Crested Butte Micro Market Reports | Quarter 1 2021

Q1 2021

Micro Market Report CRESTED BUTTE

1515 Red Mountain Ranch Road, Crested Butte

404 Butte Avenue, Crested Butte

Crested Butte MARKET UPDATE

Located at almost 9,000 feet elevation along the banks of Coal Creek in Gunnison County, Crested Butte is an idyllic alpine resort town with roots in mining and ranching. Both vacationers and residents enjoy the area’s pristine beauty as well as its vibrant art, music and theatre scene. Boasting one of Colorado’s largest historical districts, Crested Butte has a relaxed vibe that draws in those seeking the good life.

Though many outdoor enthusiasts flock to Crested Butte to enjoy its 1,058-acre downhill ski resort, the summers in this mountain community are just as remarkable. Known as the “wildflower capital of Colorado” due to its brilliant, colorful meadows, Crested Butte’s majestic mountains provide plenty of activities in all seasons—skiing, hiking, mountain biking, shopping, fishing, festivals, rafting and ice skating. It’s no surprise that real estate in this area has flourished despite the economic uncertainty of the past year.

The Micro Market Report produced by LIV Sotheby’s International Realty analyzes the real estate market for the first quarter of 2021 as compared to the first quarter of 2020.

Gunnison County overall saw property sales rise 132.1% while average price per property in the area increased 37.3%, from $543,196 to $746,002. Overall, the total dollar volume sold in Gunnison County rose 218.8% compared to the first quarter of 2020.

So far, 2021 has been a seller’s market in Gunnison County, with high demand and low inventory helping drive prices up, particularly in Mt. Crested Butte, Gunnison, and Almont. The number of properties sold in Rural Crested Butte nearly quadrupled, from 16 to 57—a rise of 256.3%— and land parcels in the same area increased a phenomenal 371.4%. Land, in fact, was in high demand across all the neighborhoods with the exception of the Town of Gunnison.

Land sales in Mt. Crested Butte saw an incredible 950% increase over the same quarter in 2020.

Almost all the neighborhoods in the Gunnison County region experienced a rise in the number of single family homes sold, with the largest gains seen in Rural Crested Butte. Despite this flurry of activity, the overall increases in residences sold, and the increases in home prices, properties stayed on the market an average of 400 days this quarter, which is 126% longer than this time last year.

As we move further into a new year that remains clouded with challenges, one thing remains clear—Crested Butte and its surrounding areas continue to be a high-demand, appealing option for those seeking a resort lifestyle in an iconic ski town.

GUNNISON COUNTY January through March

2020

2021

% Change

Sold Listings (All)

109

253

132.1%

Sold Single Family

38

64

68.4%

Sold Condos/TH

41

74

80.5%

177

400

126.0%

$543,196

$746,002

37.3%

88.0%

96.0%

9.0%

$59,208,408.00

$188,738,604.00

218.8%

Average Days on Market Average Price % Sold Price to List Price Total Dollar Volume Sold

All Properties January through March Average Price Average Price per Acre Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2020

2021

% Change

$431,580

$669,950

55.2%

$2,295

$22,550

882.4%

302

375

24.2%

$775,000

$1,950,000

151.6%

5

10

100.0%

85.5%

95.8%

12.0%

All Parcels Over 10 Acres Based on data from the Gunnison – Crested Butte Association of REALTORS® MLS, Colorado Real Estate Network (CREN). Verify with a local REALTOR®. All information is deemed reliable but not guaranteed. Data maintained by CREN MLS may not reflect all real estate activity in the market.

coloradomicroreports.com

CRESTED BUTTE NEIGHBORHOODS

1.

Town of Crested Butte

2.

Mt. Crested Butte

3.

Crested Butte South

4.

Almont

5.

City of Gunnison

2

1 3

4

5

MICROMARKET REPORT | Crested Butte livsothebysrealty.com

JANUARY - MARCH 2021 • COLORADOMICROREPORTS.COM

228.⁶% The number of residential properties sold in the Town of Crested Butte increased by 228.6% January through March 2021 compared to that of 2020.

January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2021

% Change

$1,540,021

$1,308,647

-15.0%

$657

$614

-6.6%

171

279

63.2%

$3,363,150

$5,500,000

63.5%

7

23

228.6%

93.8%

97.0%

3.4%

All Properties

January through March Average Price Average Price per Square Foot

TOWN OF CRESTED BUTTE

2020

Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2020

2021

% Change

$2,198,287

$1,583,428

-28.0%

$790

$770

-2.6%

216

179

-17.1%

$3,363,150

$3,400,000

1.1%

4

7

75.0%

93.3%

96.2%

3.1%

Single Family Homes

150% The number of condominiums, townhomes, duplexes and triplexes sold in the Town of Crested Butte increased by 150% January through March 2021 compared to that of 2020.

