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B E N S O N S OT H E B Y ’S I N T E R N AT I O N A L R E A LT Y

QUARTER REPORT Year End 2016


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

$185.8

Total Sales Volume in 2016 in the Upper Valley

383

Total Transactions in 2016 in the Upper Valley

Million

8.9% 2 | 401 Elk Avenue // 970.349.6653

Percentage Up of Sales Volume in 2016 compared to 2015 in the Upper Valley QUARTER REPORT YEAR END 2016


Overall Market Update The 2016 upper valley real estate market ended with an almost 9% sales volume growth. This marks the 4th straight year that our sales volume has increased by at least 7% compared to the prior year’s sales. This can be attributed to the growing popularity of Crested Butte driving up the average price throughout the years. The town of Crested Butte again was strong throughout all market segments. Homes, condos/townhomes and land all saw gains in average price, price per square foot/acre and total sales volume. However, the strongest market segment was the condo/townhome market in Mt. Crested Butte. Sixty-three more condominium units sold in 2016 than in 2015. Total sales volume growth was an amazing 73%. We believe in 2017 we will continue to see increases in average sales price as Crested Butte is becoming more and more “on the map.” Adding to the positive messages about CB have been our recent snowfall totals. During the first 2 weeks of 2017 we recorded over 100” of snow -- by far the most in the entire state of Colorado. Our biggest challenge in 2017 will be a lack of well-priced inventory. There are many new listings coming on that are above market value as sellers are shooting for the stars hoping for a return of 2006-2007 values. Our inventory is at an all-time low and we would be pleased to give you a confidential presentation of what we can do for you. Feel free to contact one of our knowledgeable brokers.

