Crested Butte Market Report, Third Quarter 2019

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 Area News and Events...………...Page 11

Crested Butte was treated to a spectacular autumn season this year, a rainbow of yellows and reds and golds, and the leaves lasted later into the season than usual. For many locals and visitors alike, fall is a favorite time of year in the mountains. Summer has flown by, as it always does, and there is already fresh snow on the peaks, hinting to the upcoming ski season. It is a good time to savor the memories of another fabulous summer in CB, and to take a look back at the market’s third quarter numbers.

The stats may come as a surprise because summer feels so busy in Crested Butte. Q3 2019 realized only 54 residential sales, for a total dollar volume of $49M. Compared to Q3 2018, which saw 105 units sold for a total volume of $67M, the market is down 48% in number of units sold, and down 27% in total sales volume during the third quarter. One possible explanation for this is that asking prices rose faster than buyers’ perception of fair market value.

The average price-per-square-foot of all residential properties sold in Q3 2018 was $384/SF. In Q3 2019, the average sold price was $458/SF, an increase of 19%. Currently there are 209 residential properties for sale, with an average asking price of $546/SF. That is 19% higher (again) than the recent Q3 2019 sales average.

This disparity between asking prices and recent sales is resulting in longer days on market and is causing many sellers to now drop their price. About 41% of the residential properties for sale under $1.5M have had recent price drops. Inventory is up in most segments of the market compared to this time last year, and we may be shifting towards more of a buyer’s market. But it is important for buyers to remember that many sellers in Crested Butte are not in a hurry, and some don't mind waiting, sometimes years, to get their price.

The high-end luxury market saw impressive action during the third quarter, with five sales over the $2M mark. 518 9th Street, a stunning in-town custom home listed by Coldwell Banker Mountain Properties, sold for a record-setting $4.46M. There are currently four homes over $2M under contract in the area, and an additional 44 homes available in the $2M+ range.

The market is in flux and we will likely continue to see price corrections in most segments of the market as we head into 2020. This is the perfect time for buyers to pay close attention and be on the lookout for sudden price-drop opportunities. For sellers, pricing right will be the key to getting property sold in a timely fashion.

Whether you are looking to buy or sell, or just want to get familiar with the market and the area, please feel free to contact any of our experienced agents. And remember to smile… winter is coming!

