Crested Butte Market Report, 4th Quarter 2018

MARKET UPDATE By: Ross Tunkey, Broker Associate

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

Happy New Year from Crested Butte and all of us at Coldwell Banker Mountain Properties!

The winter ski season is in full swing, the snow has been exceptional, and Vail Resorts is now at the helm of Crested Butte Mountain Resort. Vail plans to ring in the new era by replacing the outdated Teocalli chairlift with a new, high-speed four person chairlift this summer. Exciting news, and surely just the beginning of things to come. Following several years of a robust and steadily growing market, and in light of the resort’s new ownership, more than ever people are asking, “How is the market?”

Looking back at 2018, the answer is that the market remains strong in the wake of a banner 2017, with a slight uptick in total combined residential and land transactions. While total number of residential sales was about equal to 2017, we did see several record sale prices set in 2018, the highest of which was an unprecedented $3.85M for a 4,200 square foot luxury home in the Town of Crested Butte.

Area News and Events...………...Page 11 For many buyers right now, the question is whether to buy an existing home or to build new. The most significant increase in 2018 sales activity was in vacant land, which saw a dramatic 25% increase in total parcels sold. Not surprising, considering that the average home price in the Crested Butte area is currently over $2M, and buyers can score a readily buildable homesite in neighborhoods like Buckhorn Ranch and Crested Butte South for under $90K. Sellers of residential properties remain confident and asking prices continue to rise. The median list price for a single family home is $1.79M, while the median sale price of homes sold in 2018 was $929,000. Prices for condos and townhomes in Mt. Crested Butte are also on the rise, and supply is limited. 132 units sold in 2018 at a median price of $341,000. Currently only 61 units are available, with a median list price of $499,000.

Some buyers, when first previewing the area’s offerings, find themselves in a state of sticker shock. It is understandable, considering that the average asking price-per-square-foot for a single family home in the area is $630/SF and $470/ SF for condos and townhomes. But it is important to remember that Crested Butte is still an exceptional value when compared to other resort areas in Colorado and the mountain west. Your purchase power here is significantly greater when compared to areas such as Telluride, Breckenridge, Vail and Aspen.

Please contact a Coldwell Banker Mountain Properties broker for additional information on this report or with any questions about the market. We look forward to helping you make an informed decision in your Crested Butte real estate and lifestyle investment.

Here’s to a happy, healthy and successful 2019.