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

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 YEAR END 2016

2015

2016

% Change

$451,519 n/a 333 $4,000,000 $4,700 378 92.8% $170,674,359

$485,267 n/a 284 $4,300,000 $2,500 383 94.3% $185,857,397

7.5% n/a -14.7% 7.5% -46.8% 1.3% 1.6% 8.9%

BensonSothebysRealty.com | 3


Single Family Market Single Family Homes Crested Butte

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

2015

2016

% Change

$803,403 $450.27 271 $1,925,000 $290,000 26 94.3% $20,888,500

$1,226,135 $545.93 172 $2,389,398 $700,000 25 95.6% $30,653,398

52.6% 21.2% -36.5% 24.1% 141.4% -3.8% 1.4% 46.7%

Single Family Homes Mt. Crested Butte

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

2015

2016

% Change

$968,403 $337.15 364 $3,937,500 $310,000 26 92.2% $25,178,500

$1,149,801 $373.57 332 $2,250,000 $324,000 22 94.6% $25,295,627

18.7% 10.8% -8.8% -42.9% 4.5% -15.4% 2.6% 0.5%

Single Family Homes Rural Crested Butte

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

2015

2016

% Change

$1,239,611 $350.78 319 $4,000,000 $375,000 36 92.0% $44,626,000

$1,328,371 $421.57 301 $4,300,000 $150,000 33 92.6% $43,836,250

7.2% 20.2% -5.6% 7.5% -60.0% -8.3% 0.7% -1.8%

QUARTER REPORT YEAR END 2016


Single Family Market Single Family Homes Crested Butte South

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

2015

2016

% Change

$484,972 $221.77 223 $644,000 $294,000 18 96.3% $8,729,500

$584,708 $251.11 252 $730,000 $410,000 12 95.8% $7,016,500

20.6% 13.2% 13.0% 13.4% 39.5% -33.3% -0.5% -19.6%

Single Family Homes Rural Gunnison, Almont and Surrounding Areas

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

2015

2016

% Change

$429,393 $186.30 276 $5,000,000 $30,200 76 96.0% $32,633,920

$354,118 $181.47 192 $815,000 $99,900 69 96.3% $24,434,200

-17.5% -2.6% -30.4% -83.7% 230.8% -9.2% 0.3% -25.1%

Single Family Homes City of Gunnison

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 YEAR END 2016

2015

2016

% Change

$241,220 $149.57 214 $425,000 $90,000 71 96.6% $17,126,625

$266,204 $170.70 187 $444,000 $155,000 54 96.9% $14,375,050

10.4% 14.1% -12.6% 4.5% 72.2% -23.9% 0.3% -16.1%

BensonSothebysRealty.com | 5


6

Overview Map 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 YEAR END 2016


Condo and Townhome Market Condos and Townhomes Crested Butte

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

2015

2016

% Change

$374,975 $312.67 184 $740,000 $164,000 12 97.2% $4,499,700

$421,454 $334.02 207 $965,000 $170,000 11 94.4% $4,636,000

12.4% 6.8% 12.5% 30.4% 3.7% -8.3% -2.9% 3.0%

Condos and Townhomes Mt. Crested Butte

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

2015

2016

% Change

$264,905 $229.19 315 $1,075,000 $42,500 85 95.0% $22,516,948

$263,519 $262.94 298 $1,580,000 $43,450 148 96.5% $39,000,823

-0.5% 14.7% -5.4% 47.0% 2.2% 74.1% 1.6% 73.2%

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

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 YEAR END 2016

2015

2016

% Change

$197,945 $166.20 211 $772,661 $33,000 65 95.8% $12,866,436

$243,049 $176.18 229 $929,500 $78,000 73 96.2% $17,742,600

22.8% 6.0% 8.5% 20.3% 136.4% 12.3% 0.4% 37.9%

BensonSothebysRealty.com | 7


Land Market Residential Lots Crested Butte

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

2015

2016

% Change

$510,025 $3,054,041.92 375 $837,250 $90,000 10 93.3% $5,100,250

$635,100 $3,223,857.87 294 $1,025,000 $405,000 10 95.5% $6,351,000

24.5% 5.6% -21.6% 22.4% 350.0% 0.0% 2.4% 24.5%

Residential Lots Mt. Crested Butte

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

2015

2016

% Change

$303,535 $256,612.32 783 $800,000 $36,000 14 84.2% $4,249,500

$224,665 $290,322.96 443 $495,000 $11,500 13 90.6% $2,920,649

-26.0% 13.1% -43.4% -38.1% -68.1% -7.1% 7.6% -31.3%

All Lots and Land Rural Crested Butte

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

2015

2016

% Change

$203,113 $30,076.73 407 $815,000 $25,000 44 90.1% $8,937,000

$219,257 $16,375.74 303 $750,000 $8,500 35 89.8% $7,674,000

7.9% -45.6% -25.6% -8.0% -66.0% -20.5% -0.3% -14.1%

QUARTER REPORT YEAR END 2016


Land Market Residential Lots CB South

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

2015

2016

% Change

$68,277 $166,870.33 239 $175,000 $30,000 36 92.6% $2,458,000

$75,410 $176,191.59 286 $160,000 $38,000 25 89.2% $1,885,250

10.4% 5.6% 19.7% -8.6% 26.7% -30.6% -3.7% -23.3%

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

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

2015

2016

% Change

$377,482 $11,248.98 588 $4,662,500 $9,000 47 84.1% $17,741,670

$123,566 $12,298.25 587 $1,869,000 $12,000 48 92.8% $5,931,200

-67.3% 9.3% -0.2% -59.9% 33.3% 2.1% 10.3% -66.6%

All Parcels (10 or More Acres) Gunnison County

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 YEAR END 2016

2015

2016

% Change

$532,651 $7,641.16 741 $4,662,500 $10,000 34 83.5% $18,110,150

$271,762 $5,613.08 458 $1,869,000 $12,000 32 94.6% $8,696,400

-49.0% -26.5% -38.2% -59.9% 20.0% -5.9% 13.3% -52.0%

BensonSothebysRealty.com | 9


Significant Sales in 2016

1091 Slate River Road | Rural C.B.

5 Moon Ridge Lane | Rural C.B.

Listed by Benson Sotheby’s International Realty Sold by Benson Sotheby’s International Realty

Listed by Benson Sotheby’s International Realty Sold by Coldwell Banker Bighorn Realty

710 Skyland Drive | Rural C.B.

369 Smith Road | Rural C.B.

Listed by Crested Butte Resort Real Estate Sold by Coldwell Banker Bighorn Realty

Listed by United Country RE/Gunnison County Realty & Auction Sold by Coldwell Banker Bighorn Realty

194 Meadow Drive | Rural C.B.

606 Ninth Street | Town of C.B.

Listed by Benson Sotheby’s International Realty Sold by Benson Sotheby’s International Realty

Listed by Benson Sotheby’s International Realty Sold by Benson Sotheby’s International Realty

Sold for $4,300,000

Sold for $3,050,000

Sold for $2,900,000

10 | 401 Elk Avenue // 970.349.6653

Sold for $3,300,000

Sold for $3,000,000

Sold for $2,389,398

QUARTER REPORT YEAR END 2016


Benson Sotheby’s International Realty Stats • Leads the real estate brokerage community in Crested Butte by $39.8 million in total transaction volume in comparison to our closest competitor in 2016. • Our office currently has a 42% market share of sales volume in 2016 in the Crested Butte area. • We have been involved in 273 transaction sides of the 766 total in the Upper Valley. • We sold $77 million worth of our listings in 2016. • Our BSIR brokers were very successful in 2016. • The top 3 brokers in sales volume in Crested Butte are BSIR brokers and 6 of the top 13 are BSIR brokers • The top 3 listing brokers in Crested Butte are BSIR brokers. • The top 2 buyers’ brokers in Crested Butte are BSIR 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 YEAR END 2016

BensonSothebysRealty.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.

MANAGEMENT AND STAFF

Cathy Benson 970.209.5015 Owner/Broker

OUR BROKERS

Channing Boucher 970.596.3228

Jaima Giles 970.275.9357

Corey Dwan 970.596.3219

Jamie Watt 970.209.2675

Megan Clark 970.209.3537

Dustin Kujawski 970.275.0262 Manager/Marketing

Di Bridges 970.901.0888

Jill Matlock 970.275.0595

Larry Neilson 970.209.7849

Heejohng Chae 970.349.6653 Office Assistant

Gary Huresky 970.209.2421

Katy Mattson 970.275.4601

Sam Lumb 970.275.2448

Kiley Flint 970.275.2554

Wayne Meredith 970.209.2706

BensonSothebysRealty.com

Quarter Report - Year End 2016  

Benson Sotheby's International Realty Quarter Report is a real estate market report for Crested Butte and Gunnison.

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