Crested Butte Market Report, Second Quarter 2019

MARKET UPDATE By: Reggie Masters, 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

After a snowy and wet month of May, summer has finally arrived in the Crested Butte area. The late spring moisture has resulted in a super bloom of wildflowers. Even for us, the Wildflower Capital of Colorado, the bloom this summer is stunning. If you have not visited this year, now is the time to come and enjoy our cool summer temperatures and spectacular flowers. With our epic winter moisture, Blue Mesa Reservoir, the largest body of water in Colorado, is almost full and ready for fishing or boating.

Summer always brings lots of fun activities and events. 

Ride the Rockies came through town twice in June. Our annual Bike Week was again a great, fun success.



Cattlemen’s Days rodeo, the oldest in Colorado, showcases local 4-H projects, as well as rodeo events, a carnival and Tough Enough to Wear Pink events and fundraisers.

Rural CB ………………………...……..Page 8 Crested Butte South………….…….Page 9 Luxury Home Market…….……....Page 10 Area News and Events...………...Page 11

In the real estate market, dollar volume is up, and sales volume is holding steady with last year. The market has shifted from sluggish in the first quarter to robust. Two large pieces of vacant land sold this past quarter. The North Village tract at Mt. Crested Butte, sold for $5,300,000, and a 91-acre tract at the corner of Cement Creek Road and Highway 135 sold for $2,520,000. There is no definitive word on development plans for either piece. So, while dollar volume of sales is up, these two large parcels have contributed to that.

Here are a few things to note about the current market: 

Second quarter sales of single family homes in Crested Butte South have doubled when compared to the same timeframe of 2018.



Home sales in Crested Butte remained equal in number but doubled in dollar volume, with two sales above $3 million.



We still have homes and condos that are quite affordable in Mt. Crested Butte and Crested Butte South.

Spirits are bright and confidence is strong throughout Gunnison County. All sections of the Gunnison County market are sharing in the activity. The Gunnison and Crested Butte markets are strong. Inventory continues to be light, but opportunity abounds. If you are considering offering your property for sale, now might be a great time. We have buyers looking for the right fit.

If you are taking your first step into the Crested Butte market, or looking at upsizing, downsizing, or adding to your current real estate portfolio, please contact one of our experienced agents for assistance.

2

MARKET UPDATE

Number of Properties Sold

Properties sold for

146

93%

179 in 2018

of list price

Average Sales Price

$707,085 $462,691 in 2018

Total Dollar Volume Sold

$103,234,450 2018: $82,821,773

Average Days on Market

178 263 in 2018

3

MT. CRESTED BUTTE Overall Mt. Crested Butte

SINGLE FAMILY HOMES 2018

2019

% Change

12

10

17%

$1,103,833

$930,000

16%

List to Sold Price Ratio

97%

95%

2%

Days on Market

330

244

26%

$9,300,000

30%

Number of Properties Sold

56 77 in 2018

Total Dollar Volume Sold

Sold Listings Average Sales Price

Total Dollar Volume Sold $13,246,000

$35,790,199 CONDOS & TOWNHOMES

2018: $32,919,499

Properties sold for

88% of list price

2018

2019

% Change

56

40

29%

$294,482

$501,853

70%

List to Sold Price Ratio

97%

96%

1%

Days on Market

191

150

21%

Sold Listings Average Sales Price

Total Dollar Volume Sold $16,490,999 $20,074,500

22%

Average Sales Price

$639,111

VACANT LAND 2018

2019

% Change

9

5

44%

$353,611

$1,248,140

253%

List to Sold Price Ratio

92%

63%

29%

Days on Market

371

130

65%

$3,182,500

$6,240,699

96%

$427,526 in 2018 Sold Listings

Average Days on Market

164 234 in 2018 4

Average Sales Price

Total Dollar Volume Sold

CRESTED BUTTE Overall Crested Butte

SINGLE FAMILY HOMES 2018

2019

% Change

8

9

13%

$1,218,619

$1,776,578

46%

21

List to Sold Price Ratio

91%

97%

6%

20 in 2018

Days on Market

304

174

43%

$9,748,950

$15,989,200

64%

Sold Listings Average Sales Price

Total Dollar Volume Sold

Number of Properties Sold

Total Dollar Volume Sold

$25,645,051 CONDOS & TOWNHOMES

2018: $15,026,183

2018

2019

% Change

7

5

29%

$465,910

$324,200

30%

List to Sold Price Ratio

95%

94%

1%

95%

Days on Market

103

87

16%

of list price

$3,261,370

$1,621,000

50%

Sold Listings Average Sales Price

Total Dollar Volume Sold

Properties sold for

Average Sales Price

$1,221,193

VACANT LAND Sold Listings Average Sales Price List to Sold Price Ratio Days on Market

