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

QUARTER REPORT Second 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

$44.9

Total Sales Volume in Second Quarter 2018 in the Upper Valley

98

Total Properties Sold in Second Quarter 2018 in the Upper Valley

Million

22.4% 2 | 401 Elk Avenue // 970.349.6653

Decrease in Second Quarter 2018 Sales Volume compared to 2017 in the Gunnison Valley QUARTER REPORT SECOND QUARTER - 2018


Overall Market Update With low snowfall this previous winter, summer 2018 began early and the outdoor activities are in full swing! Dry conditions have many locals doing their rain dance as we are entering our second month under a fire ban, however July typically brings afternoon showers, so Crested Buttians are hopeful for moisture soon. The overall statistics below are a bit deceiving. A fall in overall average price reflects a shift from high ticket single family home sales to more affordable residential and land sales. Single family home sales were down 23% in the Town of Crested Butte and down 44% in Crested Butte South compared to 2017. Mt. Crested Butte saw a significant increase in sales volume, however, the total number of single family properties sold throughout Gunnison County over last year was down 11%. Condo sales saw the largest increase in the Town of Crested Butte, with an impressive 185% increase in sales volume over last year, and a 250% increase in number of units sold. Despite this increase, the average price of condos and townhomes has fallen throughout Gunnison Valley. Perhaps the most surprising statistic in condo sales is the 33% decrease in Mt. Crested Butte. Mt. CB is typically the stronghold of condos and townhomes; however, a lack in inventory has driven buyers down valley. Thus far, 2018 appears to be the year of land sales with Mt. Crested Butte, Rural CB, and CB South seeing sales increase 59%, 94%, and 106% respectively. Lower Gunnison Valley shows 123% increase in land sales, and the number of parcels over 10 acres have doubled with a staggering 613% increase in sales volume thanks in part to a significant sale of 420 acres for $5.3 million. Needless to say, local builders are busy! It’s already been a very exciting summer, and our busiest quarter is still to come! Come visit and get to know the proven professionals on our staff. We have a wealth of information to guide you in your real estate journey, and we’re here to help.

All Properties UPPER VALLEY (Crested Butte, Mt. Crested Butte, Rural Crested Butte, CB South, Kebler Pass and Almont)

January to June 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 SECOND QUARTER - 2018

2017 $565,908 n/a 257 $4,500,000 $30,000 178 94.3% $100,731,800

2018 % Change $464,560 n/a 258 $2,090,000 $ 7,000 178 94.5% $82,691,773

-17.9% n/a 0.4% -53.6% -76.7% 0.0% 0.2% -17.9%

CrestedButteSothebysRealty.com | 3


Single Family Market Single Family Homes Crested Butte

January to June 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 $1,406,000 $552.46 231 $2,725,000 $715,000 9 97.6% $12,654,000

2018 % Change $1,218,618 $549.27 304 $2,090,000 $820,000 8 91.2% $9,748,950

-13.3% -0.6% 31.6% -23.3% 14.7% -11.1% -6.6% -23.0%

Single Family Homes Mt. Crested Butte

January to June 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 $774,916 $292.79 439 $1,037,500 $410,000 12 96.4% $9,298,999

2018 % Change $1,103,833 $368.48 330 $1,600,000 $599,000 12 96.6% $13,246,000

42.4% 25.9% -24.8% 54.2% 46.1% 0.0% 0.2% 42.4%

Single Family Homes Rural Crested Butte

January to June 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 $1,617,000 $486.28 231 $4,500,000 $599,000 16 91.8% $25,872,000

2018 % Change $1,200,541 $331.73 311 $2,000,000 $660,000 12 95.9% $14,406,500

-25.8% -31.8% 34.6% -55.6% 10.2% -25.0% 4.5% -44.3%

QUARTER REPORT SECOND QUARTER - 2018


Single Family Market Single Family Homes Crested Butte South

January to June 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 $542,777 $261.27 164 $920,000 $425,000 9 95.6% $4,885,000

2018 % Change $641,428 $278.02 158 $876,000 $480,000 7 97.4% $4,490,000

18.2% 6.4% -3.7% -4.8% 12.9% -22.2% 1.9% -8.1%

Single Family Homes Rural Gunnison, Almont and Surrounding Areas

January to June 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 $408,502 $196.06 247 $876,600 $145,000 38 96.4% $15,523,100

2018 % Change $525,991 $237.11 242 $1,100,000 $177,500 32 95.4% $16,831,730

28.8% 20.9% -2.0% 25.5% 22.4% -15.8% -1.0% 8.4%

Single Family Homes City of Gunnison

January to June 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 SECOND QUARTER - 2018

2017 $303,312 $187.98 125 $570,000 $191,000 16 97.1% $4,853,000

2018 % Change $314,327 $195.68 98 $525,500 $185,000 18 95.9% $5,657,900

3.6% 4.1% -21.6% -7.8% -3.1% 12.5% -1.2% 16.6%

CrestedButteSothebysRealty.com | 5


Overview Map

6

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 SECOND QUARTER - 2018


Condo and Townhome Market Condos and Townhomes Crested Butte

January to June

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

$572,500 $364.40 445 $610,000 $535,000 2 97.4% $1,145,000

2018 % Change $465,910 $421.90 103 $964,250 $216,120 7 95.1% $3,261,370

-18.6% 15.8% -76.9% 58.1% -59.6% 250.0% -2.4% 184.8%

Condos and Townhomes Mt. Crested Butte

January to June

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

$341,538 $294.67 187 $1,550,000 $66,250 72 95.2% $24,590,801

2018 % Change $294,482 $320.86 191 $860,000 $68,000 56 97.2% $16,490,999

-13.8% 8.9% 2.1% -44.5% 2.6% -22.2% 2.1% -32.9%

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

January to June 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 SECOND QUARTER - 2018

