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MICROMARKET REPORT

CRESTED BUTTE | YEAR END 2019


CRESTED BUTTE GUNNISON COUNTY

1.

Town of Crested Butte

2.

Mt. Crested Butte

3.

Crested Butte South

4. Almont 5.

2

1 3

City of Gunnison

4

5

Pictured on cover: 269 Fairway Drive, Crested Butte

coloradomicroreports.com


CRESTED BUTTE MARKET UPDATE Set in Southwest Colorado surrounded by Gunnison National Forest is Gunnison County. This area is comprised of the Town of Crested Butte, Mt. Crested Butte, Crested Butte South, Almont, and the City of Gunnison. These five communities have the advantage of their incomparable access to incredible outdoor adventure activities such as world-class skiing, hiking, and biking, in addition to spectacular views of the mountains as well as proximity to Blue Mesa Reservoir, Colorado’s largest body of water. Anyone with an appreciation for nature will understand the draw of living in Gunnison County. LIV Sotheby’s International Realty produces a Micro Market Report focused on the Crested Butte market and its performance throughout 2019 in comparison to 2018. Land parcels over 10 acres in Gunnison County increased a significant amount in 2019. The average price for all land parcels of this size last year was $585,115, a 34% rise from 2018 when the average price was $436,582. The average price per acre has also grown over the last year, climbing by 22.2% to $11,314. Total dollar volume in sales for all properties in Gunnison County grew by 3.2% over the last year, totaling $347,946,257 in 2019. The average sold price for homes in this area also increased from 2018 to 2019. Homes listed in Gunnison County in 2019 saw a sizeable 26.4% increase in price from 2018, making the average sold price $520,877.

GUNNISON COUNTY January through December

2018

2019

% Change

Sold Listings (All Properties)

818

668

-18.3%

Sold Single Family

282

261

-7.4%

Sold Townhouse/Condo/Duplex

238

178

-25.2%

Average Days on Market

222

189

-14.9%

$412,033

$520,877

26.4%

95.5%

94.2%

-1.4%

$337,043,449

$347,946,257

3.2%

Average Sold Price % Sold Price to Original List Price Total Dollar Volume Sold All Properties

GUNNISON COUNTY January through December Average Price Average Price per Acre Average Days on Market

2018

2019

% Change

$436,582

$585,115

34.0%

$9,257

$11,314

22.2%

352

279

-20.7%

Highest Price $5,323,750 $5,300,000 -0.4% The number of condominium, townhome, and 47 39 -17.0% duplex sales rose by an impressive 33.3% during Properties Sold 2019 in Rural Crested Butte. Nearby, single family & Sold Price to List Price 92.1% 80.1% -13.0% home sales in the City of Gunnison increased by All Parcels over 10 Acres 20%. Crested Butte South saw the most drastic decrease in the average days on market for properties within Gunnison County. Residential and commercial lots within this neighborhood spent 48.4% less time on the market in 2019 than in 2018, typically spending only 147 days on the market from 285 days in 2018.

The potential for achieving your lifestyle, financial, and real estate goals in one of Gunnison County’s communities is endless. Based on data from the Gunnison County 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.

MICROMARKET REPORT | Crested Butte resorts.livsothebysrealty.com

JANUARY - DECEMBER 2019 • COLORADOMICROREPORTS.COM


TOWN OF CRESTED BUTTE January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2018

2019

% Change

$883,953

$1,272,554

44.0%

$493

$604

22.5%

200

166

-17.0%

$3,850,000

$4,461,500

15.9%

46

43

-6.5%

95.1%

94.1%

-1.1% All Properties

TOWN OF CRESTED BUTTE January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

Crested Butte is home

2018

2019

% Change

to the oldest mountain

$1,302,876

$1,734,223

33.1%

bike festival in the world,

$588

$726

23.5%

which began as the Fat Tire

216

153

-29.2%

festival in 1983 and is now

$3,850,000

$4,461,500

15.9%

known as CB Bike Week

22

21

-4.5%

with many events, races,

94.5%

94.6%

0.1%

and clinics.

Single Family Homes

TOWN OF CRESTED BUTTE January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2018

2019

% Change

$502,122

$460,144

-8.4%

$449

$435

-3.1%

113

101

-10.6%

$964,250

$799,000

-17.1%

14

9

-35.7%

96.4%

95.3%

-1.2%

Condos, Townhomes, Duplexes

714 Teocalli Avenue, Crested Butte

38.4% The average days on market in the

TOWN OF CRESTED BUTTE January through December Average Price Average Price per Acre Average Days on Market

Town of Crested Butte decreased by 38.4%

Highest Price

January through December 2019 compared

Properties Sold

to that of 2018.

