Birdseye View | Market Snapshot | First Quarter 2021

bringing dreams home

Welcome to Bluebird Real Estate, a premium home buying and selling experience in the heart of the Rocky Mountains of Crested Butte, Colorado.

Exceptional Marketing Bluebird is an independent, local brokerage that represents the best homes in the

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days

crested butte | colorado

bringing dreams home

winter & spring 2021 | issue 6

63 Cinnamon Road Mt. Crested Butte

property brochure

bluebird days magazine

Bluebird is the exclusive regional member of Luxury Portfolio International, the leading luxury network selling the highest volume of distinctive properties in the world. The largest global consortium of independent brokers, Leading Real Estate Companies of the World manages relocation services for Bluebird and over 550 brokerages in 70 countries.

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101 Pyramid Ave | Offered for $8,100,000

birdseye view: market snapshot, first quarter 2021 Crested Butte has been quite the popular destination lately. We ended the ski season with higher visits and revenues on the mountain, in town and on the Nordic trails. The rebound from last year’s pause is quite rejuvenating.

From conversations with real estate brokers across the country, we have learned that property sales are booming everywhere, not just here.

According to our senior brokers, the inventory is the lowest that they have ever seen. With a short two-month supply of homes and condos, buyers are snapping up the inventory as it hits the market with multiple offers above list price.

Sales volume of $129 million in the first quarter is three times higher than the same period last year in the north end of the valley. We continue to see record high prices in our established neighborhoods. Bluebird recently listed a new custom mountain modern home for $8.1 million in Aperture, the highest priced home on record. The average priced home in Crested Butte and on the mountain is $1.5 million, which appears to be a deal for shoppers who have visited other nearby resort destinations.

We have already seen sixty-seven land sales, five times the number from this time last year. The average lot has jumped over the $500,000 mark for the first time. Condo sales have doubled, with the average selling price reaching $575,000 for the first time.

211 Elk Avenue PO Box 1788 Crested Butte, CO 81224 970.349.6691 bbre1.com

Bluebird sales are up substantially this year as well. Following a record setting year as the market leader in listings, sales and multi-million dollar sales, our team of the most experienced agents in the valley have kept their feet on the pedals, working hard to locate properties not on the market, and price new listings on a rather steep appreciation curve.

Our message is that this is a great time to enter the market in Crested Butte. Many long timers are speculating that we are just seeing the beginning of a sustained upward trend in real estate demand in our community. A locally informed investor has closed over $25 million in commercial real estate in the area this year. The remaining land parcels surrounding the mountain are under contract to another investor. The North Village development is being launched to accommodate housing, commercial and recreational needs.

It is also probably the best time to sell in the history of our area. With record setting prices and a short average time on the market, the process is both rewarding and expedient.

Crested Butte has been “discovered” through the marketing of Vail and the post Covid trends toward value destination locations with a premium quality of life. As a National Historic District, we may have the best of both worlds, with a strong economy and a relaxed, peaceful culture.

crested butte area property sales statistics Crested Butte Sales - Single Family Average Price Percent Change Price/ Square Foot Days on Market Active Listings Months of Inventory Mount Crested Butte Sales - Single Family Average Price Percent Change Price/ Square Foot Days on Market Active Listings Months of Inventory Mount CB Condo/TH Sales - Condo/TH Average Price Percent Change Price/ Square Foot Days on Market Active Listings Months of Inventory Crested Butte Rural Sales - Single Family Average Price Percent Change Price/ Square Foot Days on Market Active Listings Months of Inventory CB South Sales - Single Family Average Price Percent Change Price/ Square Foot Days on Market Active Listings Months of Inventory Land - All CB Sales - Land Average Price Percent Change Days on Market Active Listings Months of Inventory