January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2021

% Change

$823,500

$555,180

-32.6%

$560

$520

-7.1%

101

245

142.6%

$862,000

$757,000

-12.2%

2

5

150.0%

96.9%

102.7%

6.0%

Condominiums, Townhomes, Duplexes and Triplexes

January through March

Incorporated in 1880, the Town of Crested Butte rests at an elevation of 8,885 feet and serves as “the Gateway to the Elk Mountains.” Explorer Ferdinand Hayden referred to the dominant peak guarding the residents as a ‘crested butte,’ and the namesake was born.

2020

2020

2021

% Change

Average Price

-

$1,769,833

-

Average Price per Acre

-

$4,428,191

-

Average Days on Market

-

407

-

Highest Price

-

$5,500,000

-

No Sales

6

-

-

98.8%

-

Properties Sold % Sold Price to List Price

Residential / Commercial Lots

January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2020

2021

% Change

$458,063

$676,858

47.8%

$431

$522

21.0%

157

732

366.2%

$1,537,500

$3,350,000

117.9%

34

78

129.4%

96.0%

96.4%

0.4%

All Properties

January through March Average Price Average Price per Square Foot Average Days on Market

Properties Sold % Sold Price to List Price

2021

% Change

$927,540

$1,522,900

64.2%

$449

$476

6.0%

114

133

16.7%

$1,467,200

$3,350,000

128.3%

5

10

100.0%

95.2%

97.8%

2.7%

Smaller in size than the Town of Crested Butte (approximately 800 residents compared to 1,500 residents), Mt. Crested Butte is the actual location of the famous resort. Located inside the Gunnison National Forest, this picture-perfect town covers an area just over two square miles, and those two square miles are a skier or snowboarder’s paradise.

Single Family Homes

January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2020

2021

% Change

$388,387

$574,977

48.0%

$429

$531

23.9%

157

178

13.4%

$1,537,500

$1,500,000

-2.4%

27

47

74.1%

96.5%

97.2%

0.7%

Condominiums, Townhomes, Duplexes and Triplexes

January through March

2020

2021

% Change

Average Price

$225,000

$502,000

123.1%

Average Price per Acre

$480,474

$651,286

35.6%

252

2259

796.4%

$255,000

$2,975,000

1066.7%

2

21

950.0%

91.8%

92.4%

0.6%

Average Days on Market Highest Price Properties Sold % Sold Price to List Price

Residential / Commercial Lots

74.1% The number of condominiums, townhomes, duplexes and triplexes sold in Mt. Crested Butte increased by 74.1% January through March 2021 compared to that of 2020.

MT. CRESTED BUTTE

Highest Price

2020

For those who like the area of Crested Butte but perhaps want to shy away from the resort area or the large open rural spaces, Crested Butte South is a subdivision located eight miles south of the town center. This area offers more for those who prefer a suburban setting, yet want to enjoy the clean air and breathtaking vistas of Crested Butte.

January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2020

2021

% Change

$422,142

$421,692

-0.1%

$257

$334

29.9%

215

203

-5.6%

$850,000

$995,000

17.1%

7

13

85.7%

98.2%

96.7%

-1.5%

CRESTED BUTTE SOUTH

All Properties

75.0% The average days on market for single family homes in Crested Butte South decreased by 75.0% January through March 2021 compared to that of 2020.

January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2020

2021

% Change

$747,500

$882,500

18.1%

$211

$334

58.6%

232

58

-75.0%

$850,000

$995,000

17.1%

2

4

100.0%

100.0%

97.7%

-2.3%

Single Family Homes

January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2020

2021

% Change

$550,000

-

-

$304

-

-

97

-

-

$590,000

-

-

2

No Sales

-

99.1%

-

-

Condominiums, Townhomes, Duplexes and Triplexes

80.7%

January through March

2020

2021

% Change

Average Price

$120,000

$216,888

80.7%

Average Price per Acre

$294,003

$404,210

37.5%

283

267

-5.7%

$145,000

$570,000

293.1%

3

9

200.0%

89.1%

95.8%

7.5%

Average Days on Market Highest Price

The average sold price for residential /

Properties Sold

commercial lots in Crested Butte South

% Sold Price to List Price

increased by 80.7% January through March 2021 compared to that of 2020.

Residential / Commercial Lots

January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2020

2021

% Change

$852,562

$721,035

-15.4%

$474

$521

9.8%

232

231

-0.4%

$5,000,000

$3,385,000

-32.3%

16

57

256.3%

72.0%

96.6%

34.2%

All Properties

January through March Average Price Average Price per Square Foot Average Days on Market

Properties Sold % Sold Price to List Price

2021

% Change

$1,825,000

$1,724,615

-5.5%

$526

$586.30

11.6%

309

164

-46.9%

$5,000,000

$3,385,000

-32.3%

5

13

160.0%

63.9%

95.7%

49.9%

The number of residential properties sold in Rural Crested Butte increased by 256.3% January through March 2021 compared to that of 2020.

