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Serving Crested Butte Since 1978


TABLE OF CONTENTS

MARKET UPDATE

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

By: Joe Garcia, Broker, GRI, e-PRO

Crested Butte …………………….….Page 5 Area Map ……………………………...Page 6

As the leaves change and snow begins to dust the peaks, its time to pause, take a breath, and review the 2017 summer selling season.

Upper Valley Statistics … ……….Page 7

It continues to be all green lights in the Crested Butte real estate market with dollar volume and number of transactions at a 10 year high. With over $186.5m in contracts closed through September, sales are up 48% over YTD 2016. The total number of sales are up 20% with 335 closed transactions. Single family home and vacant land sales in Mt. Crested Butte experienced some of the largest increases with number of homes sold up a whopping 77% YTD and vacant land sold up 60%.

Rural CB & Rural Mt. CB ...……..Page 8 Crested Butte South………… …….Page 9 Significant Sales …………………....Page 10 Area News and Events...………...Page 11

Diminished inventory in available condos and homes has increased pricing considerably in all areas of the residential market and spurred a surge in vacant land sales and new construction. Local architects and builders are experiencing activity that hasn’t been seen since the ‘06-’07 days. This increase in building activity coupled with an unprecedented amount of tourist visits has the local economy booming and put smiles on the faces of business owners. For value plays, there are a few distinct areas gaining the focus of buyers due to the relative proximity to town and lower prices. Larkspur, Buckhorn and the Skyland subdivisions all have properties available that are worth considering. Another trend that has been evident the last couple years is that buyers are favoring a more contemporary or mountain-modern look than the traditional mountain concept of large wooden beams or logs and heavy rock accents. This market is ever changing and now more than ever requires an experienced professional to help both buyers and sellers in making the right decisions regarding their investments. As the oldest and most established real estate office in Crested Butte, Red Lady Realty has a dedicated and experienced group of agents that are here to help.

