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Serving Crested Butte Since 1978


TABLE OF CONTENTS

MARKET UPDATE

Market Update ………………………Page 3 Mt. Crested Butte ………………....Page 4

By: Diane Aronovic, Broker, RSPS, SRES

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

2017 is off to a good start in Crested Butte real estate. We continue to experience low supply and steady to increasing demand, which is switching our overall market from a buyer’s to seller’s market. In the new paradigm, we should experience rising sales prices and sellers getting closer to their listing price for their properties. One segment of our market that is experiencing exceptional demand is the lower priced, entry level home market. With the overall decrease in the number of affordable condos, sales have increased in the under $250,000 market. This is why the overall number of sales has risen, while the overall market volume and average sales price has fallen. That segment of the market has also become very competitive. Properties in this price range are experiencing multiple offers and going under contract within days rather than weeks or longer. That trend is evident in the decreasing number of days on market statistic. CB South is an area that is specifically suffering from the lack of inventory. Just a year or two ago, you could easily find a single family house for under $500,000 and around $250/square foot. Currently, there are only 5 single family houses listed in CB South, and the price range is from $624,000—$829,000. Only one of those houses sports a list price under $250/square foot. Time will tell whether this new price point will be appealing to buyers. In general, the real estate market in Crested Butte remains strong. The switch from a buyer’s to seller’s market will continue to cause an increase in sold prices, shorten the number of days on market and the lack of inventory could cause a decrease in the overall number of sales. There is definitely a change from a sleepy real estate market to one in which buyers need to be more reactive.

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redladyrealty.com


MARKET UPDATE

Number of Properties Sold

Properties sold for

67

95%

61 in 2016

of list price

Total Dollar Volume Sold

$30,461,250 2016: $30,993,748

Average Days on Market

Average Sales Price

$454,645

266

$508,094 in 2016

317 in 2016

January - March Sale Trends 2010-2017 $40

80

70

MILLIONS

$30

60 50

$20

40

30 $10

20 10

$0

0 2010

2011

2012

2013

Dollar Volume

2014

2015

2016

2017

Number of Sales (970) 349–5007

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MT. CRESTED BUTTE Overall Mt. Crested Butte

SINGLE FAMILY HOMES 2016

2017

% Change

3

3

No Change

$1,665,666

$776,499

53%

List to Sold Price Ratio

93%

95%

2%

Days on Market

431

639

48%

$4,997,000

$2,329,499

53%

Number of Properties Sold

42 24 in 2016

Total Dollar Volume Sold

Sold Listings Average Sales Price

Total Dollar Volume Sold

$13,747,250 CONDOS & TOWNHOMES

2016: $11,457,850

Properties sold for

96% of list price

2016

2017

% Change

16

33

106%

$330,646

$304,692

8%

List to Sold Price Ratio

95%

96%

1%

Days on Market

347

215

61%

$5,290,350

$9,964,751

47%

Sold Listings Average Sales Price

Total Dollar Volume Sold

Average Sales Price

$327,315

VACANT LAND 2016

2017

% Change

5

6

20%

$234,100

$242,166

3%

List to Sold Price Ratio

93%

93%

No Change

Days on Market

276

428

55%

$1,170,500

$1,453,000

24%

$477,410 in 2016 Sold Listings

Average Days on Market

276 343 in 2016 4

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Average Sales Price

Total Dollar Volume Sold


CRESTED BUTTE Overall Crested Butte

SINGLE FAMILY HOMES 2016

2017

% Change

5

4

20%

$1,523,879

$1,582,250

4%

6

List to Sold Price Ratio

95%

96%

1%

13 in 2016

Days on Market

204

290

42%

$7,619,398

$6,329,000

17%

Sold Listings Average Sales Price

Total Dollar Volume Sold

Number of Properties Sold

Total Dollar Volume Sold

$7,169,000 CONDOS & TOWNHOMES

2016: $11,915,898

2016

2017

% Change

4

1

75%

$475,125

$610,000

28%

List to Sold Price Ratio

90%

98%

8%

96%

Days on Market

190

558

194%

of list price

$1,900,500

$610,000

68%

Sold Listings Average Sales Price

Total Dollar Volume Sold

Properties sold for

Average Sales Price

$1,194,833

VACANT LAND 2016

2017

% Change

3

$590,000

$—

List to Sold Price Ratio

96%

—%

Days on Market

418

289

$1,770,000

$—

268 in 2016

Sold Listings Average Sales Price

Total Dollar Volume Sold

$916,607 in 2016

Average Days on Market

(970) 349–5007

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AREA MAP

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UPPER VALLEY STATISTICS

Number of Sales By Price 30%

$249,999 or less $250,000 - $499,999

13%

$500,000 - $749,999 $750,000 - $999,999

9%

$1,000,000 - $1,499,000 3%

$1,500,000 - $1,999,999

40%

3%

$2,000,000 or more

1%

Number of Transactions by Area

Dollar Volume by Area

Rural Mt. CB 1% Almont 1% Crested Butte 9%

Rural Mt. CB 1% Almont 1% Crested Butte 24%

Mt. Crested Butte 63%

Rural CB 15% CB South 10%

Mt. Crested Butte 45% CB South 8%

Rural CB 20%

(970) 349–5007

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RURAL CRESTED BUTTE RURAL MT. CRESTED BUTTE Overall Rural CB & Rural Mt. CB

