MICROMARKET REPORT
CRESTED BUTTE | YEAR END 2020
CRESTED BUTTE GUNNISON COUNTY
1.
Town of Crested Butte
2.
Mt. Crested Butte
3.
Crested Butte South
4. Almont 5.
2
1 3
City of Gunnison
4
5
Pictured on cover: 39 Whetstone Road, Mt. Crested Butte
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CRESTED BUTTE MARKET UPDATE
Enjoy a change of pace and some of Colorado’s most breathtaking scenery in Crested Butte. This community, which includes one of Colorado’s largest National Historic Districts, is known for its world-class skiing with lighter crowds in the winter and its mountain biking, hiking, fishing, and other outdoor adventures during the summer. The community’s relaxed lifestyle and location make it the perfect place to plant roots or invest in a vacation home. Over the course of 2020, Crested Butte experienced elevated levels of real estate activity in response to homebuyers’ desire for homes that will meet their needs for additional space and enhance their overall lifestyle. LIV Sotheby’s International Realty produces a Micro Market Report focused on the Crested Butte real estate market and its performance during 2020 in comparison to 2019. Total dollar volume sold for all of Gunnison County grew by an impressive 36.3% in 2020, totaling $545,831,999. The average price per property in Gunnison County also increased from the previous year. Properties listed saw a 9.3% increase last year, bringing the average price for listings in the area to $574,559. With consumers’ cravings for homes in resort communities fueling the boom in real estate activity, most neighborhoods within Gunnison County saw rises in the number of properties sold in 2020. The most dramatic increase in listings sold was seen in Rural Crested Butte, where the total listings sold for all property types reached 178, climbing 102.3% from 2019 when 88 properties sold. The single family home market also saw a 129.6% increase in listings sold and the condo and townhome market experienced an astonishing 175.0% increase in listings sold.
GUNNISON COUNTY
January through December
2019
2020
% Change
Sold Listings (All Properties)
668
950
29.7%
Sold Single Family
162
350
53.7%
Sold Townhouse/Condo/Duplex
225
244
7.8%
Average Days on Market
189
228
17.1%
$520,877
$574,559
9.3%
94.0%
95.0%
1.1%
$347,946,257
$545,831,999
Average Sold Price % Sold Price to Original List Price Total Dollar Volume Sold
36.3% All Properties
GUNNISON COUNTY January through December
Other notable increases include the 78.6% increase in listings sold for all property types in the Town of Crested Butte, where there was a 95.2% rise in single family home sales and the 44.4% increase in listings sold in Mt. Crested Butte which had a 46.5% increase in condo and townhome sales.
Average Price
Some neighborhoods within Gunnison County saw increases in average prices for various sectors of the real estate market. For example, all property types in Mt. Crested Butte South rose in price by 6.4% which brought the average price to $651,610 in 2020. Additionally, all property types within Rural Gunnison and Almont saw a 16.9% increase in value which raised the average price to $443,298.
Properties Sold
Average Price per Acre Average Days on Market Highest Price
% Sold Price to List Price
2019
2020
% Change
$585,115
$388,480
-33.6%
$11,314
$11,442
1.1%
279
395
41.6%
$5,300,000
$2,500,000
-52.8%
39
53
35.9%
80.1%
90.0%
12.3%
All Parcels over 10 Acres
Not only did residential real estate activity surge in this iconic ski town, but land sales saw significant increases in sales as well. Land parcels in the Town of Crested Butte experienced a remarkable 183.3% increase in the number of properties sold during 2020, compared to 2019. The average price per acre for land parcels in the area increased by 9%, making the average price for land parcels $1,221,735. This beautiful mountain community, that embraces its rich history, has been a high-demand location for homebuyers and sellers in 2020. As consumers continue to prioritize lifestyle, this Colorado community’s housing market will remain a premier destination for real estate.
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.
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TOWN OF CRESTED BUTTE January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
TOWN OF CRESTED BUTTE January through December
2019
2020
% Change
$1,299,071
$1,302,474
0.3%
Average Price
$604
$634
5.1%
Average Price per Square Foot
168
265
57.7%
$4,461,500
$3,900,000
-12.6%
Highest Price
42
75
78.6%
Properties Sold
94.3%
96.3%
2.1%
Average Days on Market
% Sold Price to List Price
2019
2020
% Change
$1,734,223
$1,609,646
-7.2%
$726
$753
3.7%
153
195
27.5%
$4,461,500
$3,363,150
-24.6%
21
41
95.2%
94.6%
96.3%
1.8%
All Properties
Single Family Homes
TOWN OF CRESTED BUTTE
78.6%
January through December Average Price Average Price per Square Foot
The number of all properties sold in the Town of Crested Butte increased by 78.6% January through December 2020 compared to that of 2019.
Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$460,144
$687,657
49.4%
$436
$460
5.5%
101
196
94.1%
$799,000
$1,750,000
119.0%
9
10
11.1%
95.3%
97.4%
2.2%
Condos, Townhomes, Duplexes
TOWN OF CRESTED BUTTE 2019
2020
% Change
This year, Crested Butte is home
Average Price
$1,120,833
$1,221,735
9.0%
to the 35th Alley Loop Nordic
Average Price per Acre
$4,823,718
$4,289,275
-11.1%
Ski race, a mixture between
205
533
160.0%
hardcore cross country ski
$1,475,000
$2,500,000
69.5%
6
17
183.3%
92.4%
97.2%
5.2%
January through December
Average Days on Market Highest Price Properties Sold % Sold Price to List Price
racing and an eclectic costume party on skinny skis that winds around the alley ways of CB.
Residential / Commercial Lots
coloradomicroreports.com
MT. CRESTED BUTTE 2019
2020
% Change
$615,830
$651,610
5.8%
Average Price
$418
$445
6.4%
Average Price per Square Foot
187
191
2.1%
Average Days on Market
$5,300,000
$3,675,000
-30.7%
124
179
44.4%
91.9%
96.3%
4.8%
January through December Average Price Average Price per Square Foot Average Days on Market Highest Price
MT. CRESTED BUTTE
Properties Sold % Sold Price to List Price
January through December
Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$1,102,062
$1,409,539
27.9%
$413
$459
11.2%
189
225
19.0%
$2,170,000
$3,500,000
61.3%
24
33
37.5%
95.4%
95.6%
0.3%
All Properties
Single Family Homes
MT. CRESTED BUTTE 2019
2020
% Change
$479,264
$493,004
2.9%
$420
$441
5.1%
145
168
15.9%
$2,375,000
$3,675,000
54.7%
86
126
46.5%
96.5%
97.3%
0.9%
January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
46.5%
The number of condos, townhomes and duplexes sold in Mt. Crested Butte increased by 46.5% January through December 2020 compared to that of 2019.
Condos, Townhomes, Duplexes
MT. CRESTED BUTTE 2019
2020
% Change
Average Price
$655,515
$400,245
-38.9%
town to a height of 12,162
Average Price per Acre
$526,846
$678,836
28.8%
feet. This unique setting
Average Days on Market
501
281
-43.9%
affords some of the most
Highest Price
$5,300,000
$1,500,000
-71.7%
breathtaking vistas in
Properties Sold
13
20
53.8%
Colorado.
% Sold Price to List Price
69.0%
92.7%
34.4%
Crested Butte’s namesake
January through December
mountain rises just above
Residential / Commercial Lots
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RURAL CRESTED BUTTE
RURAL CRESTED BUTTE January through December Average Price Average Price per Square Foot Average Days on Market Highest Price
2019
2020
% Change
$801,755
$927,987
15.7%
Average Price
$477
$468
-1.9%
Average Price per Square Foot
214
262
22.4%
Average Days on Market
$4,267,500
$5,150,000
20.7%
Highest Price
88
178
102.3%
94.7%
92.4%
-2.5%
Properties Sold % Sold Price to List Price
January through December
Properties Sold % Sold Price to List Price
2019
2020
% Change
$1,698,092
$1,834,501
8.0%
$512
$483
-5.6%
245
252
2.9%
$4,267,500
$5,150,000
20.7%
27
62
129.6%
94.3%
91.2%
-3.3%
All Properties
Single Family Homes
RURAL CRESTED BUTTE January through December Average Price Average Price per Square Foot
2019
2020
% Change
$548,291
$721,951
31.7%
$397
$439
10.6%
113
124
9.7%
$1,375,000
$1,875,000
36.4%
12
33
175.0%
97.9%
98.1%
0.1%
Average Days on Market Highest Price Properties Sold % Sold Price to List Price
102.3%
The average price for all properties in Rural Crested Butte increased by 102.3% January through December 2020 compared to that of 2019.
Condos, Townhomes, Duplexes
RURAL CRESTED BUTTE Located 1.5 miles outside of town resides The Club at Crested Butte, an 18hole Robert Trent Jones Jr. designed championship golf course.
January through December
2019
2020
% Change
Average Price
$338,222
$333,825
-1.3%
Average Price per Acre
$438,032
$338,705
-22.7%
198
330
66.7%
$2,520,000
$1,625,000
-35.5%
47
79
68.1%
93.7%
92.3%
-1.5%
Average Days on Market Highest Price Properties Sold % Sold Price to List Price
Residential / Commercial Lots
coloradomicroreports.com
CRESTED BUTTE SOUTH January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
CRESTED BUTTE SOUTH
2019
2020
% Change
January through December
$388,087
$432,808
11.5%
Average Price
$311
$320
2.9%
Average Price per Square Foot
140
240
71.4%
Average Days on Market
$949,000
$1,212,500
27.8%
Highest Price
66
58
-12.1%
Properties Sold
96.8%
98.0%
1.2%
% Sold Price to List Price
2019
2020
% Change
$726,133
$794,338
9.4%
$302
$311
2.8%
145
178
22.8%
$949,000
$1,212,500
27.8%
15
18
20.0%
96.8%
98.9%
2.1%
All Properties
Single Family Homes
CRESTED BUTTE SOUTH
9.4%
January through December Average Price Average Price per Square Foot Average Days on Market
The highest price for single family homes in Crested Butte South increased by 9.4% January through December 2020 compared to that of 2019.
Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
Average Price
$149,756
$116,230
-22.4%
Average Price per Acre
$423,100
$352,225
-16.8%
147
316
115.0%
$374,400
$169,265
-54.8%
25
22
-12.0%
95.1%
91.6%
-3.7%
Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
% Change
$454,147
$458,205
0.9%
$326
$329
0.8%
138
219
58.7%
$678,000
$650,000
-4.1%
23
18
-21.7%
97.6%
98.5%
0.9%
Condos, Townhomes, Duplexes
CRESTED BUTTE SOUTH January through December
2019
Crested Butte South boasts some of the most affordable real estate in the upper valley, which is why to date, there are over 1,500 residents, making it one of the most populated neighborhoods in the area.
Residential / Commercial Lots
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CITY OF GUNNISON January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
CITY OF GUNNISON
2019
2020
% Change
January through December
$353,145
$326,272
-7.6%
$217
$129
-40.5%
171
135
-21.1%
Average Days on Market
$3,095,000
$767,500
-75.2%
Highest Price
120
129
7.5%
Properties Sold
96.8%
97.4%
0.7%
% Sold Price to List Price
Average Price Average Price per Square Foot
2019
2020
% Change
$369,173
$397,028
7.5%
$232
$243
4.8%
94
101
7.4%
$683,000
$767,500
12.4%
47
53
12.8%
97.0%
96.7%
-0.3%
All Properties
Single Family Homes
CITY OF GUNNISON
47.1%
January through December Average Price Average Price per Square Foot Average Days on Market
The number of condos, townhomes and duplexes sold in the City of Gunnison increased by 47.1% January through December 2020 compared to that of 2019.
Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$236,053
$307,328
30.2%
$225
$259
15.3%
157
163
3.8%
$370,000
$460,000
24.3%
34
50
47.1%
98.7%
98.8%
0.1%
Condos, Townhomes, Duplexes
CITY OF GUNNISON January through December
2019
2020
% Change
Average Price
$371,846
$90,375
-75.7%
Average Price per Acre
$441,831
$499,718
13.1%
514
166
-67.7%
$1,710,000
$125,000
-92.7%
13
8
-38.5%
97.1%
88.6%
-8.7%
Average Days on Market Highest Price Properties Sold % Sold Price to List Price
The slogan of the city is “Basecamp of the Rocky Mountains,� an homage to those who made the original journey west in the 1800s.
Residential / Commercial Lots
coloradomicroreports.com
ALMONT & RURAL GUNNISON ALMONT & RURAL GUNNISON January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
January through December
$379,101
$443,298
16.9%
$242
$263
8.5%
182
209
14.8%
Average Days on Market
$3,050,000
$5,000,000
63.9%
Highest Price
147
167
13.6%
Properties Sold
95.6%
91.7%
-4.0%
% Sold Price to List Price
Average Price Average Price per Square Foot
2019
2020
% Change
$643,751
$601,646
-6.5%
$284
$264
-7.0%
160
172
7.5%
$3,050,000
$5,000,000
63.9%
60
85
41.7%
96.0%
94.9%
-1.2%
All Properties
Single Family Homes
ALMONT & RURAL GUNNISON January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$318,645
$271,857
-14.7%
$219
$199
-9.2%
137
43
-68.6%
$730,000
$359,000
-50.8%
14
7
-50.0%
95.8%
98.4%
2.7%
The unincorporated community of Almont was originally named Fisher for the original founding family but was then changed to honor a famous racehorse of the late 19th century.
Condos, Townhomes, Duplexes
16.9%
The average price for all properties in Almont & Rural Gunnison increased by 16.9% January through December 2020 compared to that of 2019.
ALMONT & RURAL GUNNISON January through December Average Price Average Price per Acre Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$157,285
$161,507
2.7%
$65,733
$50,626
-23.0%
247
323
30.8%
$1,750,000
$1,350,000
-22.9%
50
53
6.0%
94.7%
88.2%
-6.9%
Residential / Commercial Lots
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AVERAGE DAYS OF SUNSHINE ANNUALLY: 300
NATIONAL PARKS: 4
WHY coloradomicroreports.com
MOUNTAIN RANGES: 7
SKI AREAS & RESORTS: 28
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The life you love.
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.
MICROMARKET REPORT | Crested Butte resorts.livsothebysrealty.com
JANUARY - DECEMBER 2020 • COLORADOMICROREPORTS.COM