% Sold Price to List Price

2018

2019

% Change

$816,666

$1,120,866

37.2%

$3,548,535

$4,823,718

35.9%

333

205

-38.4%

$1,200,000

$1,475,000

22.9%

3

6

100.0%

100%

92.4%

-7.6%

Residential / Commercial Lots

coloradomicroreports.com


MT. CRESTED BUTTE January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2018

2019

% Change

$489,902

$615,830

25.7%

$366

$415

13.4%

214

187

-12.6%

$2,365,250

$5,300,000

124.1%

197

124

-37.1%

96.5%

91.9%

-4.7%

All Properties

MT. CRESTED BUTTE Our namesake mountain

January through December

rises just above town to a

Average Price

height of 12,162 feet. This

Average Price per Square Foot

unique setting affords some

Average Days on Market

of the most breathtaking

Highest Price

vistas in Colorado.

Properties Sold % Sold Price to List Price

2018

2019

% Change

$1,076,492

$1,102,062

2.4%

$364

$413

13.5%

272

189

-30.5%

$2,365,250

$2,170,000

-8.3%

32

24

-25.0%

95.5%

95.4%

-0.1%

Single Family Homes

MT. CRESTED BUTTE January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2018

2019

% Change

$379,349

$479,264

26.3%

$367

$420

14.4%

162

141

-13.0%

$1,533,500

$2,375,000

54.9%

139

86

-38.1%

97.3%

96.5%

-0.8%

Condos, Townhomes, Duplexes

17 Wildhorse Trail, Mt Crested Butte

MT. CRESTED BUTTE January through December

82.6%

2018

2019

% Change

Average Price

$358,980

$655,515

82.6%

Average Price per Acre

$433,744

$526,846

21.5%

421

501

19.0%

$1,050,000

$5,300,000

404.8%

The average price for residential/commercial lots

26

13

-50.0%

in Mt. Crested Butte increased by 82.6% January

95.3%

69.0%

-27.6%

through December 2019 compared to that of 2018.

Average Days on Market Highest Price Properties Sold % Sold Price to List Price Residential / Commercial Lots

livsothebysrealty.com resorts.livsothebysrealty.com

MICROMARKET REPORT | Crested Butte JANUARY - DECEMBER 2019 • COLORADOMICROREPORTS.COM


RURAL CRESTED BUTTE January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2018

2019

% Change

$608,293

$815,959

34.1%

$382

$470

23.0%

244

206

-15.6%

$3,400,000

$4,267,500

25.5%

119

84

-29.4%

94.5%

94.6%

0.2% All Properties

RURAL CRESTED BUTTE January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2018

2019

% Change

$1,315,515

$1,698,092

29.1%

$390

$512

31.3%

258

245

-5.0%

$3,400,000

$4,267,500

25.5%

32

27

-15.6%

95.1%

94.3%

-0.8%

Most homes in the area have a western feel to them, with open spaces and large wooden cabins or other types of sprawling estates.

Single Family Homes

RURAL CRESTED BUTTE January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2018

2019

% Change

$564,500

$548,291

-2.9%

$351

$397

13.1%

127

113

-11.0%

$945,000

$1,375,000

45.5%

9

12

33.3%

96.3%

97.9%

1.7%

Condos, Townhomes, Duplexes

34 Creek Cove, Crested Butte

37.5% The average price per acre in

Rural Crested Butte increased by 37.5% January through December 2019 compared to that of 2018.

RURAL CRESTED BUTTE January through December

2018

2019

% Change

Average Price

$346,782

$353,695

2.0%

Average Price per Acre

$339,610

$467,109

37.5%

252

204

-19.0%

$1,850,000

$2,520,000

36.2%

78

44

-43.6%

93.2%

94.3%

1.2%

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

All Lots and Land

coloradomicroreports.com


CRESTED BUTTE SOUTH January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2018

2019

% Change

$325,926

$388,087

19.1%

$285

$311

9.1%

208

140

-32.7%

$974,000

$949,000

-2.6%

80

66

-17.5%

97.2%

96.8%

-0.4%

All Properties

CRESTED BUTTE SOUTH

Crested Butte South boasts some of the most affordable real estate in the upper valley, which is why to date, there are over 1,500 residents, making it one of the most populated neighborhoods in the area as well.

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

2018

2019

% Change

$690,816

$726,133

5.1%

$287

$302

5.2%

143

145

1.4%

$974,000

$949,000

-2.6%

21

15

-28.6%

97.2%

96.8%

-0.3%

Single Family Homes

CRESTED BUTTE SOUTH January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2018

2019

% Change

$400,876

$454,147

13.3%

$290

$326

12.4%

126

138

9.5%

$580,000

$678,000

16.9%

19

23

21.1%

97.9%

97.6%

-0.4%

Condos, Townhomes, Duplexes

33 Buckhorn Way, Crested Butte

CRESTED BUTTE SOUTH January through December Average Price Average Price per Acre Average Days on Market Highest Price Properties Sold % Sold Price to List Price Residential / Commercial Lots

resorts.livsothebysrealty.com livsothebysrealty.com

2018

2019

% Change

$94,494

$149,756

58.5%

$227,799

$423,100

85.7%

285

147

-48.4%

$269,000

$374,400

39.2%

39

25

-35.9%

95.8%

95.1%

-0.7%

48.4%

The average days on market in Crested Butte South decreased by 48.4% January through December 2019 compared to that of 2018.

