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

QUARTER REPORT 2018 Year-End


Contents

QUICK HITS

3 Overall Market Update 8 4 Single Family Market 10 6 Area Map 11 7 Condo and Townhome Market 12

$243.7 Million

470 4.6%

2 | 401 Elk Avenue // 970.349.6653

Land Market Significant Sales Our Office Update Contact Us

2018 Total Sales Volume in the Upper Gunnison Valley 2018 Total Properties Sold in the Upper Gunnison Valley Decrease in 2018 Sales Volume compared to 2017 in Gunnison County QUARTER REPORT 2018 YEAR-END


Overall Market Update In analyzing the 2018 year-end market statistics, one thing is certain - the clients of Crested Butte Sotheby’s International Realty had an incredibly successful year! Our collective goal as an office is to get results and the statistics show we have. Our office led Gunnison County in total sales volume for the 7th year in a row, led in total listings sold, and had the top broker for the 7th year in a row! Thank you to everyone that has been a part of our business in 2018. View page 11 for more statistics from the Gunnison County MLS. Real estate sales throughout Gunnison County were down slightly in 2018 over 2017. The Upper Gunnison Valley saw a decline of 7.1%, due in part to higher prices and less inventory. Single-family home buyers gravitated toward the more populous areas of Mt. Crested Butte, Crested Butte South, and the City of Gunnison for single family homes, while rural area sales dipped 23% over 2017. We witnessed (and represented the seller of) the highest sale to date in the Town of Crested Butte, a beautiful single-family home selling for an impressive $3.85M! Since the acquisition of Crested Butte Mountain Resort by Vail Resorts earlier this year, Mt. Crested Butte sales have been on everyone’s radar, especially for condos and townhomes. Although we have noticed increased interest in mountain properties, inventory remains low so sales have remained roughly the same as 2017. Condo sales were down 8% in rural areas but jumped 72% in the Town of Crested Butte with an impressive 40% reduction in days on market. While the rural areas generally saw a decrease in residential sales, these areas were booming in land sales. More buyers turned to building due to increased residential prices resulting in a 35% increase in Rural Crested Butte, and an incredible 86% increase in Crested Butte South. Rural Gunnison witnessed a substantial sale of 420 acres for $5.3M, the 7th largest sale recorded in Gunnison County! It certainly was a fantastic year and we are looking forward to what 2019 brings! Regardless of your real estate needs in the New Year, the team at Crested Butte Sotheby’s International Realty can help you get results. Visit us in downtown Crested Butte or contact us today to learn how we can offer you an advantage your real estate endeavors.

