Crested Butte’s Oldest Real Estate Company
MARKET UPDATE 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 & Rural Mt. CB ...……..Page 8 Crested Butte South………… …….Page 9 Significant Sales …………………....Page 10 Crested Butte Events……………...Page 11 About Us ………………………….. ….Page 12
By: Sigrid Cottrell, Broker, SFR, CDPE Happy New Year! 2016 proved to be a strong year for the Crested Butte Real Estate Market. There has been a 9.02% increase from last year regarding the sales in the upper valley, from Almont to the North, for all categories. Values are up slightly for land and residential and up over 7% on commercial properties. The overall days on the market has remained the same for residential properties and has gone down considerably on vacant land and commercial properties, between 16 to 24%. The decline in days on the market often reflects the increasing demand for certain property types. We have also broken some barriers regarding the sold price per square foot both in Crested Butte and Rural Crested Butte.
We have been experiencing low inventory and due to the lack of new construction over the past several years, have exposed our inventory need even more. If you have been or are considering selling your property, this may prove to be a good time to enter your home, land or business into the market. Your listing will help fill the need for the increasing numbers of buyers ready to make a purchase here. In their December meeting, committee members from the US Central Bank voted unanimously to raise the federal-funds rate for the first time in 2016 which is the second time in the last decade. Central Bank will nudge up the federal-funds rate by a quarter percentage point to between 0.50% and 0.75%. According to the New York Times and the Associated Press, the forecast is that it could increase rates three more times in 2017. Due to rising interest rates, it would stand to reason that now may be a good time to purchase property with a loan and lock in the current low rates, before they start moving up. In the event you are someone that has been sitting on the fence, waiting to see what the markets are going to do, take these market indicators into account and consider pulling the trigger. Red Lady Real Estate experts are here to help answer any questions you may have, keep you updated on market trends, and assist you in selling and/or purchasing properties in Crested Butte and its surrounding areas. We are looking forward to speaking with you in 2017.
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MARKET UPDATE
Number of Properties Sold
Properties sold for
389
94%
366 in 2015
of list price
Average Sales Price
$481,713 $451,519 in 2015
Total Dollar Volume Sold
$187,386,217 2015: $165,914,359
Average Days on Market
286 333 in 2015
MILLIONS
Yearly Sale Trends 2010-2016 $200
500
$150
400
300
$100
200
$50
100
$0
0 2010 2011 2012 2013 2014 2015 2016 Dollar Volume
Number of Sales (970) 349–5007
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MT. CRESTED BUTTE Overall Mt. Crested Butte
SINGLE FAMILY HOMES 2015
2016
% Change
26
22
15%
$968,403
$1,149,801
19%
List to Sold Price Ratio
92%
95%
3%
Days on Market
364
332
9%
Number of Properties Sold
186 125 in 2015
Total Dollar Volume Sold
Sold Listings Average Sales Price
Total Dollar Volume Sold $25,178,500 $25,295,627
0.4%
$67,728,419 CONDOS & TOWNHOMES
2015: $51,944,948
Properties sold for
96% of list price
2015
2016
% Change
85
151
79%
$264,905
$264,670
6%
List to Sold Price Ratio
95%
96%
2%
Days on Market
315
307
5%
Sold Listings Average Sales Price
Total Dollar Volume Sold $22,516,948 $39,512,143
