Crested Butte Mid-Year 2019

MICROMARKET REPORT |

Crested Butte • Mid-Year 2019

GUNNISON COUNTY 2

1 3

4

1.

Town of Crested Butte

2.

Mt. Crested Butte

3.

Crested Butte South

4. Almont 5.

City of Gunnison

5

Pictured on cover: 1482 County Road 4, Crested Butte

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CRESTED BUTTE market update The Crested Butte market is located within Gunnison County, the fifth-largest county by area in Colorado with the largest body of water in the state - the Blue Mesa Reservoir. Comprised of 78% public lands and largely surrounded by several Wildnerness areas, Gunnison County is truly a mecca for adventurous types. Whether you’re extreme skiing or mountain biking on one of the world-class trails on Mt. Crested Butte, or enjoying premier fishing on the Gunnison River down valley, there is year-round enjoyment for everyone.

GUNNISON COUNTY

LIV Sotheby’s International Realty produces a Micro Market Report focused on the Crested Butte market. As a whole, we saw an increase in average price by an impressive 25% for January through June 2019 compared to 2018, increasing the

January through June

2018

2019

% Change

Sold Listings (All Properties)

319

287

-10.0%

average price for this year to $492,675 throughout Gunnison County. In addition,

Sold Single Family

108

85

-21.3%

total dollar volume sold also increased by 12% compared to January through June

Sold Condos/TH/DP

94

88

-6.4%

of 2018.

Average Days on Market

258

198

-23.3%

$394,019

$492,675

25.0%

94.9%

93.4%

-1.6%

$125,692,101

$141,397,725

12.5%

Average Price

Market highlights include an incredible 231% increase in average price for all

% Sold Price to List Price

properties in Mt. Crested Butte, bringing the average price to $639,110 in 2019.

Total Dollar Volume Sold

This dramatic increase was due to a significant $5,300,000 land sale that occurred

All Properties

this year. Condos, townhomes and duplexes for Mt. Crested Butte also reported an increase in average price by 65%.

Crested Butte South also showed a strong increase in single family homes sold in January through June 2019, with a 54% increase over 2018. The Town of Crested Butte, a sought-after location with access to world-class trails, fantastic dining, and a noteworthy art scene, witnessed an increase in average price for single family homes for 2019 by an astonishing 84%, due in part to a record sale of $3,850,000.

Known as “The Last Great Ski Town” and “The Wildflower Capital of Colorado,” Crested Butte draws buyers who are looking for a true mountain lifestyle, without the unwanted distractions of larger resort areas. Many second-home owners within Gunnison County come from the Front Range and southern states because of the abundant adventures, natural beauty, and peaceful ease of life.

resorts.livsothebysrealty.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.

MICROMARKET REPORT | Crested Butte 2019 • COLORADOMICROREPORTS.COM

TOWN OF CRESTED BUTTE January through June Average Price

2018 $751,309

$1,221,192

62.5%

$431

$540

25.3%

228

159

-30.3%

$2,090,000

$3,850,000

84.2%

20.00

21.00

5.0%

92.3%

95.0%

2.9%

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

% Change

2019

All Properties 31 Teocalli Avenue, Crested Butte

TOWN OF CRESTED BUTTE January through June

2018

2019

Average Price

$1,218,618

$1,776,577

45.8%

$549

$678

23.4%

304

175

-42.4%

$2,090,000

$3,850,000

84.2%

8

9

12.5%

91.2%

96.9%

6.2%

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

% Change

Crested Butte is home to the oldest mountain bike festival in the world, which began as the Fat Tire festival in 1983 and is now known as CB Bike Week with many events, races, and clinics. Crested Butte has plenty of activities year-round.

Single Family Homes

TOWN OF CRESTED BUTTE January through June Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price Condos, Townhomes, Duplexes

