Crested Butte Market Report, 3rd Quarter 2018

MARKET UPDATE By: Molly Eldridge, Broker/Owner, CRS, ABR, RSPS, SFR

TABLE OF CONTENTS Market Update ………………………Page 3 Mt. Crested Butte ………………....Page 4 Crested Butte …………………….….Page 5 Area Map ……………………………...Page 6 Upper Valley Statistics ….……….Page 7 Rural CB ………………………...……..Page 8 Crested Butte South………….…….Page 9

Luxury Home Market…….……....Page 10 Area News and Events...………...Page 11

September brought two big events to Crested Butte. On September 6th the merger of Red Lady Realty and Coldwell Banker Bighorn Realty was announced. These two longtime Crested Butte companies merged to create Coldwell Banker Mountain Properties and are now part of a larger network of mountain resort Coldwell Banker offices. We are excited about the possibilities and think you will be too!

On September 27th Vail’s purchase of Crested Butte Mountain Resorts was finalized. This purchase means we are a part of the Epic Pass program which gives many more people the choice of skiing here as part of their season pass and those of us who live here have the opportunity to ski elsewhere.

Many people have asked what the Vail purchase will mean for real estate prices. Based on experiences in towns with other resorts they have purchased, prices should go up. Although we haven’t seen a dramatic spike in prices yet, we have been on an uptick for about 6 years now. With discussion of an upcoming US recession and slowdowns in some major markets, my vision is that this purchase will help us maintain this growth or at least have things stay steady rather than dropping. Only time will tell!

This publication has a lot information for you about the overall Crested Butte market as well as specific segments. While the general public talks about how “crazy” real estate is right now, the reality is that our dollar volume is down over last year through the 3rdquarter. You will see that the number of transactions is up slightly over last year which indicates that the transactions we are having are lower priced. This is definitely true because of the increase in land sales and the fact that lower priced condos are selling as soon as they hit the market. We used to have a lot of residential property options under $300,000 and now it can be challenging to find any for under $400,000.

While our overall market has been improving for several years, sales and prices of vacant land have lagged behind and finally seem to be picking up steam. There have been 44% more lot sales in 2018 than YTD 2017. Although there has been an increase in sales, there are still plenty of options to choose from if you are considering purchasing land. The building industry is booming and we will continue to see that for years to come.

As always, please contact a Coldwell Banker Mountain Properties broker to get more information about any numbers you see here or with any questions about the market.

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CrestedButte.RealEstate

MARKET UPDATE

Number of Properties Sold

Properties sold for

351

96%

335 in 2017

of list price

Average Sales Price

$477,850 $556,939 in 2017

Total Dollar Volume Sold

$167,725,414 2017: $186,574,715

Average Days on Market

228 237 in 2017

(970) 349–5007

3

MT. CRESTED BUTTE Overall Mt. Crested Butte

SINGLE FAMILY HOMES 2017

2018

% Change

23

27

17%

$822,565

$1,049,676

28%

List to Sold Price Ratio

98%

97%

1%

Days on Market

302

278

8%

Number of Properties Sold

155 207 in 2017

Total Dollar Volume Sold

Sold Listings Average Sales Price

Total Dollar Volume Sold $18,918,999 $28,341,250

50%

$73,821,539 CONDOS & TOWNHOMES

2017: $66,485,568

Properties sold for

97% of list price

2017

2018

% Change

116

105

9%

$338,553

$350,865

4%

List to Sold Price Ratio

95%

97%

2%

Days on Market

189

163

14%

Sold Listings Average Sales Price

Total Dollar Volume Sold $39,272,169 $36,840,789

6%

Average Sales Price

$476,268

VACANT LAND 2017

2018

% Change

16

23

44%

$268,400

$375,630

40%

List to Sold Price Ratio

93%

95%

2%

Days on Market

325

428

32%

$4,294,400

$8,639,500

101%

$426,190 in 2017 Sold Listings

Average Days on Market

223 220 in 2017 4

CrestedButte.RealEstate

Average Sales Price

Total Dollar Volume Sold

CRESTED BUTTE Overall Crested Butte

SINGLE FAMILY HOMES 2017

2018

% Change

17

15

12%

$1,368,873

$1,077,219

21%

34

List to Sold Price Ratio

97%

94%

3%

40 in 2017

Days on Market

252

222

12%

Sold Listings Average Sales Price

Total Dollar Volume Sold $23,270,848 $16,158,289

31%

Number of Properties Sold

Total Dollar Volume Sold

$24,556,872 CONDOS & TOWNHOMES

2017: $36,603,347

2017

2018

% Change

5

12

140%

$524,600

$496,227

5%

List to Sold Price Ratio

99%

96%

3%

94%

Days on Market

213

120

44%

of list price

$2,623,000

$5,954,720

127%

Sold Listings Average Sales Price

Total Dollar Volume Sold

Properties sold for

Average Sales Price

$722,261

VACANT LAND 2017

2018

% Change

5

1

80%

$739,000

$200,000

73%

List to Sold Price Ratio

86%

100%

14%

Days on Market

394

53

87%

194

$3,694,999

$200,000

95%

275 in 2017

Sold Listings Average Sales Price

Total Dollar Volume Sold

$915,084 in 2017

Average Days on Market

(970) 349–5007

5

AREA MAP

6

CrestedButte.RealEstate

UPPER VALLEY STATISTICS

Dollar Volume by Area

Transactions by Area

Almont 4%

Almont 5%

Mt. Crested Butte 44%

Rural CB 22% CB South 17%

Crested Butte 15%

Crested Butte 10% Mt. Crested Butte 44%

Rural CB 27% CB South 10%

Kebler 2% (970) 349–5007

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RURAL CRESTED BUTTE Overall Rural CB

