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

QUARTER REPORT Year End - 2017


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

$262.2 Million

458 41.1% 2 | 401 Elk Avenue // 970.349.6653

Total Sales Volume in 2017 in the Upper Valley Total Properties Sold in 2017 in the Upper Valley Percent Up of Sales Volume in 2017 compared to 2016 in the Upper Valley QUARTER REPORT YEAR END - 2017


Overall Market Update The Crested Butte real estate market experienced robust growth in 2017. Overall average price, numbers of properties sold, and sales volume all increased between 18% and 41%. Each of these metrics was the most we have seen in the Crested Butte area in the past ten years. The single-family home segment saw sales volume growth in almost all areas with Rural Crested Butte, Crested Butte South, and Rural Gunnison and Almont homes having 40% plus rates of growth. The condo and townhome segment also saw high rates of sales volume growth in Mt. Crested Butte and the surrounding areas, with growth rates above 33%. The Land segment saw extremely high rates of sales volume growth in both Mt. Crested Butte and Rural Crested Butte. Mt. Crested Butte land sales volume was $2.9 million in 2016 and $7.4 million in 2017. Rural Crested Butte land sales volume was $7.6 million in 2016 and $18.2 million in 2018. There are currently 51 properties under contract in the Upper Valley with a listing value of $29.6 million. We are expecting an active real estate market in 2018, with average prices expected to rise throughout all market segments. With over half the available properties currently on the market being land parcels and residential lots, we expect an upward trend in land sales. At Crested Butte Sotheby’s International Realty, we finished 2017 as the number one brokerage for the seventh straight year. In fact, we doubled our competition in both in sales volume and transactions. Contact our brokers to experience why we are the leaders in the Crested Butte and Gunnison areas.