2

MARKET UPDATE

Number of Properties Sold

Properties sold for

236

94%

351 in 2018

of list price

Average Sales Price

$700,453 $477,850 in 2018

Total Dollar Volume Sold

$165,307,025 2018: $167,725,414

Average Days on Market

184 228 in 2018

3

MT. CRESTED BUTTE Overall Mt. Crested Butte

SINGLE FAMILY HOMES 2018

2019

% Change

27

18

33%

$1,049,676

$1,060,222

1%

List to Sold Price Ratio

97%

96%

1%

Days on Market

278

200

28%

Number of Properties Sold

88 155 in 2018

Total Dollar Volume Sold

Sold Listings Average Sales Price

Total Dollar Volume Sold $28,341,250 $19,084,000

33%

$55,713,074 CONDOS & TOWNHOMES

2018: $73,821,539

Properties sold for

91% of list price

2018

2019

% Change

105

60

43%

$350,865

$488,290

39%

List to Sold Price Ratio

97%

96%

1%

Days on Market

163

145

11%

Sold Listings Average Sales Price

Total Dollar Volume Sold $36,840,789 $29,297,375

20%

Average Sales Price

$633,103

VACANT LAND 2018

2019

% Change

23

9

61%

$375,630

$795,189

112%

List to Sold Price Ratio

95%

66%

29%

Days on Market

428

555

30%

$8,639,500

$7,156,699

17%

$476,268 in 2018 Sold Listings

Average Days on Market

198 223 in 2018 4

Average Sales Price

Total Dollar Volume Sold

CRESTED BUTTE Overall Crested Butte

SINGLE FAMILY HOMES 2018

2019

% Change

15

17

13%

$1,077,219

$1,802,041

67%

34

List to Sold Price Ratio

94%

95%

1%

34 in 2018

Days on Market

222

158

29%

Sold Listings Average Sales Price

Total Dollar Volume Sold $16,158,289 $30,634,700

90%

Number of Properties Sold

Total Dollar Volume Sold

$45,449,551 CONDOS & TOWNHOMES

2018: $24,556,872

2018

2019

% Change

12

6

50%

$496,227

$342,500

31%

List to Sold Price Ratio

96%

95%

1%

94%

Days on Market

120

78

35%

of list price

$5,954,720

$2,055,000

65%

Sold Listings Average Sales Price

Total Dollar Volume Sold

Properties sold for

Average Sales Price

$1,336,752

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

Total Dollar Volume Sold

2018

2019

% Change

1

6

83%

$200,000

$1,001,475

401%

100%

90%

10%

53

206

289%

161

$200,000

$6,008,851

2904%

194 in 2018

$722,261 in 2018

Average Days on Market

5

AREA MAP

6

UPPER VALLEY STATISTICS

Dollar Volume by Area

Transactions by Area

Almont 4% Almont 3% Mt. Crested Butte 37%

CB South 20%

Crested Butte 14%

Rural CB 25%

Mt. Crested Butte 34%

CB South 11%

Crested Butte 27%

Rural CB 24%

7

RURAL CRESTED BUTTE Overall Rural CB

SINGLE FAMILY HOMES 2018

2019

% Change

21

16

24%

$1,237,548

$1,326,750

7%

List to Sold Price Ratio

96%

94%

2%

Days on Market

253

255

1%

Number of Properties Sold

60 78 in 2018

Total Dollar Volume Sold

Sold Listings Average Sales Price

Total Dollar Volume Sold $25,988,500 $21,228,000

18%

$40,152,600 CONDOS & TOWNHOMES

2018: $45,141,300

Properties sold for

95% of list price

2018

2019

% Change

7

10

43%

$595,071

$555,750

7%

List to Sold Price Ratio

96%

98%

2%

Days on Market

142

120

15%

$4,165,500

$5,557,500

33%

Sold Listings Average Sales Price

Total Dollar Volume Sold

Average Sales Price

$669,210

VACANT LAND 2018

2019

% Change

50

33

34%

$299,746

$388,397

30%

List to Sold Price Ratio

92%

95%

3%

Days on Market

278

230

17%

$578,735 in 2018 Sold Listings

Average Days on Market

220 259 in 2018 8

Average Sales Price

Total Dollar Volume Sold $14,987,300 $12,817,100

14%

CRESTED BUTTE SOUTH Overall CB South

SINGLE FAMILY HOMES 2018

2019

% Change

12

13

8%

$670,708

$707,923

6%

47

List to Sold Price Ratio

97%

97%

No Change

61 in 2018

Days on Market

138

154

12%

$8,084,500

$9,203,000

14%

Sold Listings Average Sales Price

Total Dollar Volume Sold

Number of Properties Sold

Total Dollar Volume Sold

$17,858,300 CONDOS & TOWNHOMES

2018: $17,332,453

2018

2019

% Change

15

12

20%

$397,044

$429,617

8%

List to Sold Price Ratio

98%

97%

1%

97%

Days on Market

136

166

22%

of list price

$5,955,662

$5,155,400

13%

Sold Listings Average Sales Price

Total Dollar Volume Sold

Properties sold for

Average Sales Price

$379,964

VACANT LAND 2018

2019

% Change

33

19

42%

$92,827

$156,179

68%

List to Sold Price Ratio

96%

96%

No Change

Days on Market

278

112

60%

134

$3,063,291

$2,967,400

3%

213 in 2018

Sold Listings Average Sales Price

Total Dollar Volume Sold

$284,139 in 2018

Average Days on Market

9

LUXURY HOME MARKET

518 Ninth Street | Town of CB Sold for $4,461,500

102 Anthracite Drive | Mt. CB Sold for $2,170,000

Listed by Coldwell Banker Mountain Properties Sold by Crested Butte Resort Real Estate

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

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 July—September 2019 July 17 — Bird’s Eye View: A Glimpse of Gunnison County from 12,800 Feet August 7 — Long-Running Warming Experiment Turned Off at RMBL August 20 — E-Bikes Allowed on the Rec Path

August 26 — School Starts with More Students Than Ever in CB September 4 — CBCS Students Near Completion of Duplex Construction in Crested Butte South September 14—Crested Butte Benefits from Vail’s EpicPromise Initiatives September 29 — Last Chair at Donita’s

Upcoming Events: October 25 October 31 November 16 November 27 November 28– Dec 1 December 6-7 December 24 December 31

KBUT’s 8th Annual Zombie Prom Halloween Parade Nordic Center Opens for the season Crested Butte Mountain Resort Opens Nordic Center Thanksgiving Camp Light Up Night Torchlight Parade Torchlight Parade & Fireworks 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