SINGLE FAMILY HOMES 2017

2018

% Change

33

21

36%

$1,554,576

$1,237,548

20%

List to Sold Price Ratio

93%

95%

2%

Days on Market

206

253

23%

Number of Properties Sold

78 85 in 2017

Total Dollar Volume Sold

Sold Listings Average Sales Price

Total Dollar Volume Sold $51,301,000 $25,988,500

50%

$45,141,300 CONDOS & TOWNHOMES

2017: $68,373,800

Properties sold for

94% of list price

2017

2018

% Change

14

7

50%

$549,071

$595,071

8%

List to Sold Price Ratio

96%

96%

No Change

Days on Market

122

142

16%

$7,687,000

$4,165,500

46%

Sold Listings Average Sales Price

Total Dollar Volume Sold

Average Sales Price

$578,735

VACANT LAND 2017

2018

% Change

38

50

32%

$246,995

$299,746

21%

List to Sold Price Ratio

91%

92%

1%

Days on Market

232

278

20%

$804,398 in 2017 Sold Listings

Average Days on Market

259 204 in 2017 8

CrestedButte.RealEstate

Average Sales Price

Total Dollar Volume Sold $10,331,800 $14,987,300

45%

CRESTED BUTTE SOUTH Overall CB South

SINGLE FAMILY HOMES 2017

2018

% Change

9

12

33%

$542,778

$670,708

24%

61

List to Sold Price Ratio

96%

97%

1%

38 in 2017

Days on Market

164

138

16%

$4,885,000

$8,048,500

65%

Sold Listings Average Sales Price

Total Dollar Volume Sold

Number of Properties Sold

Total Dollar Volume Sold

$17,332,453 CONDOS & TOWNHOMES

2017: $10,546,500

2017

2018

% Change

11

15

36%

$379,545

$397,044

5%

List to Sold Price Ratio

97%

98%

1%

97%

Days on Market

122

136

11%

of list price

$4,175,000

$5,955,662

43%

Sold Listings Average Sales Price

Total Dollar Volume Sold

Properties sold for

Average Sales Price

$284,139

VACANT LAND 2017

2018

% Change

18

33

83%

$82,583

$92,827

12%

List to Sold Price Ratio

86%

96%

10%

Days on Market

233

278

19%

213

$1,486,500

$3,063,291

106%

185 in 2017

Sold Listings Average Sales Price

Total Dollar Volume Sold

$277,539 in 2017

Average Days on Market

(970) 349–5007

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LUXURY HOME MARKET

502 Elk Avenue | Town of CB Sold for $1,550,000

26 Whetstone Road | Mt. CB Sold for $1,187,000

Listed by Red Lady Realty Sold by Signature Properties

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

644 Sunset Drive | Rural CB Offered at $4,600,000

66 Red Mountain Ranch | Rural CB Offered at $3,900,000

Listed By Coldwell Banker Mountain Properties

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CrestedButte.RealEstate

Listed by Coldwell Banker Mountain Properties

CRESTED BUTTE NEWS

Area News Highlights July—September 2018 July 4 —GCEA seeks solar arrays to meet local energy needs July 18 — CDOT takes over Gunnison to Denver bus for Outrider route July 18 —Construction costs reduce affordable housing in CB August 15 —CBSouth Ballot proposes change to max building height September 6 —Red Lady Realty and Coldwell Banker Bighorn Realty merge to create Coldwell Banker Mountain Properties September 19 — Moratorium on some franchise business licenses to be discussed

Major Crested Butte News: September 27 — Vail Resorts Closes it’s Acquisition of Crested Butte Mountain Resort

Upcoming Events: October 31 November 10 November 21 November 22 December 24 December 31

Halloween Parade Nordic Center opens for the season Donation Day at Crested Butte Mountain Resort Crested Butte Mountain Resort Opens Torchlight Parade Torchlight Parade & Fireworks (970) 349–5007

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Photo: John Holder

The longtime Crested Butte real estate companies of Red Lady Realty and Coldwell Banker Bighorn Realty have merged to create a new force in the Gunnison Valley market.

The same great brokers you’ve known, working together with new tools to better serve you. Contact us to explore the possibilities.

215 Elk Avenue (970) 349-5007 Crested Butte

121 W Virginia Avenue (970) 641-7055 Gunnison

305 6th Street (970) 349-5313 Crested Butte