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redladyrealty.com


MARKET UPDATE

Number of Properties Sold

Properties sold for

335

95%

280 in 2016

of list price

Total Dollar Volume Sold

$186,574,715 2016: $126,178,802

Average Days on Market

Average Sales Price

$556,939

237

$450,639 in 2016

277 in 2016

MILLIONS

January - September Sale Trends 2010-2017 $200

400

$175

350

$150

300

$125

250

$100

200

$75

150

$50

100

$25

50

$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

13

23

77%

$1,181,912

$822,565

30%

List to Sold Price Ratio

95%

98%

3%

Days on Market

344

302

12%

Number of Properties Sold

156 135 in 2016

Total Dollar Volume Sold

Sold Listings Average Sales Price

Total Dollar Volume Sold $15,364,850 $18,918,999

23%

$66,485,568 CONDOS & TOWNHOMES

2016: $47,879,754

Properties sold for

96% of list price

2016

2017

% Change

112

116

4%

$270,083

$338,553

25%

List to Sold Price Ratio

97%

95%

2%

Days on Market

279

189

32%

Sold Listings Average Sales Price

Total Dollar Volume Sold $30,249,255 $39,272,169

30%

Average Sales Price

$426,190

VACANT LAND 2016

2017

% Change

10

16

60%

$226,565

$268,400

18%

List to Sold Price Ratio

95%

93%

2%

Days on Market

414

325

21%

$2,265,649

$4,294,400

90%

$354,665 in 2016 Sold Listings

Average Days on Market

220 295 in 2016 4

redladyrealty.com

Average Sales Price

Total Dollar Volume Sold


CRESTED BUTTE Overall Crested Butte

SINGLE FAMILY HOMES 2016

2017

% Change

18

17

6%

$1,131,383

$1,368,873

21%

40

List to Sold Price Ratio

95%

97%

2%

36 in 2016

Days on Market

190

252

33%

Sold Listings Average Sales Price

Total Dollar Volume Sold $20,364,898 $23,270,848

12%

Number of Properties Sold

Total Dollar Volume Sold

$36,603,347 CONDOS & TOWNHOMES

2016: $30,158,898

2016

2017

% Change

8

5

38%

$421,455

$524,600

20%

List to Sold Price Ratio

94%

99%

5%

95%

Days on Market

207

213

3%

of list price

$4,636,000

$2,623,000

43%

Sold Listings Average Sales Price

Total Dollar Volume Sold

Properties sold for

Average Sales Price

$915,084

VACANT LAND 2016

2017

% Change

9

5

44%

$611,111

$739,000

17%

List to Sold Price Ratio

96%

86%

10%

Days on Market

308

394

30%

275

$5,500,000

$3,694,999

33%

235 in 2016

Sold Listings Average Sales Price

Total Dollar Volume Sold

$837,747 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

$249,999 or less

13%

$250,000 - $499,999

28%

10%

$500,000 - $749,999 $750,000 - $999,999 6%

$1,000,000 - $1,499,999 $1,500,000 - $1,999,999

2%

35%

$2,000,000 or more 4%

Number of Transactions by Area

Dollar Volume by Area

Rural Mt. CB 1% Almont 4%

Mt. Crested Butte 47%

Crested Butte 12%

Rural Mt. CB 1% Almont 2%

Mt. Crested Butte 36%

Rural CB 24% CB South 11%

CB South 6%

Crested Butte 19%

Rural CB 36%

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 2016

2017

% Change

20

33

65%

$1,129,000

$1,554,576

38%

List to Sold Price Ratio

92%

93%

1%

Days on Market

340

206

39%

Number of Properties Sold

85 56 in 2016

Total Dollar Volume Sold

Sold Listings Average Sales Price

Total Dollar Volume Sold $22,580,000 $51,301,000

127%

$68,373,800 CONDOS & TOWNHOMES

2016: $32,106,700

Properties sold for

93% of list price

2016

2017

% Change

12

14

17%

$441,391

$549,071

24%

List to Sold Price Ratio

96%

96%

No Change

Days on Market

175

122

30%

$5,296,700

$7,687,000

45%

Sold Listings Average Sales Price

Total Dollar Volume Sold

Average Sales Price

$804,398

VACANT LAND 2016

2017

% Change

24

38

58%

$176,250

$246,995

40%

List to Sold Price Ratio

88%

91%

3%

Days on Market

215

232

8%

$4,230,000

$10,331,800

144%

$573,334 in 2016 Sold Listings

Average Days on Market

204 251 in 2016 8

redladyrealty.com

Average Sales Price

Total Dollar Volume Sold


CRESTED BUTTE SOUTH Overall CB South

SINGLE FAMILY HOMES 2016

2017

% Change

13

9

31%

$593,385

$542,778

9%

38

List to Sold Price Ratio

96%

96%

No Change

37 in 2016

Days on Market

241

164

32%

$7,714,000

$4,885,000

37%

Sold Listings Average Sales Price

Total Dollar Volume Sold

Number of Properties Sold

Total Dollar Volume Sold

$10,546,500 CONDOS & TOWNHOMES

2016: $11,648,250

2016

2017

% Change

8

11

38%

$338,438

$379,545

12%

List to Sold Price Ratio

96%

97%

1%

95%

Days on Market

249

122

51%

of list price

$2,707,500

$4,175,000

54%

Sold Listings Average Sales Price

Total Dollar Volume Sold

Properties sold for

Average Sales Price

$277,539

VACANT LAND 2016

2017

% Change

16

18

2%

$76,672

$82,583

8%

List to Sold Price Ratio

90%

86%

4%

Days on Market

341

233

32%

185

$1,226,750

$1,486,500

21%

286 in 2016

Sold Listings Average Sales Price

Total Dollar Volume Sold

$314,818 in 2016

Average Days on Market

(970) 349–5007

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SIGNIFICANT SALES

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1043 Skyland Drive | Rural CB Sold for $3,075,000

6470 County Road 740 | Rural CB Sold for $2,995,000

Listed by Coldwell Banker Bighorn Realty Sold by Signature Properties

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

313 Sopris Avenue | Town of CB Sold for $2,750,000

341 Red Mountain Ranch Road | Rural CB Sold for $2,225,000

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

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

7 Journey’s End | Rural CB Sold for $2,100,000

817 Elk Avenue | Town of CB Sold for $2,035,000

Listed By Bluebird Real Estate Sold by Keller Williams Colorado West Realty

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

redladyrealty.com


CRESTED BUTTE NEWS

Area News Highlights July—September 2017 July 4 — In an effort to alleviate pressure on the area backcountry, the town granted public access to the North Village Campground from June 30-July 10 August 9 —Short Term License Regulations in Town totally in force January 1 **Contact a Red Lady Realty broker for more information on the new Short-Term Rental Regulations** August 10 —Emma Coburn wins World Title at the IAAF Track and Field World Championships in London August 15 —Gunnison County is helping Irwin residents navigate rules and regulations August 28—CBCS reports record student numbers as school begins September 30 — Inaugural Emma Coburn Elk Run 5k brings 500 runners to Crested Butte

Upcoming Events: October 8 October 20 October 31 November 11 November 22 November 23 December 24 December 31

Last day for Early Bird pricing on CBMR Season Pass Historic Pub Crawl Halloween Parade Nordic Center opens for the season Donation Day at Crested Butte Mountain Resort Crested Butte Mountain Resort Opens Torchlight Parade Torchlight Parade & Fireworks (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, 3rd Quarter 2017  
Crested Butte Market Report, 3rd 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.