CRESTED BUT T E SOT H E BY ’S I NTE RNATI O NAL RE A LTY
QUARTER REPORT First Quarter - 2018
Contents 3 Overall Market Update 8 4 Single Family Market 10 6 Area Map 11 7 Condo and Townhome Market 12
Land Market Significant Sales Our Office Update Contact Us
Quick Hits
$33
Total Sales Volume in First Quarter 2018 in the Upper Valley
68
Total Properties Sold in First Quarter 2018 in the Upper Valley
Million
9.9% 2 | 401 Elk Avenue // 970.349.6653
Percent Up of Sales Volume in 2018 compared to 2017 in the Upper Valley QUARTER REPORT FIRST QUARTER - 2018
Overall Market Update Although this winter resulted in light snowfall and will be referred to many as the winter that wasn’t, 2018 is showing very positive signs for certain real estate segments. Overall property sales are up 21% over 2017 Q1 with almost 12% more properties sold, but perhaps the most exciting data thus far is in land sales. Total dollar volume sold for parcels over 10 acres jumped a staggering 847%! Land sales in Rural Crested Butte and Gunnison area were also up 292% and 232% respectively, proving it’s not just the large parcels that are making a come back in our valley. Condo and Townhome sales were down compared to the beginning of 2017 overall as inventory declined, however the town of Crested Butte saw a slight increase in sales. Despite a decrease in Single Family home sales in Crested Butte and Rural CB areas, Gunnison areas, Almont, and Mt. Crested Butte showed a significant increase in sales. As we transition out of the slower winter season, we are looking forward to the spring of 2018. Quarter 2 typically yields the largest increase in inventory for the year, and with 114 properties currently under contract, it looks to be a very successful sales quarter as well. At Crested Butte Sotheby’s International Realty, our brokers have had a fast and furious off season with many interested buyers coming into the market. With inventory the lowest we’ve seen in years, now is the perfect time to list your property. Contact one of our brokers to experience why we are the real estate leaders in the Upper Gunnison Valley. All Properties UPPER VALLEY (Crested Butte, Mt. Crested Butte, Rural Crested Butte, CB South, Kebler Pass and Almont)
January to March 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 FIRST QUARTER - 2018
2017 $454,645 n/a 266 $2,700,000 $65,000 67 95.0% $30,461,250
2018 % Change $491,286 n/a 267 $2,090,000 $35,000 75 92.6% $36,846,483
8.1% n/a 0.4% -22.6% -46.2% 11.9% -2.5% 21.0%
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Single Family Market Single Family Homes Crested Butte
January to March 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
2017 $1,582,250 $621.78 290 $2,700,000 $900,000 4 96.3% $6,329,000
2018 % Change $1,770,000 $535.34 333 $2,090,000 $1,450,000 2 89.7% $3,540,000
11.9% -13.9% 14.8% -22.6% 61.1% -50.0% -6.9% -44.1%
Single Family Homes Mt. Crested Butte
January to March 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
2017 $776,499 $278.03 639 $899,999 $654,500 3 95.4% $2,329,499
2018 % Change $1,149,500 $357.36 215 $1,520,000 $628,000 4 94.4% $4,598,000
48.0% 28.5% -66.4% 68.9% -4.0% 33.3% -1.0% 97.4%
Single Family Homes Rural Crested Butte
January to March 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
2017 $1,107,500 $370.04 268 $1,275,000 $955,000 4 95.0% $4,430,000
2018 % Change $1,177,500 $411.24 114 $1,610,000 $835,000 3 93.7% $3,532,500
6.3% 11.1% -57.5% 26.3% -12.6% -25.0% -1.4% -20.3%
QUARTER REPORT FIRST QUARTER - 2018
Single Family Market Single Family Homes Crested Butte South
January to March 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
2017 $482,500 $280.04 212 $529,000 $440,000 5 94.3% $2,412,500
2018 % Change $580,000 $257.07 193 $650,000 $480,000 4 96.0% $2,320,000
20.2% -8.2% -9.0% 22.9% 9.1% -20.0% 1.8% -3.8%
Single Family Homes Rural Gunnison, Almont and Surrounding Areas
January to March 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
2017 $389,916 $173.63 376 $685,000 $165,000 12 96.7% $4,679,000
2018 % Change $535,233 $245.28 228 $1,100,000 $177,500 16 94.7% $8,563,730
37.3% 41.3% -39.4% 60.6% 7.6% 33.3% -2.1% 83.0%
Single Family Homes City of Gunnison
January to March 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 FIRST QUARTER - 2018
2017 $270,000 $182.62 61 $280,000 $260,000 2 95.1% $540,000
2018 % Change $276,750 $170.30 109 $335,000 $185,000 6 92.1% $1,660,500
2.5% -6.7% 78.7% 19.6% -28.8% 200.0% -3.2% 207.5%
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Overview Map
6
Legend 1
Crested Butte
2 Mt. Crested Butte 3 Skyland - Golf 4 CB South 5 Gunnison 6 Almont 6 | 401 Elk Avenue // 970.349.6653
QUARTER REPORT FIRST QUARTER - 2018