2017 $257,220 $204.69 224 $795,000 $90,000 29 96.8% $7,459,400

2018 % Change $249,132 $202.81 146 $945,000 $104,000 35 97.2% $8,719,650

-3.1% -0.9% -34.8% 18.9% 15.6% 20.7% 0.4% 16.9%

CrestedButteSothebysRealty.com | 7


Land Market Residential Lots Crested Butte

January to June 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 $1,300,000 $5,416,666.67 5 $1,300,000 $1,300,000 1 96.3% $1,300,000

2018 % Change -

-

Residential Lots Mt. Crested Butte

January to June 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 $286,428 $415,113.87 379 $552,000 $125,000 7 94.0% $2,005,000

2018 % Change $353,611 $167,148.10 371 $535,000 $162,500 9 92.3% $3,182,500

23.5% -59.7% -2.1% -3.1% 30.0% 28.6% -1.8% 58.7%

All Lots and Land Rural Crested Butte

January to June 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 $204,294 $63,133.98 301 $422,500 $103,000 17 88.2% $3,473,000

2018 % Change $269,112 $21,522.07 324 $1,300,000 $35,000 25 86.0% $6,727,800

31.7% -65.9% 7.6% 207.7% -66.0% 47.1% -2.5% 93.7%

QUARTER REPORT SECOND QUARTER - 2018


Land Market Residential Lots CB South

January to June 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 $83,888 $219,476.74 230 $156,000 $30,000 9 89.0% $755,000

2018 % Change $86,321 $190,180.90 357 $122,000 $50,000 18 98.0% $1,553,791

2.9% -13.3% 55.2% -22.8% 66.7% 100.0% 10.1% 105.8%

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

January to June 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 $115,907 $9,424.69 383 $400,000 $14,000 35 90.4% $4,056,763

2018 % Change $361,115 $7,083.02 274 $5,323,750 $6,250 25 97.9% $9,027,888

211.6% -24.8% -28.5% 1230.9% -55.4% -28.6% 8.3% 122.5%

All Parcels (10 or More Acres) Gunnison County

January to June 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 SECOND QUARTER - 2018

2017 $170,777 $3,694.00 291 $400,000 $30,000 9 92.0% $1,537,000

2018 % Change $609,063 $6,684.02 515 $5,323,750 $20,000 18 90.7% $10,963,150

256.6% 80.9% 77.0% 1230.9% -33.3% 100.0% -1.4% 613.3%

CrestedButteSothebysRealty.com | 9


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

625 Red Mountain Ranch Rd. | Rural C.B.

643 Meadow Lane | Rural C.B.

Listed by Coldwell Banker Bighorn Realty Sold by Coldwell Banker Bighorn Realty

Listed by Coldwell Banker Bighorn Realty Sold by Red Lady Realty

9 Mulligan Drive | Rural C.B.

27 Vista Court | Rural C.B.

Listed by Coldwell Banker Bighorn Realty Sold by TAVA Real Estate

Listed by Coldwell Banker Bighorn Realty Sold by Bluebird Real Estate

Sold for $2,000,000

Sold for $1,775,000

10 | 401 Elk Avenue // 970.349.6653

Sold for $1,795,000

Sold for $1,610,000

QUARTER REPORT SECOND QUARTER - 2018


2018 Gunnison County Brokerage Stats Rank Office

Successful Transaction Sides

Sales Volume

Average Sale Price

% Market Share

96.5

$42,562,649

$441,064

16.85%

1

Crested Butte Sotheby's International Realty

2

Coldwell Banker Bighorn Realty

65

$38,031,095

$585,094

15.06%

3

Red Lady Realty

45

$26,778,500

$595,078

10.60%

4

Bluebird Real Estate

49

$21,568,000

$440,163

8.54%

5

Crested Butte Resort Real Estate

46.5

$19,668,499

$422,978

7.79%

6

Berkshire Hathaway HSTR (Gunnison)

70.5

$18,104,510

$256,802

7.17%

7

RE/MAX Community Brokers

36

$10,825,751

$300,715

4.29%

8

Signature Properties Ebner & Associates

21

$10,791,750

$513,893

4.27%

9

NON-MEMBER/FSBO

10

$9,126,830

$912,683

3.61%

10

The Clarke Agency

33

$8,165,580

$247,442

3.23%

608

$251,733,052

$414,034

99.67%

Total

Data reflects the top ten grossing offices in Gunnison County, January - June, 2018. 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 SECOND QUARTER - 2018

CrestedButteSothebysRealty.com | 11


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

2018 Second Quarter Report  

Second quarter 2018 real estate market analysis for Crested Butte and Gunnison areas. Published by Crested Butte Sotheby's International Re...

2018 Second Quarter Report  

Second quarter 2018 real estate market analysis for Crested Butte and Gunnison areas. Published by Crested Butte Sotheby's International Re...