Total Dollar Volume Sold

2018

2019

% Change

1

2

100%

$200,000

$641,926

221%

100%

80%

20%

53

121

128%

159

$200,000

$1,283,851

542%

229 in 2018

$751,309 in 2018

Average Days on Market

5

AREA MAP

6

UPPER VALLEY STATISTICS

Dollar Volume by Area

Transactions by Area

Almont 3%

Almont 2% Mt. Crested Butte 38%

CB South 19%

Crested Butte 14%

Rural CB 26%

Mt. Crested Butte 35%

CB South 11%

Crested Butte 25%

Rural CB 26%

7

RURAL CRESTED BUTTE Overall Rural CB

SINGLE FAMILY HOMES 2018

2019

% Change

12

10

16%

$1,200,542

$1,245,800

4%

List to Sold Price Ratio

96%

93%

3%

Days on Market

311

252

19%

Number of Properties Sold

38 39 in 2018

Total Dollar Volume Sold

Sold Listings Average Sales Price

Total Dollar Volume Sold $14,406,500 $12,458,000

14%

$26,661,300 CONDOS & TOWNHOMES

2018: $22,309,300

Properties sold for

94% of list price

2018

2019

% Change

2

8

300%

$587,500

$481,313

18%

List to Sold Price Ratio

91%

98%

7%

Days on Market

181

119

34%

$1,175,000

$3,850,500

228%

Sold Listings Average Sales Price

Total Dollar Volume Sold

Average Sales Price

$701,613

VACANT LAND 2018

2019

% Change

25

19

24%

$269,112

$515,937

92%

List to Sold Price Ratio

86%

95%

9%

Days on Market

325

271

17%

$6,727,800

$9,802,800

46%

$572,033 in 2018 Sold Listings

Average Days on Market

236 313 in 2018 8

Average Sales Price

Total Dollar Volume Sold

CRESTED BUTTE SOUTH Overall CB South

SINGLE FAMILY HOMES 2018

2019

% Change

7

11

57%

$641,429

$704,227

10%

28

List to Sold Price Ratio

97%

97%

No Change

30 in 2018

Days on Market

159

163

3%

$4,490,000

$7,746,500

73%

Sold Listings Average Sales Price

Total Dollar Volume Sold

Number of Properties Sold

Total Dollar Volume Sold

$11,707,900 CONDOS & TOWNHOMES Sold Listings Average Sales Price List to Sold Price Ratio Days on Market Total Dollar Volume Sold

2018: $7,714,791

2018

2019

% Change

5

5

No Change

$334,200

$442,800

32%

101%

98%

3%

97%

152

111

27%

of list price

$1,671,000

$2,114,000

27%

Properties sold for

Average Sales Price

$418,139

VACANT LAND 2018

2019

% Change

18

10

44%

$86,322

$162,740

89%

List to Sold Price Ratio

98%

98%

No Change

Days on Market

357

150

58%

140

$1,553,791

$1,627,400

5%

277 in 2018

Sold Listings Average Sales Price

Total Dollar Volume Sold

$257,160 in 2018

Average Days on Market

9

LUXURY HOME MARKET

TBD Gothic Road | Mt. CB Sold for $5,300,000

48 County Road 740 | Rural CB Sold for $2,520,000

Sold by Coldwell Banker Mountain Properties

Listed By Coldwell Banker Mountain Properties Sold by LIV Sotheby’s International Realty

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

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

Listed By Coldwell Banker Mountain Properties

10

Listed by Coldwell Banker Mountain Properties

CRESTED BUTTE NEWS

Area News Highlights April—June 2019 April 24 — Gunnison Public Library Expanding into New Site May 8 — Crested Butte Community School a Top Five High School in Colorado June 2 — Twister and Teo Chair Sale Benefits Local Causes

June 5 — New Idea Emerges for Phase Two of Paradise Park June 7 — High, Fast Water Prompts Sheriff to Temporarily Close Gunnison and Slate River June 22 — Mt. Crested Butte Council Approves Homestead Alterations July 1 — Center for the Arts Grand Opening Pushed Back; Ribbon Cutting Still On July 2 — Adaptive Moving in New Home

Upcoming Events: August 2-4 August 4-5 August 16-18 September 1 September 7 September 12 September 17-21 September 26-29 October 19

Crested Butte Arts Festival Crested Butte Open for Adaptive Sports Center Outerbike in Mt. Crested Butte West Elk Bike Classic Mt. Crested Butte Chili & Beer Festival Sundance Head Concert for Tough Enough to Wear Pink Vinotok Fall Festival Crested Butte Film Festival Children’s Book Festival 11

LET US BE YOUR GUIDE.

Whether you are looking to catch a beautiful trout, the alpenglow over Crested Butte Mountain, a buyer for your property or a new place to call your mountain home, who you select as your guide is an important first step.

215 Elk Avenue (970) 349-5007 Crested Butte

121 W Virginia Avenue (970) 641-7055 Gunnison

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

Meet our professional brokers at www.CrestedButte.RealEstate