2018

TOWN OF CRESTED BUTTE % Change

2019

January through June

2018

Average Price

$200,000

$1,125,000

462.5%

$2,857

$4,326,923

151349.9%

53

189

256.6%

$200,000

$1,125,000

462.5%

1

1

0.0%

100%

84.9%

-15.1%

$465,910

$324,200

-30.4%

$422

$401

-5.0%

103

86

-16.5%

Average Days on Market

$964,250

$435,000

-54.9%

Highest Price

7

5

-28.6%

Properties Sold

95.1%

94.4%

-0.7%

Average Price per Acre

% Sold Price to List Price

% Change

2019

Residential / Commercial Lots

coloradomicroreports.com

MT. CRESTED BUTTE January through June

2018

Average Price

$427,525

$639,110

49.5%

$329

$412

25.2%

233

164

-29.6%

$1,600,000

$5,300,000

231.3%

77

56

-27.3%

96.5%

87.7%

-9.1%

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

% Change

2019

All Properties 3 Black Diamond Trail, Mt. Crested Butte

MT. CRESTED BUTTE

49.5%

January through June

2018

2019

Average Price

$1,103,833

$930,000

-15.7%

$368

$362

-1.8%

330

243

-26.4%

$1,600,000

$1,540,000

-3.8%

12

10

-16.7%

96.6%

94.5%

-2.2%

Average Price per Square Foot Average Days on Market

The average price in Mt. Crested Butte increased by 49.5% January through June 2019 over 2018, due in part to a significant land sale of $5.3M.

Highest Price Properties Sold % Sold Price to List Price Single Family Homes

MT. CRESTED BUTTE January through June

2018

% Change

2019

MT. CRESTED BUTTE January through June

Average Price

$335,312

$235,174

-29.9%

Average Price

Average Price per Acre

$373,472

$857,718

129.7%

Average Price per Square Foot

232

102

-56.0%

Average Days on Market

$535,000

$275,000

-48.6%

Highest Price

8

4

-50.0%

Properties Sold

94.1%

98.8%

5.0%

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

% Change

% Sold Price to List Price

2018

% Change

2019

$310,317

$511,717

64.9%

$329

$435

32.2%

189

152

-19.6%

$860,000

$2,375,000

176.2%

52

39

-25.0%

97.2%

96.4%

-0.8%

Condos, Townhomes, Duplexes

MICROMARKET REPORT | Crested Butte resorts.livsothebysrealty.com

2019 • COLORADOMICROREPORTS.COM

RURAL CRESTED BUTTE January through June Average Price

2018 $572,033

$701,613

22.7%

$325

$429

32.0%

313

235

-24.9%

$2,000,000

$2,520,000

26.0%

39

38

-2.6%

92.4%

94.2%

1.9%

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

22.7%

% Change

2019

The average price for all properties in Rural Crested Butte increased by 22.7% January through June 2019 compared to that of 2018.

All Properties

RURAL CRESTED BUTTE January through June

2018

Average Price

$1,200,541

$1,245,800

3.8%

$332

$472

42.3%

311

251

-19.3%

$2,000,000

$2,043,000

2.2%

12

10

-16.7%

95.9%

92.6%

-3.4%

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

% Change

2019

Single Family Homes

45 W. Silver Sage Drive, Silver Sage, Crested Butte

RURAL CRESTED BUTTE January through June Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price Condos, Townhomes, Duplexes

2018

RURAL CRESTED BUTTE % Change

2019

January through June

$587,500

$481,312

-18.1%

Average Price

$285

$401

40.7%

Average Price per Acre

181

119

-34.3%

$945,000

$1,375,000

45.5%

2

8

300.0%

90.7%

98.4%

8.5%

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

2018

% Change

2019

$269,112

$515,936

91.7%

$249,986

$536,414

114.6%

324

271

-16.4%

$1,300,000

$2,520,000

93.8%

25

19

-24.0%

86.0%

94.8%

10.2%

All Lots and Land

coloradomicroreports.com

CRESTED BUTTE SOUTH January through June Average Price

2018 $257,159

$418,139

62.6%

$268

$294

9.7%

276

140

-49.3%

$876,000

$910,000

3.9%

30

28

-6.7%

98.2%

97.1%

-1.1%

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

% Change

2019

All Properties 36 Endner Place, Crested Butte South

CRESTED BUTTE SOUTH

88.5%

January through June Average Price

2018 $641,428

$704,227

9.8%

$278

$302

8.6%

158

162

2.5%

$876,000

$910,000

3.9%

7

11

57.1%

97.4%

97.0%

-0.4%

Average Price per Square Foot Average Days on Market Highest Price

January through June 2019 the average price for residential lots in Crested Butte South increased by 88.5% compared to that of 2018.

