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