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CRESTED BUT T E SOT H E BY ’S I NTE RNATI O NAL RE A LTY

QUARTER REPORT First Quarter - 2018


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

Quick Hits

$33

Total Sales Volume in First Quarter 2018 in the Upper Valley

68

Total Properties Sold in First Quarter 2018 in the Upper Valley

Million

9.9% 2 | 401 Elk Avenue // 970.349.6653

Percent Up of Sales Volume in 2018 compared to 2017 in the Upper Valley QUARTER REPORT FIRST QUARTER - 2018


Overall Market Update Although this winter resulted in light snowfall and will be referred to many as the winter that wasn’t, 2018 is showing very positive signs for certain real estate segments. Overall property sales are up 21% over 2017 Q1 with almost 12% more properties sold, but perhaps the most exciting data thus far is in land sales. Total dollar volume sold for parcels over 10 acres jumped a staggering 847%! Land sales in Rural Crested Butte and Gunnison area were also up 292% and 232% respectively, proving it’s not just the large parcels that are making a come back in our valley. Condo and Townhome sales were down compared to the beginning of 2017 overall as inventory declined, however the town of Crested Butte saw a slight increase in sales. Despite a decrease in Single Family home sales in Crested Butte and Rural CB areas, Gunnison areas, Almont, and Mt. Crested Butte showed a significant increase in sales. As we transition out of the slower winter season, we are looking forward to the spring of 2018. Quarter 2 typically yields the largest increase in inventory for the year, and with 114 properties currently under contract, it looks to be a very successful sales quarter as well. At Crested Butte Sotheby’s International Realty, our brokers have had a fast and furious off season with many interested buyers coming into the market. With inventory the lowest we’ve seen in years, now is the perfect time to list your property. Contact one of our brokers to experience why we are the real estate leaders in the Upper Gunnison Valley. All Properties UPPER VALLEY (Crested Butte, Mt. Crested Butte, Rural Crested Butte, CB South, Kebler Pass and Almont)

January to March Average Price Average Price per Square Foot Average Days on Market Highest Price Lowest Price Number of Properties Sold % Sold Price to List Price Total Dollar Volume Sold

QUARTER REPORT FIRST QUARTER - 2018

2017 $454,645 n/a 266 $2,700,000 $65,000 67 95.0% $30,461,250

2018 % Change $491,286 n/a 267 $2,090,000 $35,000 75 92.6% $36,846,483

8.1% n/a 0.4% -22.6% -46.2% 11.9% -2.5% 21.0%

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Single Family Market Single Family Homes Crested Butte

January to March Average Price Average Price per Square Foot Average Days on Market Highest Price Lowest Price Number of Properties Sold % Sold Price to List Price Total Dollar Volume Sold

2017 $1,582,250 $621.78 290 $2,700,000 $900,000 4 96.3% $6,329,000

2018 % Change $1,770,000 $535.34 333 $2,090,000 $1,450,000 2 89.7% $3,540,000

11.9% -13.9% 14.8% -22.6% 61.1% -50.0% -6.9% -44.1%

Single Family Homes Mt. Crested Butte

January to March Average Price Average Price per Square Foot Average Days on Market Highest Price Lowest Price Number of Properties Sold % Sold Price to List Price Total Dollar Volume Sold

2017 $776,499 $278.03 639 $899,999 $654,500 3 95.4% $2,329,499

2018 % Change $1,149,500 $357.36 215 $1,520,000 $628,000 4 94.4% $4,598,000

48.0% 28.5% -66.4% 68.9% -4.0% 33.3% -1.0% 97.4%

Single Family Homes Rural Crested Butte

January to March Average Price Average Price per Square Foot Average Days on Market Highest Price Lowest Price Number of Properties Sold % Sold Price to List Price Total Dollar Volume Sold

4 | 401 Elk Avenue // 970.349.6653

2017 $1,107,500 $370.04 268 $1,275,000 $955,000 4 95.0% $4,430,000

2018 % Change $1,177,500 $411.24 114 $1,610,000 $835,000 3 93.7% $3,532,500

6.3% 11.1% -57.5% 26.3% -12.6% -25.0% -1.4% -20.3%

QUARTER REPORT FIRST QUARTER - 2018


Single Family Market Single Family Homes Crested Butte South

January to March Average Price Average Price per Square Foot Average Days on Market Highest Price Lowest Price Number of Properties Sold % Sold Price to List Price Total Dollar Volume Sold

