 6 Area Map 11 7 Condo and Townhome Market 12
Land Market Significant Sales Our Office Update Contact Us
Total Sales Volume First Quarter 2014 Gunnison County
Total Transactions First Quarter 2014 Gunnison County Percentage down First Quarter 2014 Gunnison County
2 | 401 Elk Avenue | 970.349.6653
$19.0 48 (50.2%)
Million
$24.9 72 (30.7%)
Million
Quick Hits Total Sales Volume First Quarter 2014 Upper Valley Total Transactions First Quarter 2014 Upper Valley Percentage down First Quarter 2014 Upper Valley
Overall Market Update
With a myriad of things happening this winter such as rumors of the ski resort selling, a colder winter throughout the nation and a snowier winter in Crested Butte than we have had in multiple years, the First Quarter of 2014 was much slower than 2013. Buyers were more inclined to ski the fresh powder and take a wait and see approach to purchasing this winter.
Buyers finally did decide to start moving and putting properties under contract toward the end of March with a flurry of properties going under. Currently in the Gunnison County there are 85 properties under contract with a listing value of $34.6 million, with the majority clsoing in the Second Quarter. The only segment of our market that made improvements was the condo and townhome market in Mt. Crested Butte. Due to the abundance of snow this winter, many skiers were in town to partake in the amazing skiing. The increase of skiers in town helped drive the sale of lower to middle range condos and townhomes. This segment almost doubled in sales volume from the previous year. Upper Valley Transactions Median Price Average Price Average Days on Market Highest Price Lowest Price Properties Sold % Sold Price to Original List Price Total Volume Sold
2013
2014
$243,781 $409,459 254 $2,964,000 $29,900 70 89.8% $28,662,161
$217,500 $396,851 313 $1,925,000 $37,000 48 94.5% $19,048,886
All Properties in Crested Butte, Mt. Crested Butte, Rural Crested Butte, CB South and Almont
BensonSothebysRealty.com | 3
Ravenswood | Offered for $5,500,000
James Ray Spahn Photography
Single Family Market
Town of Crested Butte | Single Family Homes
Q1: January to March Median Price Average Price Average Days on Market Highest Price Lowest Price Properties Sold % Sold Price to Original List Price Total Volume Sold
2013
2014
$597,502 $732,501 354 $1,315,000 $420,000 4 96.7% $2,930,005
$1,222,500 $1,222,500 129 $1,785,000 $660,000 2 95.9% $2,445,000
Mt. Crested Butte | Single Family Homes Q1: January to March Median Price Average Price Average Days on Market Highest Price Lowest Price Properties Sold % Sold Price to Original List Price Total Volume Sold
2013
2014
$1,300,000 $475,000 187 $1,300,000 $475,000 4 91.2% $3,550,000
$545,000 $546,000 247 $618,000 $475,000 3 95.0% $1,638,000
Rural Crested Butte | Single Family Homes Q1: January to March Median Price Average Price Average Days on Market Highest Price Lowest Price Properties Sold % Sold Price to Original List Price Total Volume Sold
4 | 401 Elk Avenue | 970.349.6653
2013
2014
$625,000 $867,807 225 $2,964,000 $330,000 13 87.8% $11,281,500
$444,000 $869,666 154 $1,925,000 $240,000 3 91.5% $2,609,000
19 Kokanee Lane| Offered for $4,600,000
Single Family Market
Crested Butte South | Single Family Homes Q1: January to March Median Price Average Price Average Days on Market Highest Price Lowest Price Properties Sold % Sold Price to Original List Price Total Volume Sold
2013
2014
$310,000 $310,000 105 $310,000 $310,000 1 95.4% $310,000
$515,500 $515,500 329 $571,000 $460,000 2 96.0% $1,031,000
Rural Gunnison and Surrounding | Single Family Homes Q1: January to March Median Price Average Price Average Days on Market Highest Price Lowest Price Properties Sold % Sold Price to Original List Price Total Volume Sold
2013
2014
$187,000 $173,395 263 $282,000 $75,000 8 97.7% $1,387,163
$278,900 $335,322 313 $675,000 $111,500 9 95.4% $3,017,900
Town of Gunnison | Single Family Homes Q1: January to March Median Price Average Price Average Days on Market Highest Price Lowest Price Properties Sold % Sold Price to Original List Price Total Volume Sold
2013
2014
$299,900 $299,900 57 $299,900 $299,900 1 100% $299,900
$154,375 $154,375 131 $173,750 $135,000 2 85.2% $308,750
BensonSothebysRealty.com | 5
535 Journeys End Road | Offered for $4,995,000
Area Map Meridian Lake Park
Skyland Trappers Crossing
Crested Butte South
Red Mountain Ranch Reserve on the East River Danni Ranch
Ohio Creek Valley
Blue Mesa Reservoir
6 | 401 Elk Avenue | 970.349.6653
WestWall Lodge | From $675,000 to $1,995,000
Condo and Townhome Market
Town Crested Butte | Condos and Townhomes Q1: January to March Median Price Average Price Average Days on Market Highest Price Lowest Price Properties Sold % Sold Price to Original List Price Total Volume Sold
2013
2014
$368,500 $368,500 69 $368,500 $368,500 1 100% $368,500
$566,000 $566,000 317 $566,000 $566,000 1 95.1% $566,000
Mt. Crested Butte | Condos and Townhomes Q1: January to March Median Price Average Price Average Days on Market Highest Price Lowest Price Properties Sold % Sold Price to Original List Price Total Volume Sold
2013
2014
$185,000 $223,553 265 $700,000 $50,000 17 91.0% $3,800,412