Condo and Townhome Market Condos and Townhomes Crested Butte
January to March
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
$610,000 $350.98 558 $610,000 $610,000 1 97.6% $610,000
2018 % Change $590,185 $469.86 106 $964,250 $216,120 2 89.8% $1,180,370
-3.2% 33.9% -81.0% 58.1% -64.6% 100.0% -8.0% 93.5%
Condos and Townhomes Mt. Crested Butte
January to March
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
$301,962 $278.84 215 $1,550,000 $66,250 33 96.1% $9,964,751
2018 % Change $348,833 $346.16 227 $860,000 $68,000 24 97.3% $8,372,000
15.5% 24.1% 5.6% -44.5% 2.6% -27.3% 1.2% -16.0%
Condos and Townhomes Rural CB, CB South, Almont, Rural Gunnison and City of Gunnison
January to March 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 FIRST QUARTER - 2018
2017 $259,041 $197.90 107 $645,000 $90,000 12 97.6% $3,108,500
2018 % Change $222,487 $189.79 184 $467,000 $115,000 8 97.8% $1,779,900
-14.1% -4.1% 72.0% -27.6% 27.8% -33.3% 0.2% -42.7%
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Land Market Residential Lots Crested Butte
January to March 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
2017 -
2018 % Change -
-
Residential Lots Mt. Crested Butte
January to March 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
2017 $242,166 $403,611.11 428 $540,000 $125,000 6 92.8% $1,453,000
2018 % Change $385,000 $325,167 444 $520,000 $225,000 6 92.6% $2,310,000
59.0% -19.4% 3.7% -3.7% 80.0% 0.0% -0.2% 59.0%
All Lots and Land Rural Crested Butte
January to March 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
2017 $217,900 $275,126.26 377 $350,000 $112,500 5 82.9% $1,089,500
2018 % Change $328,461 $225,066 392 $1,300,000 $35,000 13 83.1% $4,270,000
50.7% -18.2% 4.0% 271.4% -68.9% 160.0% 0.2% 291.9%
QUARTER REPORT FIRST QUARTER - 2018
Land Market Residential Lots CB South
January to March 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
2017 $75,000 $182,926.83 100 $85,000 $65,000 2 79.4% $150,000
2018 % Change $107,687 $166,926.65 169 $237,500 $58,250 4 91.9% $430,750
43.6% -8.7% 69.0% 179.4% -10.4% 100.0% 15.7% 187.2%
All Lots and Land City of Gunnison, Rural Gunnison, Almont and Surrounding Areas
January to March 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
2017 $140,170 $32,467.00 342 $400,000 $14,000 15 91.4% $2,102,563
2018 % Change $775,805 $115,878.07 322 $5,323,750 $68,500 9 98.2% $6,982,250
453.5% 256.9% -5.8% 1230.9% 389.3% -40.0% 7.4% 232.1%
All Parcels (10 or More Acres) Gunnison County
January to March 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 FIRST QUARTER - 2018
2017 $400,000 $10,000 34 $400,000 $400,000 1 100% $400,000
2018 % Change $1,012,305 $13,664 684 $5,323,750 $50,000 9 90.8% $9,110,750
18.3% 14.3% 2114.7% 225.0% -87.5% 700.0% -19.6% 846.8%
CrestedButteSothebysRealty.com | 9
Significant Sales in 2018
TBD Snowy River Lane | Gunnison Sold for $5,323,750
713 & 715 Belleview Avenue | Town of C.B. Sold for $2,090,000
Listed by Non-Member Sold by Red Lady Realty
Listed by Crested Butte Sotheby’s International Realty Sold by Crested Butte Resort Real Estate
27 Vista Court | Rural C.B.
10 Anthracite Road | Mt. C.B.
Listed by Coldwell Banker Bighorn Realty Sold by Bluebird Real Estate
Listed by Keller Williams Colorado West Realty Sold by Crested Butte Sotheby’s International Realty
214 Sopris Avenue | Town of C.B.
18 Appaloosa | Mt. C.B.
Listed by Crested Butte Sotheby’s International Realty Sold by Bluebird Real Estate
Listed by Red Lady Realty Sold by Red Lady Realty
Sold for $1,610,000
Sold for $1,450,000
10 | 401 Elk Avenue // 970.349.6653
Sold for $1,520,000
Sold for $1,400,000
QUARTER REPORT FIRST QUARTER - 2018
Crested Butte Sotheby’s International Realty Stats • CBSIR leads the real estate brokerage community in Crested Butte by $86.4 million in total transaction volume in comparison to our closest competitor in 2017. • The CBSIR office had a 33% market share of sales volume in 2017 in the Crested Butte area. • CBSIR has been involved in 307 transaction sides of the 916 total in the Upper Valley. • CBSIR sold $88.5 million worth of our listings in 2017. • Our CBSIR brokers were very successful in 2017. • The top sales volume broker for 2017 is a CBSIR broker and 3 of the top 9 brokers in sales volume in Crested Butte are CBSIR brokers • 2 of the top 4 brokers in transactional volume in Crested Butte are CBSIR brokers • The top listing broker in Crested Butte is a CBSIR broker. • 5 of the top 11 buyers’ brokers in Crested Butte are CBSIR brokers. 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 FIRST QUARTER - 2018
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
Oz Osmundson 970.275.2448
Sam Lumb 970.275.2448
Wayne Meredith 970.209.2706
CrestedButteSothebysRealty.com