2017 $482,500 $280.04 212 $529,000 $440,000 5 94.3% $2,412,500

2018 % Change $580,000 $257.07 193 $650,000 $480,000 4 96.0% $2,320,000

20.2% -8.2% -9.0% 22.9% 9.1% -20.0% 1.8% -3.8%

Single Family Homes Rural Gunnison, Almont and Surrounding Areas

January to March Average Price Average Price per Square Foot Average Days on Market Highest Price Lowest Price Number of Properties Sold % Sold Price to List Price Total Dollar Volume Sold

2017 $389,916 $173.63 376 $685,000 $165,000 12 96.7% $4,679,000

2018 % Change $535,233 $245.28 228 $1,100,000 $177,500 16 94.7% $8,563,730

37.3% 41.3% -39.4% 60.6% 7.6% 33.3% -2.1% 83.0%

Single Family Homes City of Gunnison

January to March Average Price Average Price per Square Foot Average Days on Market Highest Price Lowest Price Number of Properties Sold % Sold Price to List Price Total Dollar Volume Sold

QUARTER REPORT FIRST QUARTER - 2018

2017 $270,000 $182.62 61 $280,000 $260,000 2 95.1% $540,000

2018 % Change $276,750 $170.30 109 $335,000 $185,000 6 92.1% $1,660,500

2.5% -6.7% 78.7% 19.6% -28.8% 200.0% -3.2% 207.5%

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Overview Map

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Legend 1

Crested Butte

2 Mt. Crested Butte 3 Skyland - Golf 4 CB South 5 Gunnison 6 Almont 6 | 401 Elk Avenue // 970.349.6653

QUARTER REPORT FIRST QUARTER - 2018


Condo and Townhome Market Condos and Townhomes Crested Butte

January to March

2017

Average Price Average Price per Square Foot Average Days on Market Highest Price Lowest Price Number of Properties Sold % Sold Price to List Price Total Dollar Volume Sold

$610,000 $350.98 558 $610,000 $610,000 1 97.6% $610,000

2018 % Change $590,185 $469.86 106 $964,250 $216,120 2 89.8% $1,180,370

-3.2% 33.9% -81.0% 58.1% -64.6% 100.0% -8.0% 93.5%

Condos and Townhomes Mt. Crested Butte

January to March

2017

Average Price Average Price per Square Foot Average Days on Market Highest Price Lowest Price Number of Properties Sold % Sold Price to List Price Total Dollar Volume Sold

$301,962 $278.84 215 $1,550,000 $66,250 33 96.1% $9,964,751

2018 % Change $348,833 $346.16 227 $860,000 $68,000 24 97.3% $8,372,000

15.5% 24.1% 5.6% -44.5% 2.6% -27.3% 1.2% -16.0%

Condos and Townhomes Rural CB, CB South, Almont, Rural Gunnison and City of Gunnison

January to March Average Price Average Price per Square Foot Average Days on Market Highest Price Lowest Price Number of Properties Sold % Sold Price to List Price Total Dollar Volume Sold

QUARTER REPORT FIRST QUARTER - 2018

2017 $259,041 $197.90 107 $645,000 $90,000 12 97.6% $3,108,500

2018 % Change $222,487 $189.79 184 $467,000 $115,000 8 97.8% $1,779,900

-14.1% -4.1% 72.0% -27.6% 27.8% -33.3% 0.2% -42.7%

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Land Market Residential Lots Crested Butte

January to March Average Price Average Price per Acre Average Days on Market Highest Price Lowest Price Number of Properties Sold % Sold Price to List Price Total Dollar Volume Sold

2017 -

2018 % Change -

-

Residential Lots Mt. Crested Butte

January to March Average Price Average Price per Acre Average Days on Market Highest Price Lowest Price Number of Properties Sold % Sold Price to List Price Total Dollar Volume Sold

2017 $242,166 $403,611.11 428 $540,000 $125,000 6 92.8% $1,453,000

2018 % Change $385,000 $325,167 444 $520,000 $225,000 6 92.6% $2,310,000

59.0% -19.4% 3.7% -3.7% 80.0% 0.0% -0.2% 59.0%

All Lots and Land Rural Crested Butte

January to March Average Price Average Price per Acre Average Days on Market Highest Price Lowest Price Number of Properties Sold % Sold Price to List Price Total Dollar Volume Sold

8 | 401 Elk Avenue // 970.349.6653

2017 $217,900 $275,126.26 377 $350,000 $112,500 5 82.9% $1,089,500

2018 % Change $328,461 $225,066 392 $1,300,000 $35,000 13 83.1% $4,270,000

50.7% -18.2% 4.0% 271.4% -68.9% 160.0% 0.2% 291.9%

QUARTER REPORT FIRST QUARTER - 2018


Land Market Residential Lots CB South

January to March Average Price Average Price per Acre Average Days on Market Highest Price Lowest Price Number of Properties Sold % Sold Price to List Price Total Dollar Volume Sold