Single Family Homes

January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2020

2021

% Change

$760,000

$558,000

-26.6%

$432

$444

2.6%

122

183

50.0%

$1,175,000

$1,365,000

16.2%

3

11

266.7%

98.7%

99.0%

0.3%

Condominiums, Townhomes, Duplexes and Triplexes

January through March

2020

2021

% Change

Average Price

$292,857

$380,030

29.8%

Average Price per Acre

$397,865

$547,255

37.5%

205

273

33.2%

$550,000

$1,950,000

254.5%

7

33

371.4%

94.3%

90.1%

-4.5%

Average Days on Market Highest Price Properties Sold % Sold Price to List Price

Residential / Commercial Lots

266.⁷% The number of condominiums, townhomes, duplexes and triplexes sold in Rural Crested Butte increased by 266.7% January through March 2021 compared to that of 2020.

RURAL CRESTED BUTTE

Highest Price

2020

256.³%

January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2020

2021

% Change

$290,035

$333,200

14.9%

$237

$201

-15.3%

140

219

56.4%

$519,500

$785,000

51.1%

20

30

50.0%

96.6%

97.0%

0.4%

All Properties

CITY OF GUNNISON

January through March

For those who enjoy all that Gunnison County has to offer in the way of skiing and wide-open spaces but still prefer the idea of being in a proper town, the City of Gunnison is an attractive option. The City of Gunnison prides itself on having an Old West heritage feel while still providing the modern comforts of life.

Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2020

2021

% Change

$353,742

$408,970

15.6%

$228

$274

19.8%

143

68

-52.4%

$519,500

$549,000

5.7%

7

10

42.9%

95.2%

97.8%

2.7%

Single Family Homes

13.4% The average days on market for condominiums, townhomes, duplexes and triplexes in the City of Gunnison decreased by 13.4% January through March 2021 compared to that of 2020.

January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2020

2021

% Change

$286,611

$286,185

-0.1%

$251

$235

-6.4%

119

103

-13.4%

$392,000

$365,000

-6.9%

9

7

-22.2%

99.1%

99.4%

0.2%

Condominiums, Townhomes, Duplexes and Triplexes

January through March Average Price Average Price per Acre Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2020

2021

% Change

$77,500

$395,000

409.7%

$763,158

$481,276

-36.9%

173

522

201.7%

$105,000

$550,000

423.8%

2

2

0.0%

86.4%

97.5%

12.9%

Residential / Commercial Lots

January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2020

2021

% Change

$382,415

$596,214

55.9%

$217

$269

23.9%

175

237

35.4%

$1,197,000

$6,300,000

426.3%

25

35

40.0%

94.7%

97.3%

2.7%

All Properties

January through March Average Price

Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2021

% Change

$518,865

$657,633

26.7%

$239

$282.15

18.0%

172

156

-9.3%

$1,197,000

$1,173,000

-2.0%

15

15

0.0%

95.2%

98.9%

3.8%

Single Family Homes

January through March

2020

2021

% Change

Average Price

-

$263,500

-

Average Price per Square Foot

-

$265

-

Average Days on Market

-

302

-

Highest Price

-

$3,650,000

-

No Sales

4

-

-

96.5%

-

Properties Sold % Sold Price to List Price

26.7% The average sold price for single family homes in Almont & Rural Gunnison increased by 26.7% January through March 2021 compared to that of 2020.

Condominiums, Townhomes, Duplexes and Triplexes

January through March

2020

2021

% Change

Average Price

$78,816

$222,230

182.0%

Average Price per Acre

$41,799

$52,441

25.5%

242

340

40.5%

$170,000

$1,350,000

694.1%

6

13

116.7%

96.6%

87.4%

-9.6%

Average Days on Market Highest Price Properties Sold % Sold Price to List Price

Residential / Commercial Lots

25.5% The average price per acre for residential / commercial lots in Almont & Rural Gunnison increased by 25.5% January through March 2021 compared to that of 2020.

ALMONT & RURAL GUNNISON

Average Price per Square Foot

2020

The unincorporated community of Almont was originally named Fisher for the founding family but was then changed to honor a famous racehorse of the late 19th century. In its early history, Almont served as a depot for the various nearby mines to store ore that would later be sent to the larger neighboring town of Gunnison. In modern times, the community and the surrounding rural landscape are popular with visitors and nature lovers with vacation homes.

WHY COLORADO?

04

NATIONAL PARKS

07

MOUNTAIN RANGES

28

SKI AREAS & RESORTS

WHY COLORADO?

300

AVG DAYS OF SUNSHINE ANNUALY

350+ CRAFT BREWERIES

MICROMARKET REPORT | Crested Butte JANUARY - MARCH 2021 • COLORADOMICROREPORTS.COM