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Serving Crested Butte Since 1978


TABLE OF CONTENTS

MARKET UPDATE

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

By: Sigrid Cottrell, Broker, SFR, CDPE

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 Area News and Events...………...Page 11

There’s no doubt as to why Crested Butte is a highly sought-after destination with its beauty, lifestyle, and small town feel that retains a true sense of community. Let’s face it, with the abundance of outdoor activities, pristine backcountry, streams, rivers, waterfalls, trails, peaks, and powerful 360° views, this area is the ultimate playground for adults and children alike. With that being said, town is as busy as ever, the real estate market is very strong, and we are in the height of our selling season. The market as a whole is up and Mt. Crested Butte is dominating in sales throughout the East River Valley, north of Almont. This is due mainly to the amount of properties available and the versatility of the properties themselves. We have seen an increase in second home owners, especially from the front range, who are looking for their weekend escape. What makes buying a second home even more attractive is the option to leverage the new property with either a short-term or long-term lease. The absorption rate, or months of supply, for single-family homes in Mt. Crested Butte is approximately 12.3 months and for Crested Butte around 8.7 months. This may sound high, however, for us this number is significantly low. We have a limited supply of properties right now, which is inevitably driving real estate prices up. Now may be a great time to take advantage of Crested Butte’s upward market swing whether you are a buyer or seller. We at Red Lady Realty look forward to hearing your thoughts and being of service to you now and in the future.