2017 $75,000 $182,926.83 100 $85,000 $65,000 2 79.4% $150,000

2018 % Change $107,687 $166,926.65 169 $237,500 $58,250 4 91.9% $430,750

43.6% -8.7% 69.0% 179.4% -10.4% 100.0% 15.7% 187.2%

All Lots and Land City of Gunnison, Rural Gunnison, Almont and Surrounding Areas

January to March Average Price Average Price per Acre Average Days on Market Highest Price Lowest Price Number of Properties Sold % Sold Price to List Price Total Dollar Volume Sold

2017 $140,170 $32,467.00 342 $400,000 $14,000 15 91.4% $2,102,563

2018 % Change $775,805 $115,878.07 322 $5,323,750 $68,500 9 98.2% $6,982,250

453.5% 256.9% -5.8% 1230.9% 389.3% -40.0% 7.4% 232.1%

All Parcels (10 or More Acres) Gunnison County

January to March Average Price Average Price per Acre Average Days on Market Highest Price Lowest Price Number of Properties Sold % Sold Price to List Price Total Dollar Volume Sold

QUARTER REPORT FIRST QUARTER - 2018

2017 $400,000 $10,000 34 $400,000 $400,000 1 100% $400,000

2018 % Change $1,012,305 $13,664 684 $5,323,750 $50,000 9 90.8% $9,110,750

18.3% 14.3% 2114.7% 225.0% -87.5% 700.0% -19.6% 846.8%

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Significant Sales in 2018

TBD Snowy River Lane | Gunnison Sold for $5,323,750

713 & 715 Belleview Avenue | Town of C.B. Sold for $2,090,000

Listed by Non-Member Sold by Red Lady Realty

Listed by Crested Butte Sotheby’s International Realty Sold by Crested Butte Resort Real Estate

27 Vista Court | Rural C.B.

10 Anthracite Road | Mt. C.B.

Listed by Coldwell Banker Bighorn Realty Sold by Bluebird Real Estate

Listed by Keller Williams Colorado West Realty Sold by Crested Butte Sotheby’s International Realty

214 Sopris Avenue | Town of C.B.

18 Appaloosa | Mt. C.B.

Listed by Crested Butte Sotheby’s International Realty Sold by Bluebird Real Estate

Listed by Red Lady Realty Sold by Red Lady Realty

Sold for $1,610,000

Sold for $1,450,000

10 | 401 Elk Avenue // 970.349.6653

Sold for $1,520,000

Sold for $1,400,000

QUARTER REPORT FIRST QUARTER - 2018


Crested Butte Sotheby’s International Realty Stats • CBSIR leads the real estate brokerage community in Crested Butte by $86.4 million in total transaction volume in comparison to our closest competitor in 2017. • The CBSIR office had a 33% market share of sales volume in 2017 in the Crested Butte area. • CBSIR has been involved in 307 transaction sides of the 916 total in the Upper Valley. • CBSIR sold $88.5 million worth of our listings in 2017. • Our CBSIR brokers were very successful in 2017. • The top sales volume broker for 2017 is a CBSIR broker and 3 of the top 9 brokers in sales volume in Crested Butte are CBSIR brokers • 2 of the top 4 brokers in transactional volume in Crested Butte are CBSIR brokers • The top listing broker in Crested Butte is a CBSIR broker. • 5 of the top 11 buyers’ brokers in Crested Butte are CBSIR brokers. 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.

QUARTER REPORT FIRST QUARTER - 2018

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If you would like more information about this Quarter Report, would like detailed market data concerning your property or would like to view any property in the Crested Butte and Gunnison area, please contact one of our knowledgeable and experienced brokers.

LEADERSHIP TEAM

Cathy Benson 970.209.5015 Owner/Broker

Kourtney Gottschalk 970.349.6653 Marketing Director

Cassie Slentz 970.349.6653 Office Manager

OUR BROKERS

Channing Boucher 970.596.3228

Di Bridges 970.901.0888

Gary Huresky 970.209.2421

Jaima Giles 970.275.9357

Jill Matlock 970.275.0595

Katy Mattson 970.275.4601

Kiley Flint 970.275.2554

Megan Clark 970.209.3537

Larry Neilson 970.209.7849

Oz Osmundson 970.275.2448

Sam Lumb 970.275.2448

Wayne Meredith 970.209.2706

CrestedButteSothebysRealty.com

Profile for Crested Butte Sotheby's International Realty

First Quarter Report 2018  

2018 First Quarter sales analysis for Crested Butte Sotheby's International Realty in Crested Butte and Gunnison areas

First Quarter Report 2018  

2018 First Quarter sales analysis for Crested Butte Sotheby's International Realty in Crested Butte and Gunnison areas