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

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

QUARTER REPORT 2018 YEAR-END

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

2018 % Change $518,457 n/a 221 $3,850,000 $7,000 470 95.5% $243,674,908

-9.4% n/a -11.2% -14.4% -76.7% 2.6% 1.2% -7.1%

CrestedButteSothebysRealty.com | 3


Single Family Market Single Family Homes Crested Butte

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

$1,363,623 $560.13 246 $2,750,000 $465,000 23 96.8% $31,363,348

2018 % Change $1,302,876 $588.23 216 $3,850,000 $455,839 22 94.5% $28,663,289

-4.5% 5.0% -12.2% 40.0% -2.0% -4.3% -2.4% -8.6%

Single Family Homes Mt. Crested Butte

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

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

2018 % Change $1,076,492 $363.82 272 $2,365,250 $415,000 32 95.5% $34,447,750

6.0% 9.8% -8.1% -29.7% 1.2% 6.7% -1.5% 13.1%

Single Family Homes Rural Crested Butte

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

4 | 401 Elk Avenue // 970.349.6653

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

2018 % Change $1,315,515 $389.96 258 $3,400,000 $89,000 32 95.1% $42,096,500

-7.9% -11.0% 30.3% -24.4% -85.1% -25.6% 1.7% -31.5%

QUARTER REPORT 2018 YEAR-END


Single Family Market Single Family Homes Crested Butte South

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

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

2018 % Change $690,816 $287.04 143 $974,000 $480,000 21 97.2% $14,507,144

9.2% 4.6% -25.5% 5.9% 12.9% 16.7% 1.0% 27.4%

Single Family Homes Rural Gunnison, Almont and Surrounding Areas

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

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

2018 % Change $504,416 $240.82 210 $1,353,200 $65,000 58 94.8% $29,256,180

5.6% 9.8% -2.3% -59.0% -9.7% -27.5% 0.0% -23.4%

Single Family Homes City of Gunnison

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

QUARTER REPORT 2018 YEAR-END

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

2018 % Change $352,050 $200.21 104 $612,000 $185,000 42 96.4% $14,786,100

13.0% 6.2% -33.3% 7.4% 19.4% 10.5% -0.9% 24.9%

CrestedButteSothebysRealty.com | 5


Overview Map

Legend 1

Crested Butte

2 Mt. Crested Butte 3 Skyland - Golf 4 CB South

6

5 Gunnison 6 Almont

6 | 401 Elk Avenue // 970.349.6653

QUARTER REPORT 2018 YEAR-END


Condo and Townhome Market Condos and Townhomes Crested Butte

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

$511,812 $351.84 187 $945,000 $226,500 8 97.0% $4,094,500

2018 % Change $502,122 $499.12 113 $964,250 $216,120 14 96.4% $7,029,720

-1.9% 41.9% -39.6% 2.0% -4.6% 75.0% -0.6% 71.7%

Condos and Townhomes Mt. Crested Butte

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

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

2018 % Change $379,349 $366.77 162 $1,533,500 $68,000 139 97.3% $52,729,539

6.5% 19.0% -18.2% -14.8% 12.4% -4.8% 1.7% 1.4%

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

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

QUARTER REPORT 2018 YEAR-END

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

2018 % Change $291,777 $227.12 131 $945,000 $59,000 85 97.0% $24,801,062

-0.2% 3.8% -18.6% -16.0% -32.2% -7.6% 0.1% -7.8%

CrestedButteSothebysRealty.com | 7


Land Market Residential Lots Crested Butte

2017 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

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

2018 % Change $1,125,000 $3,894,230.77 474 $1,200,000 $1,050,000 2 100% $2,250,000

55.2% -7.8% 30.6% -7.7% 132.8% -66.7% 15.2% -48.3%

Residential Lots Mt. Crested Butte

2017 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

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

2018 % Change $331,340 $430,093.34 431 $574,000 $125,000 25 94.7% $8,283,500

11.4% 57.2% -3.6% -18.0% 108.3% 0.0% 1.9% 11.4%

All Lots and Land Rural Crested Butte and Kebler Pass

2017 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

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

2018 % Change $303,657 $314,640.02 262 $1,850,000 $15,000 85 93.0% $25,810,900

4.8% 316.2% -1.5% -31.6% -59.5% 34.9% 0.2% 41.3%

QUARTER REPORT 2018 YEAR-END


Land Market Residential Lots CB South

2017 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

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

2018 % Change $94,421 $210,518.30 275 $269,000 $50,000 38 95.7% $3,588,000

12.8% -1.7% 12.2% 72.4% 66.7% 65.2% 9.9% 86.3%

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

2017 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

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

2018 % Change $232,503 $95,491.49 240 $5,323,750 $6,250 63 95.4% $14,647,701

75.0% 775.5% -41.6% 432.4% -37.5% -19.2% 2.7% 41.3%

All Parcels (10 or More Acres) Gunnison County

2017 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 2018 YEAR-END

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

2018 % Change $408,030 $8,426.74 359 $5,323,750 $15,000 46 91.4% $18,769,400

25.7% -6.5% -9.6% 96.9% -25.0% 43.8% 5.4% 80.8%

CrestedButteSothebysRealty.com | 9


Significant Sales in 2018

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

501 Gothic Avenue | Town of C.B. Sold for $3,850,000

Listed by Non-Member Sold by Red Lady Realty

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

507 S Ranch Road | Rural C.B.

313 Maroon Road | Town of C.B.

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

Listed by Signature Properties Ebner & Associates Sold by Signature Properties Ebner & Associates

4 Black Diamond Trail | Mt. C.B.

608 Nicholson Lake Ridge Road

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

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

Sold for $3,400,000

Sold for $2,365,250

10 | 401 Elk Avenue // 970.349.6653

Sold for $2,595,000

Sold for $2,200,000

QUARTER REPORT 2018 YEAR-END


Crested Butte Sotheby’s International Realty Stats Leading in successful sold transactions since 2011 Highest in sales volume since 2012 Top broker in Gunnison County since 2012 6 of the top 30 brokers in Gunnison County in 2018 Represented the highest sale to date in the Town of Crested Butte 35% market share in Upper Gunnison Valley 27% market share in Gunnison Count Represented the highest Almont and Rural Crested Butte Sale in 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 2018 YEAR-END

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

Martin Spencer 970.452.9700

Sam Lumb 970.275.2448

Wayne Meredith 970.209.2706

CrestedButteSothebysRealty.com

Profile for Crested Butte Sotheby's International Realty

2018 Year-End Market Report  

2018 year-end real estate market analysis for Crested Butte and Gunnison areas. Published by Crested Butte Sotheby's International Realty.

2018 Year-End Market Report  

2018 year-end real estate market analysis for Crested Butte and Gunnison areas. Published by Crested Butte Sotheby's International Realty.