$203,500 $308,272 241 $1,487,500 $59,000 20 93.5% $6,165,450
Rural Crested Butte and Gunnison Areas | Condos and Townhomes Q1: January to March Median Price Average Price Average Days on Market Highest Price Lowest Price Properties Sold % Sold Price to Original List Price Total Volume Sold
2013
2014
$115,000 $222,937 165 $750,000 $49,900 16 93.4% $3,567,000
$181,500 $269,614 358 $605,000 $89,686 6 94.7% $1,617,686
BensonSothebysRealty.com | 7
Land Market
Town of Crested Butte | Residential Lots
Q1: January to March Median Price Average Price Average Days on Market Highest Price Lowest Price Properties Sold % Sold Price to Original List Price Total Volume Sold
2013
2014
$650,000 $650,000 13 $650,000 $650,000 1 92.9% $650,000
n/a n/a n/a n/a n/a 0 n/a n/a
Mt. Crested Butte | Residential Lots Q1: January to March Median Price Average Price Average Days on Market Highest Price Lowest Price Properties Sold % Sold Price to Original List Price Total Volume Sold
2013
2014
$111,000 $106,750 450 $175,000 $30,000 4 81.9% $427,000
$61,000 $61,000 352 $61,000 $61,000 1 88.4% $61,000
Rural Crested Butte | All Lots and Land Q1: January to March Median Price Average Price Average Days on Market Highest Price Lowest Price Properties Sold % Sold Price to Original List Price Total Volume Sold
8 | 401 Elk Avenue | 970.349.6653
2013
2014
$65,000 $69,081 491 $117,586 $29,900 6 80.4% $414,486
$134,250 $134,250 1007 $158,500 $110,000 2 93.2% $268,500
Land Market
Crested Butte South | Residential Lots Q1: January to March Median Price Average Price Average Days on Market Highest Price Lowest Price Properties Sold % Sold Price to Original List Price Total Volume Sold
2013
2014
$40,000 $43,807 955 $88,000 $25,000 13 76.0% $569,500
$42,000 $41,825 601 $63,750 $20,000 10 87.3% $418,250
Rural Gunnison | All Lots and Land Q1: January to March Median Price Average Price Average Days on Market Highest Price Lowest Price Properties Sold % Sold Price to Original List Price Total Volume Sold
2013
2014
$70,000 $225,141 638 $3,000,000 $5,000 41 81.2% $9,230,800
$74,500 $118,139 426 $1,169,750 $8,500 31 88.0% $3,662,324
Gunnison County | All 11+ Acre and Over Parcels Q1: January to March Median Price Average Price Average Days on Market Highest Price Lowest Price Properties Sold % Sold Price to Original List Price Total Volume Sold
2013
2014
$150,000 $471,972 606 $3,000,000 $5,000 18 83.9% $8,495,500
$240,000 $336,701 276 $1,169,750 $35,000 19 86.1% $6,397,324
BensonSothebysRealty.com | 9
Significant Sales in First Quarter of 2014
795 Skyland Drive | Rural C.B.
401 Gothic Avenue | Crested Butte
Listed by Coldwell Banker Bighorn Realty Sold by Crested Butte Resort Real Estate
Listed by Benson Sotheby’s International Realty Sold by Benson Sotheby’s International Realty
Unit 6 | Silver Ridge Condos | Mt. C.B.
202 Elk Ave(Commercial) | Crested Butte
Listed by Crested Butte Resort Real Estate Sold by Coldwell Banker Bighorn Realty
Listed by Benson Sotheby’s International Realty Sold by Coldwell Banker Bighorn Realty
Unit 406 | The Lodge at MTS | Mt. C.B.
Unit 12A | Villas Townhomes | Mt. C.B.
Listed by Benson Sotheby’s International Realty & Crested Butte Resort Real Estate Sold by Keller Williams Realty Colorado Heritage
Listed by Crested Butte Resort Real Estate Sold by Crested Butte Resort Real Estate
Sold for $1,925,000
Sold for $1,487,500
Sold for $820,000
10 | 401 Elk Avenue | 970.349.6653
Sold for $1,785,000
Sold for $1,250,000
Sold for $680,000
Benson Sotheby’s International Realty Stats • We are the leading real estate brokerage in Crested Butte by over $15 million in total sales volume compared to our closest competitor in 2013. • Our office increased its total sales volume by over 51% in 2013 compared to 2102. • Our office had a 31% market share of sales volume in 2013 in the Crested Butte area. • Our office has been involved in 201 sides of the total transactions, while our closest competitor has 114 sides. • Our office sold over $48.7 million worth of listings in 2013. • Our brokers were very successful in 2013. • The top 4 brokers in Crested Butte were all from our office. • The top listing broker in Crested Butte was from our office. • The top selling broker in Crested Butte was from our office. • The broker with the most transactions in Crested Butte was from our office. All data was pulled from the Gunnison County Association of Realtors MLS. Verify with a local Realtor. All information is deemed reliable but not guaranteed. Each office is independently owned and operated.
BensonSothebysRealty.com | 11
Contact Us
If you would like more information about this Quarterly Market Report or would like to view properties in the Crested Butte and Gunnison area please contact one of our knowledgeable brokers.
Cathy Benson 970.209.5015
Sam Lumb
Channing Boucher
Corey Dwan
Gary Huresky 970.209.2421
970.275.2554
970.596.3228
970.596.3219
Kiley Flint
970.275.2448
970.275.9357
Jaima Giles
Karen Redden
Megan Clark
Larry Neilson
Katy Mattson
Jill Matlock
Jamie Watt
Wayne Meredith
Dustin Kujawski
970.275.4601
970.275.0595
Follow Us
970.209.5943
970.209.2675
970.209.3537
970.209.2706
970.209.7849
970.349.6653
BensonSothebysRealty.com