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

2016 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 - 2017

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

2017 % Change $572,467 n/a 249 $4,500,000 $30,000 458 94.4% $262,190,270

18.0% n/a -12.3% 4.7% 1100.0% 19.6% 0.1% 41.1%

CrestedButteSothebysRealty.com | 3


Single Family Market Single Family Homes Crested Butte

2016 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

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

2017 % Change $1,363,623 $560.31 246 $2,750,000 $465,000 23 96.8% $31,363,348

11.2% 2.6% 43.0% 15.1% -33.6% -8.0% 1.3% 2.3%

Single Family Homes Mt. Crested Butte

2016 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

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

2017 % Change $1,015,340 $331.41 296 $3,365,000 $410,000 30 97.0% $30,460,201

-11.7% -11.3% -10.8% 49.6% 26.5% 36.4% 2.5% 20.4%

Single Family Homes Rural Crested Butte

2016 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

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

2017 % Change $1,428,965 $437.92 198 $4,500,000 $599,000 43 93.5% $61,445,500

7.6% 3.9% -34.2% 4.7% 299.3% 30.3% 1.0% 40.2%

QUARTER REPORT YEAR END - 2017


Single Family Market Single Family Homes Crested Butte South

2016 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

$584,708 $251.11 252 $730,000 $410,000 12 95.7% $7,016,500

2017 % Change $632,444 $274.50 192 $920,000 $425,000 18 96.2% $11,384,006

8.2% 9.3% -23.8% 26.0% 3.7% 50.0% 0.5% 62.2%

Single Family Homes Rural Gunnison, Almont and Surrounding Areas

2016 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

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

2017 % Change $477,497 $219.37 215 $3,300,000 $72,000 80 94.8% $38,199,766

34.8% 20.9% 12.0% 304.9% -27.9% 15.9% -1.6% 56.3%

Single Family Homes City of Gunnison

2016 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 - 2017

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

2017 % Change $311,612 $188.47 156 $570,000 $155,000 38 97.3% $11,841,275

17.1% 10.4% -16.6% 28.4% 0.0% -29.6% 0.4% -17.6%

CrestedButteSothebysRealty.com | 5


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 YEAR END - 2017


Condo and Townhome Market Condos and Townhomes Crested Butte

2016 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

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

2017 % Change $511,812 $351.85 187 $945,000 $226,500 8 97.0% $4,094,500

21.4% 5.3% -9.7% -2.1% 33.2% -27.3% 2.8% -11.7%

Condos and Townhomes Mt. Crested Butte

2016 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

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

2017 % Change $356,078 $308.13 198 $1,800,000 $60,500 146 95.7% $51,987,526

35.1% 17.2% -33.6% 13.9% 39.2% -1.4% -0.8% 33.3%

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

2016 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 - 2017

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

2017 % Change $292,303 $218.72 161 $1,125,000 $87,000 92 96.9% $26,891,950

20.3% 24.1% -29.7% 21.0% 11.5% 26.0% 0.7% 51.6%

CrestedButteSothebysRealty.com | 7


Land Market Residential Lots Crested Butte

2016 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

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

2017 % Change $724,999 $4,223,300 363 $1,300,000 $451,077 6 86.8% $4,349,999

14.2% 31.0% 23.5% 26.8% 11.4% -40.0% -9.1% -31.5%

Residential Lots Mt. Crested Butte

2016 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

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

2017 % Change $297,336 $273,588.52 447 $700,000 $60,000 25 92.9% $7,433,400

32.3% -5.8% 0.9% 41.4% 421.7% 92.3% 2.5% 154.5%

All Lots and Land Rural Crested Butte

2016 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

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

2017 % Change $289,865 $75,598.36 266 $2,703,330 $37,000 63 92.8% $18,261,540

32.2% 361.6% -12.2% 260.4% 335.3% 80.0% 3.3% 138.0%

QUARTER REPORT YEAR END - 2017


Land Market Residential Lots CB South

2016 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

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

2017 % Change $83,739 $214,238.04 245 $156,000 $30,000 23 87.1% $1,926,000

11.0% 21.6% -14.3% -2.5% -21.1% -8.0% -2.4% 2.2%

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

2016 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

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

2017 % Change $132,866 $10,907.34 411 $1,000,000 $10,000 78 92.9% $10,363,613

7.5% -11.3% -30.0% -46.5% -16.7% 62.5% 0.1% 74.7%

All Parcels (10 or More Acres) Gunnison County

2016 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 - 2017

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

2017 % Change $324,494 $9,014.52 397 $2,703,330 $20,000 32 86.7% $10,383,830

19.4% 60.6% -13.3% 44.6% 66.7% 0.0% -8.4% 19.4%

CrestedButteSothebysRealty.com | 9


Significant Sales in 2017

143 Journey’s End Rd | Rural C.B.

Nordic Inn | Mt. C.B.

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

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

15533 State Highway 135 | Rural C.B.

13 Kokanee Lane | Mt. C.B.

Listed by Crested Butte Sotheby’s International Realty Sold by Signature Properties Ebner & Associates

Listed by Signature Properties Ebner & Associates Sold by Crested Butte Sotheby’s International Realty

945 Douglas Trail | Almont

1043 Skyland Drive | Rural C.B.

Listed by Signature Properties Ebner & Associates Sold by Non Member

Listed by Coldwell Banker Bighorn Realty Sold by Signature Properties Ebner & Associates

Sold for $4,500,000

Sold for $3,550,000

Sold for $3,300,000

10 | 401 Elk Avenue // 970.349.6653

Sold for $4,000,000

Sold for $3,365,000

Sold for $3,075,000

QUARTER REPORT YEAR END - 2017


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 4 of the top 9 brokers in sales volume in Crested Butte are CBSIR brokers • 3 of the top 4 brokers in transaction volume in Crested Butte are CBSIR brokers • The top listing broker in Crested Butte is a CBSIR broker. • 6 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 YEAR END - 2017

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

Dustin Kujawski 970.275.0262 Marketing Director

Kourtney Gottschalk 970.349.6653 Office Manager

OUR BROKERS

Channing Boucher 970.596.3228

Corey Dwan 970.596.3219

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

Sam Lumb 970.275.2448

Wayne Meredith 970.209.2706

CrestedButteSothebysRealty.com

Quarter Report - Year End 2017  

Crested Butte Sotheby's International Realty's Quarter Report provides real estate market sales date for Crested Butte and Gunnison areas.

Quarter Report - Year End 2017  

Crested Butte Sotheby's International Realty's Quarter Report provides real estate market sales date for Crested Butte and Gunnison areas.