2

CrestedButte.RealEstate

MARKET UPDATE

Number of Properties Sold

Properties sold for

470

96%

467 in 2017

of list price

Average Sales Price

$518,457 $568,504 in 2017

Total Dollar Volume Sold

$243,674,908 2017: $265,491,413

Average Days on Market

221 247 in 2017

(970) 349–5007

3

MT. CRESTED BUTTE Overall Mt. Crested Butte

SINGLE FAMILY HOMES 2017

2018

% Change

30

32

7%

$1,015,340

$1,076,492

6%

List to Sold Price Ratio

97%

96%

1%

Days on Market

297

272

8%

Number of Properties Sold

197 207 in 2017

Total Dollar Volume Sold

Sold Listings Average Sales Price

Total Dollar Volume Sold $30,460,201 $34,447,750

13%

$96,510,789 CONDOS & TOWNHOMES

2017: $95,087,770

Properties sold for

96% of list price

2017

2018

% Change

151

139

8%

$352,279

$379,349

8%

List to Sold Price Ratio

96%

97%

1%

Days on Market

193

162

16%

Sold Listings Average Sales Price

Total Dollar Volume Sold $53,194,169 $52,729,539

1%

Average Sales Price

$489,902

VACANT LAND 2017

2018

% Change

25

26

4%

$297,336

$358,981

21%

List to Sold Price Ratio

82%

95%

13%

Days on Market

447

421

6%

$7,433,400

$9,333,500

26%

$459,361 in 2017 Sold Listings

Average Days on Market

215 239 in 2017 4

CrestedButte.RealEstate

Average Sales Price

Total Dollar Volume Sold

CRESTED BUTTE Overall Crested Butte

SINGLE FAMILY HOMES 2017

2018

% Change

23

22

4%

$1,363,624

$1,302,877

4%

46

List to Sold Price Ratio

97%

94%

3%

53 in 2017

Days on Market

247

217

12%

Sold Listings Average Sales Price

Total Dollar Volume Sold $31,363,348 $28,663,289

9%

Number of Properties Sold

Total Dollar Volume Sold

$40,661,872 CONDOS & TOWNHOMES

2017: $49,012,347

2017

2018

% Change

8

14

75%

$511,813

$502,123

2%

List to Sold Price Ratio

97%

96%

1%

95%

Days on Market

188

114

39%

of list price

$4,094,500

$7,029,720

72%

Sold Listings Average Sales Price

Total Dollar Volume Sold

Properties sold for

Average Sales Price

$883,954

VACANT LAND 2017

2018

% Change

7

3

57%

$738,571

$816,667

11%

List to Sold Price Ratio

88%

100%

12%

Days on Market

319

334

5%

200

$5,169,999

$2,450,000

52%

257 in 2017

Sold Listings Average Sales Price

Total Dollar Volume Sold

$924,761 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 3%

Almont 4%

Mt. Crested Butte 42%

Crested Butte 17%

Crested Butte 10% Mt. Crested Butte 40%

Rural CB 30%

Rural CB 25% CB South 17%

CB South 11%

Kebler 2% (970) 349–5007

7

RURAL CRESTED BUTTE Overall Rural CB

SINGLE FAMILY HOMES 2017

2018

% Change

43

32

26%

$1,428,965

$1,315,516

8%

List to Sold Price Ratio

93%

95%

2%

Days on Market

198

259

31%

Number of Properties Sold

119 124 in 2017

Total Dollar Volume Sold

Sold Listings Average Sales Price

Total Dollar Volume Sold $61,445,500 $42,096,500

31%

$72,386,900 CONDOS & TOWNHOMES

2017: $89,507,290

Properties sold for

94% of list price

2017

2018

% Change

18

9

50%

$544,458

$564,500

4%

List to Sold Price Ratio

96%

96%

No Change

Days on Market

117

127

9%

$9,800,250

$5,080,500

48%

Sold Listings Average Sales Price

Total Dollar Volume Sold

Average Sales Price

$608,293

VACANT LAND 2017

2018

% Change

63

78

24%

$289,866

$323,204

12%

List to Sold Price Ratio

93%

93%

No Change

Days on Market

266

252

5%

$721,833 in 2017 Sold Listings

Average Days on Market

245 221 in 2017 8

CrestedButte.RealEstate

Average Sales Price

Total Dollar Volume Sold $18,261,540 $25,209,900

38%

CRESTED BUTTE SOUTH Overall CB South

SINGLE FAMILY HOMES 2017

2018

% Change

18

21

17%

$632,445

$690,816

9%

80

List to Sold Price Ratio

96%

97%

1%

58 in 2017

Days on Market

192

143

26%

Sold Listings Average Sales Price

Total Dollar Volume Sold $11,384,006 $14,507,144

27%

Number of Properties Sold

Total Dollar Volume Sold

$26,074,097 CONDOS & TOWNHOMES

2017: $18,969,006

2017

2018

% Change

17

19

12%

$332,882

$400,877

20%

List to Sold Price Ratio

97%

98%

1%

97%

Days on Market

160

126

21%

of list price

$5,659,000

$7,616,662

35%

Sold Listings Average Sales Price

Total Dollar Volume Sold

Properties sold for

Average Sales Price

$325,926

VACANT LAND 2017

2018

% Change

23

40

74%

$83,739

$98,757

18%

List to Sold Price Ratio

87%

96%

9%

Days on Market

246

281

14%

208

$1,926,000

$3,950,291

105%

204 in 2017

Sold Listings Average Sales Price

Total Dollar Volume Sold

$327,052 in 2017

Average Days on Market

(970) 349–5007

9

LUXURY HOME MARKET

19316 Hwy 135 | Rural CB Sold for $1,970,500

202 Lower Allen Road | Rural CB Sold for $1,395,000

Listed by Coldwell Banker Mountain Properties Sold by Coldwell Banker Mountain Properties

Listed By Coldwell Banker Mountain Properties Sold by Coldwell Banker Mountain Properties

518 Ninth Street | Town of CB Offered at $5,000,000

20 Walking Deer Lane | Mt. CB Offered at $3,500,000

Listed By Coldwell Banker Mountain Properties

10

CrestedButte.RealEstate

Listed by Coldwell Banker Mountain Properties

CRESTED BUTTE NEWS

Area News Highlights October—December 2018 October 16 — Gunnison Forest Service Ranger Gives Insight on Vail October 31 — Crested Butte Community School Students Learned Life Lessons in Peru November 7 — Noxious Weed Control a Success in the Area November 10 — Crested Butte Titans win 2A State Title November 28 — Mt. CB Signs Contract for Homestead Affordable Housing

December 19 — Gunnison Valley Health Foundation Receives Contribution from Vail Resorts CEO December 26 — Western Colorado University Received Recycling Grant December 26 — New Adaptive Facility on Track in Mt. Crested Butte

Upcoming Events: January 16-19 January 24-28 February 2 February 21-24 March 24 March 28-30 April 4-7 April 7

Mountain High Music Festival Fat Bike World Championships Alley Loop Nordic Marathon Prater Cup Alpine Ski Race Al Johnson Telemark Race North Face Grand Traverse Flauschink Celebration Closing Day—Resort and CB Nordic

(970) 349–5007

11

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