94%
Average Sales Price
$364,131
VACANT LAND 2015
2016
% Change
14
13
7%
$303,535
$224,665
26%
List to Sold Price Ratio
84%
91%
7%
Days on Market
783
444
43%
$4,249,500
$2,960,649
30%
$415,559 in 2015 Sold Listings
Average Days on Market
320 377 in 2015 4
redladyealty.com
Average Sales Price
Total Dollar Volume Sold
CRESTED BUTTE Overall Crested Butte
SINGLE FAMILY HOMES 2015
2016
% Change
26
27
10%
$803,403
$1,157,515
36%
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List to Sold Price Ratio
94%
95%
No Change
60 in 2015
Days on Market
271
175
37%
Sold Listings Average Sales Price
Total Dollar Volume Sold $20,888,500 $31,252,898
23%
Number of Properties Sold
Total Dollar Volume Sold
$42,865,898 CONDOS & TOWNHOMES
2015: $37,447,450
2015
2016
% Change
12
11
11%
$374,975
$421,455
29%
List to Sold Price Ratio
97%
94%
3%
95%
Days on Market
184
207
24%
of list price
$4,499,700
$4,636,000
14%
Sold Listings Average Sales Price
Total Dollar Volume Sold
Properties sold for
Average Sales Price
$874,814
VACANT LAND 2015
2016
% Change
10
10
No Change
$510,025
$635,100
26%
List to Sold Price Ratio
93%
96%
3%
Days on Market
375
294
22%
212
$5,100,250
$6,351,000
25%
343 in 2015
Sold Listings Average Sales Price
Total Dollar Volume Sold
$624,124 in 2015
Average Days on Market
(970) 349–5007
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AREA MAP
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redladyealty.com
UPPER VALLEY STATISTICS
Number of Sales By Price 21%
$249,999 or less
15%
$250,000 - $499,999 $500,000 - $749,999
7%
$750,000 - $999,999 $1,000,000 - $1,499,000
5% 46%
3%
$1,500,000 - $1,999,999 $2,000,000 or more
3%
Dollar Volume by Area
Number of Transactions by Area
Rural Mt. CB 2% Almont 2%
Rural Mt. CB 3% Almont 4% Crested Butte 13%
Mt. Crested Butte 48%
Mt. Crested Butte 36%
Rural CB 18% CB South 13%
CB South 8%
Crested Butte 23%
Rural CB 28%
Kebler 1% Kebler 1%
(970) 349–5007
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RURAL CRESTED BUTTE RURAL MT. CRESTED BUTTE Overall Rural CB & Rural Mt. CB
SINGLE FAMILY HOMES 2015
2016
% Change
36
33
8%
$1,239,611
$1,328,371
7%
List to Sold Price Ratio
92%
93%
1%
Days on Market
319
301
6%
Number of Properties Sold
84 93 in 2015
Total Dollar Volume Sold
Sold Listings Average Sales Price
Total Dollar Volume Sold $44,626,000 $43,836,250
2%
$57,878,950 CONDOS & TOWNHOMES
2015: $57,136,461
Properties sold for
92% of list price
2015
2016
% Change
13
14
8%
$274,881
$393,836
43%
List to Sold Price Ratio
96%
96%
No Change
Days on Market
217
155
29%
$3,573,461
$5,513,700
54%
Sold Listings Average Sales Price
Total Dollar Volume Sold
Average Sales Price
$689,035
VACANT LAND 2015
2016
% Change
44
36
18%
$203,113
$216,083
6%
List to Sold Price Ratio
90%
90%
No Change
Days on Market
407
295
28%
$8,937,000
$7,779,000
13%
$614,370 in 2015 Sold Listings
Average Days on Market
273 346 in 2015 8
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Average Sales Price
Total Dollar Volume Sold
CRESTED BUTTE SOUTH Overall CB South
SINGLE FAMILY HOMES 2015
2016
% Change
18
13
28%
$484,972
$593,385
22%
51
List to Sold Price Ratio
96%
96%
No Change
78 in 2015
Days on Market
223
241
8%
$8,729,500
$7,714,000
12%
Sold Listings Average Sales Price
Total Dollar Volume Sold
Number of Properties Sold
Total Dollar Volume Sold
$13,893,750 CONDOS & TOWNHOMES
2015: $16,468,800
2015
2016
% Change
22
13
41%
$220,968
$330,346
49%
List to Sold Price Ratio
95%
96%
1%
95%
Days on Market
130
271
108%
of list price
$4,861,300
$4,294,500
12%
Sold Listings Average Sales Price
Total Dollar Volume Sold
Properties sold for