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redladyrealty.com


MARKET UPDATE

Number of Properties Sold

Properties sold for

179

94%

157 in 2016

of list price

Total Dollar Volume Sold

$100,909,800 2016: $77,768,022

Average Days on Market

Average Sales Price

$563,742

256

$492,203 in 2016

288 in 2016

January - June Sale Trends 2010-2017 $120

200 180

MILLIONS

$100

160 140

$80

120 $60

100 80

$40

60 40

$20

20

$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

10

12

20%

$1,104,785

$774,917

33%

List to Sold Price Ratio

95%

96%

1%

Days on Market

309

440

42%

$9,298,999

16%

Number of Properties Sold

93 76 in 2016

Total Dollar Volume Sold

Sold Listings Average Sales Price

Total Dollar Volume Sold $11,047,850

$40,072,800 CONDOS & TOWNHOMES

2016: $28,643,924

Properties sold for

95% of list price

2016

2017

% Change

59

73

24%

$273,482

$339,299

24%

List to Sold Price Ratio

97%

95%

2%

Days on Market

283

185

35%

Sold Listings Average Sales Price

Total Dollar Volume Sold $16,135,425 $24,768,801

54%

Average Sales Price

$430,890

VACANT LAND 2016

2017

% Change

7

7

No Change

$208,664

$286,429

37%

List to Sold Price Ratio

94%

94%

No Change

Days on Market

367

379

3%

$1,460,649

$2,005,000

37%

$376,894 in 2016 Sold Listings

Average Days on Market

234 294 in 2016 4

redladyrealty.com

Average Sales Price

Total Dollar Volume Sold


CRESTED BUTTE Overall Crested Butte

SINGLE FAMILY HOMES 2016

2017

% Change

11

9

18%

$1,287,762

$1,406,000

9%

22

List to Sold Price Ratio

96%

98%

2%

24 in 2016

Days on Market

211

232

10%

Sold Listings Average Sales Price

Total Dollar Volume Sold $14,165,398 $12,654,000

11%

Number of Properties Sold

Total Dollar Volume Sold

$20,502,000 CONDOS & TOWNHOMES

2016: $21,567,898

2016

2017

% Change

5

2

60%

$501,300

$572,500

14%

List to Sold Price Ratio

92%

97%

5%

96%

Days on Market

164

445

171%

of list price

$2,506,500

$1,145,000

54%

Sold Listings Average Sales Price

Total Dollar Volume Sold

Properties sold for

Average Sales Price

$931,909

VACANT LAND 2016

2017

% Change

7

1

86%

$610,000

$1,300,000

113%

List to Sold Price Ratio

96%

96%

No Change

Days on Market

342

5

96%

281

$4,270,000

$1,300,000

70%

250 in 2016

Sold Listings Average Sales Price

Total Dollar Volume Sold

$898,662 in 2016

Average Days on Market

(970) 349–5007

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AREA MAP

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redladyrealty.com


UPPER VALLEY STATISTICS

Number of Sales By Price

16%

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

27% 11%

$500,000 - $749,999

$750,000 - $999,999 5%

$1,000,000 - $1,499,999 2%

35%

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

$2,000,000 or more 4%

Number of Transactions by Area

Dollar Volume by Area

Rural Mt. CB 1% Almont 3% Crested Butte 12%

Mt. Crested Butte 52%

Rural CB 21% CB South 12%

Rural Mt. CB 0.3% Almont 2%

Mt. Crested Butte 39.7%

CB South 7%

Crested Butte 20%

Rural CB 31%

(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

11

16

45%

$1,321,000

$1,617,000

22%

List to Sold Price Ratio

94%

92%

2%

Days on Market

365

232

36%

Number of Properties Sold

38 32 in 2016

Total Dollar Volume Sold

Sold Listings Average Sales Price

Total Dollar Volume Sold $14,531,000 $25,872,000

78%

$31,705,500 CONDOS & TOWNHOMES

2016: $19,625,500

Properties sold for

92% of list price

2016

2017

% Change

6

5

17%

$478,000

$472,100

1%

List to Sold Price Ratio

96%

95%

1%

Days on Market

100

197

97%

$2,868,000

$2,360,500

18%

Sold Listings Average Sales Price

Total Dollar Volume Sold

Average Sales Price

$834,355

VACANT LAND 2016

2017

% Change

15

17

13%

$148,433

$204,294

38%

List to Sold Price Ratio

86%

88%

2%

Days on Market

272

302

11%

$2,226,500

$3,473,000

14%

$613,297 in 2016 Sold Listings

Average Days on Market

258 272 in 2016 8

redladyrealty.com

Average Sales Price

Total Dollar Volume Sold


CRESTED BUTTE SOUTH Overall CB South

SINGLE FAMILY HOMES 2016

2017

% Change

7

9

29%

$589,785

$542,778

8%

21

List to Sold Price Ratio

94%

96%

2%

19 in 2016

Days on Market

349

164

53%

$4,128,500

$4,885,000

18%

Sold Listings Average Sales Price

Total Dollar Volume Sold

Number of Properties Sold

Total Dollar Volume Sold

$6,685,000 CONDOS & TOWNHOMES

2016: $5,880,500

2016

2017

% Change

3

3

No Change

$371,167

$348,333

6%

List to Sold Price Ratio

98%

98%

No Change

95%

Days on Market

568

152

73%

of list price

$1,113,500

$1,045,000

6%

Sold Listings Average Sales Price

Total Dollar Volume Sold

Properties sold for

Average Sales Price

$318,333

VACANT LAND 2016

2017

% Change

9

9

No change

$70,944

$83,889

18%

List to Sold Price Ratio

90%

88%

2%

Days on Market

293

231

21%

191

$638,500

$755,000

18%

357 in 2016

Sold Listings Average Sales Price

Total Dollar Volume Sold

$309,500 in 2016

Average Days on Market

(970) 349–5007

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SIGNIFICANT SALES

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143 Journey’s End Road | Rural CB Sold for $4,500,000

The Nordic Inn | Mt. CB Sold for $4,000,000

Listed by Keller Williams Realty Sold by Crested Butte Resort Real Estate

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

15533 State Highway 135 | Almont Sold for $3,550,000

606 Ninth Street | Town of CB Sold for $2,725,000

Listed by Crested Butte Sotheby’s International Realty Sold by Signature Properties

Listed By Crested Butte Sotheby’s International Realty Sold by Crested Butte Sotheby’s International Realty

909 McCormick Ranch Road | Rural CB Sold for $2,490,000

288 Forest Lane | Rural CB Sold for $2,250,000

Listed By Red Lady Realty Sold by Coldwell Banker Bighorn Realty

Listed by Coldwell Banker Bighorn Realty Sold by Crested Butte Sotheby’s International Realty

redladyrealty.com


CRESTED BUTTE NEWS

Area News Highlights April-June April 19— CB South Updating Commercial Area Plan May 3—CBCS High School rated top 10 in state, ranked 260th Nationally May 24—Construction begins on CBCS student designed home for town employees June 5—CB Town Council votes to limit short-term rentals in a split vote June 5—Ceremonial groundbreaking for the Crested Butte Center for the Arts June 6— New Adaptive Sports Center building hits major fundraising goal on their For Everyone Campaign June 29 — Access issue prompts USFS to recommend alternative routes to Green Lake near Irwin

Upcoming Events: July 13 July 7-16 July 26-30 August 4-6 August 19-20 September 9 September 17-23 September 30

Cattlemen’s Days Tough Enough to Wear Pink Rodeo Crested Butte Wildflower Festival Crested Butte Food & Wine Festival Crested Butte Arts Festival Big Mountain Enduro Chili and Beer Festival Vinotok Fall Harvest Festival Elk Run 5K to benefit Living Journeys (970) 349–5007

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A tradition of teamwork focused on you from start to finish and beyond.

You have many choices when it comes to selecting who will help you navigate the Crested Butte area real estate market. 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. Serving Crested Butte since 1978, Red Lady Realty has deep roots in the community and a tradition of teamwork. 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 970.209.4234

Doug Kroft 970.209.0373

Maggie Dethloff 970.209.7880

Joe Garcia 970.209.4034

Diane Aronovic 970.209.0405

Sigrid Cottrell 970.596.2596

Joyce Roloff 970.209.4895

Andrew Allen 970.209.3060

Ryan Dickens 970.596.7879

215 Elk Ave | PO Box 190 RedLadyRealty.com 970.349.5007

Crested Butte Market Report, 2nd Quarter 2017  
Crested Butte Market Report, 2nd 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.