MICROMARKET REPORT | Crested Butte JANUARY - DECEMBER 2019 • COLORADOMICROREPORTS.COM


CITY OF GUNNISON January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2018

2019

% Change

$277,122

$353,145

27.4%

$192

$209

8.9%

166

171

3.0%

$950,000

$3,095,000

225.8%

106

120

13.2%

96.4%

96.8%

0.4% All Properties

CITY OF GUNNISON January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2018

2019

% Change

$333,862

$338,360

1.3%

$199

$214

7.5%

105

101

-3.8%

$612,000

$683,000

11.6%

50

60

20.0%

96.6%

97.1%

0.5%

The slogan of the city is “Basecamp of the Rocky Mountains,� an homage to those who made the original journey west in the 1800s.

Single Family Homes

CITY OF GUNNISON January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2018

2019

% Change

$204,891

$236,053

15.2%

$191

$225

17.8%

128

157

22.7%

$324,500

$370,000

14.0%

37

34

-8.1%

97.7%

98.7%

1.0%

Condos, Townhomes, Duplexes

800 Eagle Meadow Drive, Gunnison

175.9%

The average price for residential/commercial lots in the City of Gunnison increased by 175.9% January

through December 2019 compared to that of 2018.

CITY OF GUNNISON January through December Average Price Average Price per Acre Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2018

2019

% Change

$134,765

$371,846

175.9%

$258,990

$441,831

70.6%

281

514

82.9%

$259,000

$1,710,000

560.2%

9

13

44.4%

94.8%

97.1%

2.4%

Residential / Commercial Lots

coloradomicroreports.com


ALMONT & RURAL GUNNISON January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2018

2019

% Change

$358,144

$379,649

6.0%

$212

$240

13.2%

199

185

-7.0%

$5,323,750

$3,050,000

-42.7%

149

141

-5.4%

94.8%

95.5%

0.8%

All Properties

17.9%

The average price for single family homes in Almont

& Rural Gunnison increased by 17.9% January through December 2019 compared to that of 2018.

ALMONT & RURAL GUNNISON January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2018

2019

% Change

$441,360

$520,305

17.9%

$221

$243

10.0%

196

144

-26.5%

$1,353,200

$3,050,000

125.4%

74

83

12.2%

94.8%

95.8%

1.1%

Single Family Homes

ALMONT & RURAL GUNNISON January through December Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2018

2019

% Change

$226,145

$318,645

40.9%

$178

$219

23.0%

143

137

-4.2%

$467,000

$730,000

56.3%

20

14

-30.0%

95.0%

95.8%

0.9%

Condos, Townhomes, Duplexes

1810 Cty Road 742, Almont

ALMONT & RURAL GUNNISON January through December Average Price Average Price per Acre Average Days on Market Highest Price Properties Sold % Sold Price to List Price All Lots and Land

livsothebysrealty.com resorts.livsothebysrealty.com

2018

2019

% Change

$273,818

$157,285

-42.6%

$69,647

$65,733

-5.6%

229

247

7.9%

$5,323,750

$1,750,000

-67.1%

56

50

-10.7%

96.0%

94.7%

-1.4%

The unincorporated community of Almont was originally named Fisher for the original founding family but was then changed to honor a famous racehorse of the late 19th century.

MICROMARKET REPORT | Crested Butte JANUARY - DECEMBER 2019 • COLORADOMICROREPORTS.COM


WHY COLORADO? NATIONAL PARKS: 4

MOUNTAIN RANGES: 7

SKI AREAS & RESORTS: 28

AVERAGE DAYS OF SUNSHINE ANNUALLY: 300

CRAFT BREWERIES: 350+


IMAGINE. DESIGN. SHOP.

Available now for download in the Google Play Store and the iOS App Store.

livsothebysrealty.com

JANUARY - DECEMBER 2019 • COLORADOMICROREPORTS.COM

MICROMARKET REPORT | Crested Butte

© MMXIX Sotheby’s International Realty Affiliates LLC. All Rights Reserved. Sotheby’s International Realty Affiliates LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each Office is Independently Owned and Operated. Sotheby’s International Realty and the Sotheby’s International Realty logo are registered (or unregistered) service marks licensed to Sotheby’s International Realty Affiliates LLC.


The life you love.

livsothebysrealty.com | coloradomicroreports.com Based on data from the Gunnison County 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.

Profile for LIV Sotheby's International Realty

Crested Butte Year End 2019 Micro Market Report  

Set in Southwest Colorado surrounded by Gunnison National Forest is Gunnison County. This area is comprised of the Town of Crested Butte, Mt...

Crested Butte Year End 2019 Micro Market Report  

Set in Southwest Colorado surrounded by Gunnison National Forest is Gunnison County. This area is comprised of the Town of Crested Butte, Mt...

Profile for livsir