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

QUARTER REPORT Third 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

$84.5 Million

Total Sales Volume in Third Quarter 2018 in the Upper Valley

168

Total Properties Sold in Third Quarter 2018 in the Upper Valley

1.4% 2 | 401 Elk Avenue // 970.349.6653

Increase in Third Quarter 2018 Sales Volume compared to 2017 in the Gunnison Valley QUARTER REPORT THIRD QUARTER - 2018


Overall Market Update As the third quarter closes and we reflect on the year thus far, one thing is certain; 2018 is the year of change for Crested Butte. We can undoubtedly expect even more change in the coming years with the recent acquisition of Crested Butte Mountain Resort by Vail Resorts. We reported in the second quarter of this year that land sales were improving, and this is still true. With the exception of the Town of Crested Butte, land sales have increased by 60% or more in every area in Gunnison County compared to 2017. Parcels of 10+ acres continue to see the most growth year over year with an astonishing 318% increase in sales volume (due in part to a $5.3 million sale in March) and 84% more properties sold than in 2017. Crested Butte South experienced the second largest jump in properties sold with 78% more than 2017. Looking at all property types, prices are down 15%, causing a 9% dip in total sales volume compared to last year; however, we are seeing an increase of 6.1% in total units sold. Single family home sales were divided; the Town of Crested Butte and outlying areas continued to see a significant decrease in sales over last year, while Mt. CB sales were up 50% and Crested Butte South enjoyed a spike in sales volume of 65% in the third quarter. As inventory improves, condo sales appear to be equalizing slightly over Quarter 2 with sales in the Town of Crested Butte remaining strong and Mt. Crested Butte down just 5% over last year (compared to -33% last quarter). As the winter season kicks off and the new resort ownership takes shape, we are excited to see how the expected improvements affect interest in our small town. As tourism continues to grow in the Gunnison Valley, we expect the real estate market to follow suit. Visit us in beautiful downtown Crested Butte to learn more about these statistics and how Crested Butte Sotheby’s International Realty can help you in your real estate endeavors. Our staff of professionals have a wealth of information, 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 September 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 THIRD QUARTER - 2018

2017 $558,327 n/a 240 $4,500,000 $30,000 330 94.5% $184,248,072

2018 % Change $477,575 n/a 227 $2,365,250 $ 7,000 350 95.5% $167,151,414

-14.5% n/a -5.4% -47.4% -76.7% 6.1% 1.1% -9.3%

CrestedButteSothebysRealty.com | 3


Single Family Market Single Family Homes Crested Butte

January to September 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 $1,368,873 $546.74 251 $2,750,000 $465,000 17 97.1% $23,270,848

2018 % Change $1,077,219 $548.55 221 $2,090,000 $455,839 15 93.6% $16,158,289

-21.3% 0.3% -12.0% -24.0% -2.0% -11.8% -3.6% -30.6%

Single Family Homes Mt. Crested Butte

January to September 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 $822,565 $310.44 301 $1,400,000 $410,000 23 97.6% $18,918,999

2018 % Change $1,049,675 $366.00 277 $2,365,250 $415,000 27 96.7% $28,341,250

27.6% 17.9% -8% 68.9% 1.2% 17.4% -0.9% 49.8%

Single Family Homes Rural Crested Butte

January to September 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 $1,554,575 $471.15 205 $4,500,000 $599,000 33 93.0% $51,301,000

2018 % Change $1,237,547 $363.97 252 $2,200,000 $660,000 21 95.4% $25,988,500

-20.4% -22.7% 22.9% -51.1% 10.2% -36.4% 2.6% -49.3%

QUARTER REPORT THIRD QUARTER - 2018


Single Family Market Single Family Homes Crested Butte South

January to September 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 $670,708 $288.31 137 $915,000 $480,000 12 97.0% $8,048,500

23.6% 10.3% -16.5% -0.5% 12.9% 33.3% 1.5% 64.8%

Single Family Homes Rural Gunnison, Almont and Surrounding Areas

January to September 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 $408,334 $202.05 218 $876,600 $145,000 62 96.1% $25,316,766

2018 % Change $503,533 $229.60 229 $1,100,000 $65,000 44 95.6% $22,155,480

23.3% 13.6% 5.0% 25.5% -55.2% -29.0% -0.5% -12.5%

Single Family Homes City of Gunnison

January to September 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 THIRD QUARTER - 2018

2017 $309,436 $186.85 161 $570,000 $155,000 35 97.1% $10,830,275

2018 % Change $350,978 $201.39 91 $612,000 $185,000 32 96.9% $11,231,300

13.4% 7.8% -43.5% 7.4% 19.4% -8.6% -0.2% 3.7%

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 THIRD QUARTER - 2018


Condo and Townhome Market Condos and Townhomes Crested Butte

January to September

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

$524,600 $381.65 231 $625,000 $325,000 5 98.9% $ 2,623,000

2018 % Change $496,226 $439.58 119 $964,250 $216,120 12 96.5% $5,954,720

-5.4% 15.2% -48.5% 54.3% -33.5% 140.0% -2.4% 127.0%

Condos and Townhomes Mt. Crested Butte

January to September

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

$342,172 $301.30 192 $1,800,000 $60,500 113 95.3% $38,665,526

2018 % Change $350,864 $349.30 163 $1,533,500 $68,000 105 97.1% $36,840,789

2.5% 15.9% -15.1% -14.8% 12.4% -7.1% 1.9% -4.7%

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

January to September 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 THIRD QUARTER - 2018