Average Sales Price
$272,426
VACANT LAND 2015
2016
% Change
36
25
31%
$68,277
$75,410
10%
List to Sold Price Ratio
93%
89%
4%
Days on Market
239
287
20%
271
$2,458,000
$1,885,250
23%
203 in 2015
Sold Listings Average Sales Price
Total Dollar Volume Sold
$211,138 in 2015
Average Days on Market
(970) 349–5007
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SIGNIFICANT SALES
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1091 Slate River Road | Rural CB Sold for $4,300,000
369 Smith Road | Rural CB Sold for $3,000,000
Listed by Benson Sotheby's International Realty Sold by Benson Sotheby's International Realty
Listed by United Country Real Estate Sold by Coldwell Banker Bighorn Realty
194 Meadow Drive | Rural CB Sold for $2,900,000
1060 County Road 12 | Rural CB Sold for $2,375,000
Listed by Benson Sotheby's International Realty Sold by Benson Sotheby's International Realty
Listed By Benson Sotheby's International Realty Sold by Rozman Realty
506 Ridge Road | Rural CB Sold for $2,300,000
401 Gothic Avenue | Town of CB Sold for $2,175,000
Listed By Keller Williams Realty Sold by Coldwell Banker Bighorn Realty
Listed by Benson Sotheby's International Realty Sold by Keller Williams Realty
redladyealty.com
CRESTED BUTTE NEWS
Area News Highlights October—December October 17—Town Council gives its approval for the lamp post at 212 Elk Ave to be painted red and the light to be changed to red to honor Red Lady and the long pursuit of the environmental protection of Mt. Emmons. October 19—Short –term Rentals (STRs) have been a hot topic this quarter and are ongoing through the new year. Town Council has been hearing different sides on the topic to determine if they should and how they should amend the regulations on STRs. November 9—Crested Butte Mountain Resort , one of 14 properties nationwide, will be sold to a New York hedge fund manager. Closing is expected to happen in the second quarter of 2017. December 28—Crested Butte Central School students are going to build a rental home that will provide housing for town employees.
Upcoming Events: January 11-15 January 26-29 February 4 February 23-26 March 3 March 4 March 18 March 31 April 9
Mountain High Music Festival, CBMR Fat Bike World Championships Alley Loop Nordic Race Prater Cup 4th Annual Miner’s Ball Colorado Crafted Ski Town Breakdown KBUT Soul Train/ Gore-Tex Grand Traverse Closing Day for CBMR & Nordic Center (970) 349–5007
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If you have any questions or would like additional information about these market statistics or any properties in our area, please contact one of our knowledgeable agents. As Crested Butte’s Oldest Real Estate Company, Red Lady Realty has deep roots in the community. With new ownership from 2015, we continue to provide great service and uphold the reputation that Red Lady Realty has been known for since 1987. Whether you are buying or selling, it is one of the largest financial decisions you will make and it’s important to choose your guide wisely.
Molly Eldridge, Broker Owner
970-209-4234
Doug Kroft
Maggie Dethloff
970-209-0373
970-209-7880
doug@redladyrealty.com
Maggie@redladyrealty.com
Diane Aronovic
Sigrid Cottrell
molly@redladyrealty.com
Joe Garcia 970-209-4034
970-209-0405
970-596-2596
joe@redladyrealty.com
diane@cb-realty.com
Sigrid@crestedbutterealtyinc.com
Joyce Roloff
Andrew Allen
Ryan Dickens
970-209-4895
970-349-7477
970-596-7879
joyce@redladyrealty.com
andrew@redladyrealty.com
ryan@redladyrealty.com
redladyrealty.com
215 Elk Ave | PO Box 190 Crested Butte, Colorado 81224
970-349-5007