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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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redladyealty.com


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%

49

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

redladyealty.com

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

Crested Butte Market Report, Year-End 2016  

Red Lady Realty's quarterly market report contains information on the real estate market and sales data for the Northern end of the valley.