2017 $302,073 $216.23 116 $1,125,000 $87,000 63 96.8% $19,030,650

2018 % Change $287,471 $223.15 69 $945,000 $59,000 69 97.0% $19,835,562

-4.8% 3.2% -40.5% -16.0% -32.2% 9.5% 0.2% 4.2%

CrestedButteSothebysRealty.com | 7


Land Market Residential Lots Crested Butte

January to September 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 $718,749 $4,563,490.48 480 $1,300,000 $451,077 4 83.6% $2,874,999

2018 % Change -

-

Residential Lots Mt. Crested Butte

January to September 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 $268,400 $402,851.78 324 $552,000 $125,000 16 92.9% $4,294,400

2018 % Change $344,977 $428,263.50 439 $574,000 $125,000 22 94.5% $7,589,500

28.5% 6.3% 35.5% 4.0% 0.0% 37.5% 1.7% 76.7%

All Lots and Land Rural Crested Butte

January to September 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 $246,994 $76,643.80 232 $930,000 $57,500 38 90.8% $9,385,800

2018 % Change $299,746 $301,573.57 277 $1,850,000 $15,000 50 91.7% $14,987,300

21.4% 293.5% 19.4% 98.9% -73.9% 31.6% 1.0% 59.7%

QUARTER REPORT THIRD QUARTER - 2018


Land Market Residential Lots CB South

January to September 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 $82,583 $209,366.20 233 $156,000 $30,000 18 85.5% $1,486,500

2018 % Change $92,687 $208,805.17 265 $269,000 $50,000 32 96.1% $2,966,000

12.2% -0.3% 13.7% 72.4% 66.7% 77.8% 12.4% 99.5%

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

January to September 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 $112,810 $10,141.85 441 $400,000 $10,000 58 90.7% $6,543,013

2018 % Change $278,540 $97,502.51 255 $5,323,750 $6,250 45 96.9% $12,534,301

146.9% 861.4% -42.2% 1230.9% -37.5% -22.4% 6.8% 91.6%

All Parcels (10 or More Acres) Gunnison County

January to September 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 THIRD QUARTER - 2018

2017 $201,263 $5,616.18 462 $930,000 $30,000 19 90.8% $3,824,000

2018 % Change $457,011 $8,554.74 369 $5,323,750 $15,000 35 91.8% $15,995,400

127.1% 52.3% -20.1% 472.4% -50.0% 84.2% 1.1% 318.3%

CrestedButteSothebysRealty.com | 9


Significant Sales in 2018

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

4 Black Diamond Trail | Mt. C.B. Sold for $2,365,250

Listed by Non-Member Sold by Red Lady Realty

Listed by Keller Williams Colorado West Realty Sold by Crested Butte Resort Real Estate

200 Wright Ranch | Rural C.B.

608 Nicholson Lake Ridge Road

Listed by Bluebird Real Estate Sold by Signature Properties Ebner & Associates

Listed by Crested Butte Sotheby’s International Realty Sold by Crested Butte Sotheby’s International Realty

713 & 715 Belleview Avenue | Town of C.B.

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

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

Listed by Coldwell Banker Mountain Properties - Sixth St. Office Sold by Coldwell Banker Mountain Properties - Sixth St. Office

Sold for $2,200,000

Sold for $2,090,000

10 | 401 Elk Avenue // 970.349.6653

Sold for $2,200,000

Sold for $2,000,000

QUARTER REPORT THIRD QUARTER - 2018


2018 Gunnison County Brokerage Stats Rank Office

Successful Transaction Sides

Sales Volume

1

Crested Butte Sotheby's International Realty

170

$80,351,223

2

Coldwell Banker Mountain Properties - 6th St.

116

$60, 344,245

3

Bluebird Real Estate

117

$48,488,050

4

Crested Butte Resort Real Estate

88.5

$44,829,639

5

Berkshire Hathaway HSTR

108

$28,972,336

6

Coldwell Banker Mountain Properties - Elk Ave

83.5

$25,198,500

7

Signature Properties Ebner & Associates

45.5

$25,043,750

8

Keller Williams Colorado West Realty

32

$17,715,500

9

The Clark Agency

58

$14,734,580

10

RE/MAX Community Brokers

44

$12,744,751

Data pulled from Agent Ranking report in MLS, for period of January - September, 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 THIRD 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

Profile for Crested Butte Sotheby's International Realty

2018 Third Quarter Report  

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

2018 Third Quarter Report  

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