Properties Sold % Sold Price to List Price

% Change

2019

Single Family Homes

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

2018

% Change

2019

CRESTED BUTTE SOUTH January through June

2018

Average Price

$334,200

$422,800

26.5%

$253

$329

30.0%

152

111

-27.0%

$515,000

$545,000

5.8%

5

5

0.0%

108.4%

97.6%

-10.0%

$86,321

$162,740

88.5%

$235,731

$524,391

122.5%

Average Price per Square Foot

357

150

-58.0%

Average Days on Market

$237,500

$374,400

57.6%

18

10

-44.4%

98.0%

98.2%

0.2%

Highest Price Properties Sold % Sold Price to List Price

% Change

2019

Condos, Townhomes, Duplexes

MICROMARKET REPORT | Crested Butte resorts.livsothebysrealty.com

2019 • COLORADOMICROREPORTS.COM

CITY OF GUNNISON January through June Average Price

2018 $243,670

$309,233

26.9%

$188

$209

11.2%

211

220

4.3%

$525,500

$1,500,000

185.4%

53

64

20.8%

96.5%

97.1%

0.6%

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

% Change

2019

All Properties 322 Iowa Street, Gunnison

CITY OF GUNNISON January through June Average Price

2018 $314,327

$364,928

16.1%

$196

$229

17.0%

98

105

7.1%

$525,500

$655,000

24.6%

18

19

5.6%

95.9%

97.6%

1.8%

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

185.4%

% Change

2019

The highest sold price recorded in the City of Gunnison increased 185.4% January through June 2019 compared to January through June of 2018 with the sale of a commercial building at $1.5M.

Single Family Homes

CITY OF GUNNISON January through June Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price Condos, Townhomes, Duplexes

2018

CITY OF GUNNISON % Change

2019

January through June

2018

% Change

2019

$211,355

$262,658

24.3%

Average Price

$109,126

$214,857

96.9%

$190

$220

15.8%

Average Price per Acre

$288,359

$413,870

43.5%

140

196

40.0%

Average Days on Market

339

720

112.4%

$323,000

$370,000

14.6%

Highest Price

$205,000

$610,000

197.6%

19

24

26.3%

Properties Sold

7

7

0.0%

98.0%

99.1%

1.1%

94.8%

98.4%

3.8%

% Sold Price to List Price Residential Lots

coloradomicroreports.com

ALMONT & RURAL GUNNISON January through June

2018

Average Price

$287,684

-36.6%

$223

$201

-9.9%

223

192

-13.9%

Average Days on Market

$5,323,750

$1,650,000

-69.0%

Highest Price

64

60

-6.3%

96.1%

96.3%

0.2%

Average Days on Market

Properties Sold % Sold Price to List Price All Properties

January through June

2018

Average Price Average Price per Square Foot

Highest Price Properties Sold % Sold Price to List Price

2018

Average Price

$525,991

$567,138

7.8%

$237

$239

0.8%

242

153

-36.8%

$1,100,000

$1,650,000

50.0%

32

18

-43.8%

95.4%

96.9%

1.6%

Average Price per Square Foot

Properties Sold % Sold Price to List Price

% Change

2019

Single Family Homes

ALMONT & RURAL GUNNISON

Average Days on Market

January through June

$453,470

Average Price per Square Foot

Highest Price

% Change

2019

ALMONT & RURAL GUNNISON

% Change

2019

ALMONT & RURAL GUNNISON January through June

2018

% Change

2019

$206,433

$336,433

63.0%

Average Price

$456,111

$119,527

-73.8%

$184

$234

27.2%

Average Price per Acre

$55,328

$56,826

2.7%

148

161

8.8%

248

259

4.4%

$467,000

$557,000

19.3%

$5,323,750

$1,000,000

-81.2%

9

7

-22.2%

18

26

44.4%

96.6%

101.6%

5.2%

98.2%

91.2%

-7.1%

Condos, Townhomes, Duplexes

Average Days on Market Highest Price Properties Sold % Sold Price to List Price All Lots and Land

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

2018

% Change

2019

$583,850

$716,821

22.8%

$8,533

$14,790

73.3%

536

325

-39.4%

$5,323,750

$5,300,000

-0.4%

19

19

0.0%

90.4%

75.2%

-16.8%

All Parcels 10+ Acres 800 Eagle Meadow Drive, Eagle Ridge Ranch, Gunnison

MICROMARKET REPORT | Crested Butte resorts.livsothebysrealty.com

2019 • COLORADOMICROREPORTS.COM

WHY COLORADO?

NATIONAL PARKS: 4

MOUNTAIN RANGES: 7

AVERAGE DAYS OF SUNSHINE ANNUALLY: 300

SKI AREAS & RESORTS: 28

CRAFT BREWERIES: 350+

LIV SOTHEBY’S INTERNATIONAL REALTY

RESORT REPORT

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resorts.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.