2015

2016

2017

2018

2019

YTD 3/20

2020

YTD 3/21

26 803,404

27 1,157,515 44.1% 546 175 15 6

23 1,363,624 17.8% 560 247 18 9

22 1,302,877 -4.5% 588 217 20 11

21 1,734,224 33.1% 725 154 22 13

5 1,826,630 40.2% 790 199 20 12

41 1,609,646 -7.2% 752 175 7 2

7 1,583,428 -13.3% 769 179 5 2

22 1,149,801 18.7% 373 332 35 16

29 1,028,800 -10.5% 331 243 27 11

30 1,018,750 -1.0% 363 252 25 10

24 1,102,063 8.2% 413 189 22 11

5 927,540 -11.8% 449 114 28 17

33 1,409,539 27.9% 459 225 18 7

10 1,522,900 64.2% 475 133 7 2

148 264,769 -1.0% 264 246 66 5

137 362,701 37.0% 311 161 49 4

122 397,107 9.5% 366 147 61 6

86 479,264 20.7% 419 141 63 9

23 406,758 -17.0% 429 146 88 11

126 493,004 2.9% 441 168 54 5

47 574,977 41.4% 531 178 38 2

29 1,434,216 8.8% 439 275 44 17

38 1,496,539 4.3% 451 211 41 13

30 1,309,300 -12.5% 389 208 58 23

27 1,698,093 29.7% 511 246 53 24

4 2,168,750 74.1% 554 291 41 31

62 1,834,501 8.0% 483 252 17 3

13 1,724,615 -20.5% 586 164 12 3

12 584,708 20.6% 251 119 4 2

18 632,445 8.2% 275 192 7 5

20 676,657 7.0% 287 144 6 4

15 726,133 7.3% 302 140 6 5

2 747,500 3.1% 211 232 4 6

18 794,338 9.4% 311 169 0 0

4 882,500 18.1% 333 58 1 1

83 226,878 13.7% 319

117 273,255 20.4% 305 242 25

146 278,621 2.0% 292 211 17

89 390,023 40.0% 230 248 33

11 227,000 -9.7% 221 249 68

131 431,745 10.7% 349 151 14

67 528,582 132.9% 907 141 6

450 245 16 7 26 968,404 337 221 43 18 84 267,523 230 249 127 18 31 1,318,661 361 229 44 16 18 484,972 221 106 8 4 104 199,468 397

*CREN, MLS Data, April 2021

bluebird associates and staff Bluebird Real Estate is a dynamic team of dedicated professionals who are driven by exceptional marketing and successful results for our clients. The Bluebird office building is strategically located in the heart of the downtown historic district of Crested Butte, Colorado.

Picture from L to R: Bet Egelhoff, Patti Hensley, Kristin Fitzgerald, Maggie Dethloff, Bud Bush, Jenna May, Dan Estey, Dalynn Trujillo, Jenny Knox, Jana Barrett, Joel Vosburg, Karen Allen, Charlie Farnan, Diane Aronovic, Lisa Lenander, Jennie Barry, Trevor Bona, Cynthia Wolff, Joe Summerville. Not pictured: Rich Kelley.

2019 VISU AL D ESIG N BLUE B IRD REAL ESTA TE

BEST

Bluebird’s award winning website, bbre1.com, attracts discerning buyers and sellers regionally and from around the globe. Recently the website was recognized for Best Visual Design, an international honor from our member company, Leading Real Estate Companies of the World.

We are driven by successful results for our clients and leading market share in our region. Our mission is to professionally procure the sale of a property on your behalf at the best price, as efficiently as possible, in a smooth and seamless transition.

market leader Bluebird leads the market with $250 million in property sales last year, capturing nearly one quarter of the overall market, with 90 sales in million plus homes, and an average of $15.5 million in sales per agent.

$250m

90

$15.5m

Sold Volume

Million Plus Sales

Average Sales Per Agent

in Millions

*Per CREN MLS, December 2020

211 Elk Avenue PO Box 1788 Crested Butte, CO 81224 970.349.6691 bbre1.com