SINGLE FAMILY HOMES 2016

2017

% Change

3

4

33%

$1,316,666

$1,107,500

16%

List to Sold Price Ratio

94%

95%

1%

Days on Market

169

268

59%

$3,950,000

$4,430,000

12%

Number of Properties Sold

12 16 in 2016

Total Dollar Volume Sold

Sold Listings Average Sales Price

Total Dollar Volume Sold

$6,982,500 CONDOS & TOWNHOMES

2016: $5,959,000

Properties sold for

93% of list price

Sold Listings Average Sales Price List to Sold Price Ratio Days on Market Total Dollar Volume Sold

2016

2017

% Change

2

2

No Change

$270,250

$531,500

97%

94%

95%

1%

93

109

17%

$540,500

$1,063,000

97%

Average Sales Price

$581,875

VACANT LAND 2016

2017

% Change

11

6

45%

$133,500

$248,250

86%

List to Sold Price Ratio

85%

87%

2%

Days on Market

332

320

4%

$1,468,500

$1,489,500

1%

$372,437 in 2016 Sold Listings

Average Days on Market

267 272 in 2016 8

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Average Sales Price

Total Dollar Volume Sold


CRESTED BUTTE SOUTH Overall CB South

SINGLE FAMILY HOMES 2016

2017

% Change

Sold Listings

5

Average Sales Price

$—

$482,500

7

List to Sold Price Ratio

—%

94%

6 in 2016

Days on Market

212

Total Dollar Volume Sold

$—

$2,413,500

Number of Properties Sold

Total Dollar Volume Sold

$2,562,500 CONDOS & TOWNHOMES

2016: $941,500

2016

2017

% Change

2

$348,250

$—

List to Sold Price Ratio

99%

—%

93%

Days on Market

752

of list price

$696,500

$—

Sold Listings Average Sales Price

Total Dollar Volume Sold

Properties sold for

Average Sales Price

$366,071

VACANT LAND 2016

2017

% Change

4

2

50%

$61,250

$75,000

22%

List to Sold Price Ratio

87%

79%

8%

Days on Market

265

100

62%

180

$245,000

$150,000

39%

427 in 2016

Sold Listings Average Sales Price

Total Dollar Volume Sold

$156,916 in 2016

Average Days on Market

(970) 349–5007

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SIGNIFICANT SALES

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919 Belleview Avenue | Town of CB Sold for $2,825,000

507 Gothic Avenue | Town of CB Sold for $1,800,000

Listed by Benson Sotheby's International Realty Sold by Benson Sotheby's International Realty

Listed by Coldwell Banker Bighorn Realty Sold by Keller Williams Realty

16 Snowmass Road, Unit 12 | Mt. CB Sold for $1,695,000

702 Forest Lane | Rural CB Sold for $1,375,000

Listed by Crested Butte Resort Real Estate Sold by Crested Butte Resort Real Estate

Listed By Crested Butte Resort Real Estate Sold by Crested Butte Resort Real Estate

160 Larkspur Loop | Rural CB Sold for $1,250,000

16 Willow Court | Rural CB Sold for $995,000

Listed By Crested Butte Resort Real Estate Sold by Crested Butte Resort Real Estate

Listed by Coldwell Banker Bighorn Realty Sold by Coldwell Banker Bighorn Realty

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CRESTED BUTTE NEWS

Area News Highlights January—March January 9—Crested Butte Community School had a snow day due to the large winter storm that dropped over 100 inches of snow in 10 days. January 27—Home grown athlete, Aaron Blunk, won gold at the X-Games

February 26—West Elk Wolverines U19 girls hockey team won the Mountain States Girls Hockey League state title. March 8—Crested Butte Central School students get the green light to build the rental home that will provide housing for town employees. March 18—Crested Butte athlete, Aaron Blunk, won the FIS Freestyle Ski and Snowboarding World Championships Title

Upcoming Events: April 8 April 9 April 30 May 27-29 June 10 July 2 July 4 July 11 July 13

Landshark Pond Skim Closing Day for CBMR & Nordic Center Crested Butte Pole Pedal Paddle Race Memorial Day Sidewalk Sales Summer 2017 Opening Day at CBMR 15th Annual Black & White Ball Independence Day Celebrations Cattlemen’s Days Tough Enough to Wear Pink Concert & Auction Cattlemen’s Days Tough Enough to Wear Pink Rodeo (970) 349–5007

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Our tradition of teamwork is focused on you from start to finish and beyond. Whether you are buying or selling in the Crested Butte area, it is one of the largest financial decisions you will make and it’s important to choose your guide wisely. Serving Crested Butte since 1978, Red Lady Realty continues to provide great service for everyone we work with. 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.

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, 1st Quarter 2017  
Crested Butte Market Report, 1st Quarter 2017  

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