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Serving Crested Butte Since 1978


MARKET UPDATE By: Molly Eldridge, Broker/Owner, CRS, ABR, RSPS, SFR

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 Luxury Home Market…….……....Page 10 Area News and Events...………...Page 11

Happy 2018! The year has started by continuing our Christmas gift of desperately needed snow and it is really starting to feel like ski season in Crested Butte. 2017 was the seventh year in a row where real estate sales improved over the previous year. From the low of 2010, the number of transactions is up 164% and dollar volume is up 217% (more than triple!). Things were very slow from 2008 to 2014 and we only started to see significant improvement starting in 2015. We ended this year with $265 million in sales vs. $187 million in 2016. This still is well below 2005 and 2006 when sales topped $350 million, but it is not out of line to think we could meet or exceed those levels in 2018. Any Realtor in Crested Butte will tell you that we have “low inventory” right now. This is not clear if you simply look at the number of properties on the market. Overall, inventory numbers have been steady for the last year or so – although the numbers are down from previous years. It is when you look at specific segments of the market - price points, areas and types – that you can get a sense of the shortages. For example, there are 85 condos in Mt. Crested Butte on the market right now vs. 101 this time in 2016 vs. 154 this time in 2015. More importantly, the least expensive 2bedroom condo is listed for $315,000 and there were 24 2-bedroom condos that sold for less than that in 2017 and 77 sold in 2016. Even considering this information, sales of condos in Mt. Crested Butte are a large segment of the market and will continue to be even with reduced inventory simply because there are so many of them. Although I don’t have a crystal ball, I don’t see any reason why the Crested Butte real estate market won’t continue to improve for the next several years. The marketing is working and people have discovered that this is a great place to be. Our real estate prices make Crested Butte a great value compared to other mountain resorts so it just makes sense for people who want to be in an authentic Colorado ski town to consider Crested Butte. Now more than ever it is important to have a trusted adviser to keep you updated on the market and to help interpret the information you may find online. The dedicated and experienced Brokers of Red Lady Realty are happy to be of assistance. Contact one today!

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MARKET UPDATE

Number of Properties Sold

Properties sold for

467

94%

389 in 2016

of list price

Total Dollar Volume Sold

$265,491,413 2016: $187,386,217

Average Days on Market

Average Sales Price

$568,504

247

$481,713 in 2016

286 in 2016

Yearly Sale Trends 2010-2017 $300

500 450 400 350 300 250 200 150 100 50 0

$250

MILLIONS

$200 $150

$100 $50 $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

22

30

36%

$1,149,801

$1,015,340

12%

List to Sold Price Ratio

95%

97%

2%

Days on Market

332

297

11%

Number of Properties Sold

207 186 in 2016

Total Dollar Volume Sold

Sold Listings Average Sales Price

Total Dollar Volume Sold $25,295,627 $30,460,201

20%

$95,087,770 CONDOS & TOWNHOMES

2016: $67,728,419

Properties sold for

95% of list price

2016

2017

% Change

151

151

No Change

$261,670

$352,279

35%

List to Sold Price Ratio

96%

96%

No Change

Days on Market

307

193

37%

Sold Listings Average Sales Price

Total Dollar Volume Sold $39,249,255 $53,194,169

36%

Average Sales Price

$459,361

VACANT LAND 2016

2017

% Change

13

25

92%

$224,665

$297,336

32%

List to Sold Price Ratio

91%

82%

9%

Days on Market

444

447

1%

$2,920,649

$7,433,400

155%

$364,131 in 2016 Sold Listings

Average Days on Market

239 320 in 2016 4

redladyrealty.com

Average Sales Price

Total Dollar Volume Sold


CRESTED BUTTE Overall Crested Butte

SINGLE FAMILY HOMES 2016

2017

% Change

27

23

15%

$1,157,515

$1,363,624

18%

53

List to Sold Price Ratio

95%

97%

2%

49 in 2016

Days on Market

175

247

41%

Sold Listings Average Sales Price

Total Dollar Volume Sold $31,252,898 $31,363,348

0.3%

Number of Properties Sold

Total Dollar Volume Sold

$49,012,347 CONDOS & TOWNHOMES

2016: $42,865,898

2016

2017

% Change

11

8

27%

$421,455

$511,813

21%

List to Sold Price Ratio

94%

97%

3%

95%

Days on Market

207

188

9%

of list price

$4,636,000

$4,094,500

12%

Sold Listings Average Sales Price

Total Dollar Volume Sold

Properties sold for

Average Sales Price

$925,761

VACANT LAND 2016

2017

% Change

10

7

30%

$635,100

$738,571

16%

List to Sold Price Ratio

96%

88%

8%

Days on Market

294

319

9%

257

$6,351,000

$5,169,999

19%

212 in 2016

Sold Listings Average Sales Price

Total Dollar Volume Sold

$874,814 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 14%

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

12%

27%

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

6%

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

3%

34%

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

$2,000,000 or more

4%

Number of Transactions by Area

Dollar Volume by Area

Rural Mt. CB 3% Almont 4%

Mt. Crested Butte 44%

Crested Butte 11%

Rural Mt. CB 2% Almont 5%

Mt. Crested Butte 36%

Rural CB 24% CB South 12%

CB South 7%

Crested Butte 18%

Rural CB 31%

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

33

43

30%

$1,328,371

$1,428,965

8%

List to Sold Price Ratio

93%

93%

No Change

Days on Market

301

198

34%

Number of Properties Sold

124 84 in 2016

Total Dollar Volume Sold

Sold Listings Average Sales Price

Total Dollar Volume Sold $43,836,250 $61,445,500

40%

$89,507,290 CONDOS & TOWNHOMES

2016: $57,878,950

Properties sold for

94% of list price

2016

2017

% Change

14

18

29%

$393,836

$544,458

38%

List to Sold Price Ratio

96%

96%

No Change

Days on Market

155

117

25%

$5,513,700

$9,800,250

78%

Sold Listings Average Sales Price

Total Dollar Volume Sold

Average Sales Price

$721,833

VACANT LAND 2016

2017

% Change

36

63

75%

$216,083

$289,866

34%

List to Sold Price Ratio

90%

93%

3%

Days on Market

295

266

10%

$7,779,000

$18,261,540

135%

$689,035 in 2016 Sold Listings

Average Days on Market

221 273 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

13

18

38%

$593,385

$632,445

7%

58

List to Sold Price Ratio

96%

96%

No Change

51 in 2016

Days on Market

241

192

20%

$7,714,000

$11,384,006

48%

Sold Listings Average Sales Price

Total Dollar Volume Sold

Number of Properties Sold

Total Dollar Volume Sold

$18,969,006 CONDOS & TOWNHOMES

2016: $13,893,750

2016

2017

% Change

13

17

31%

$330,346

$332,882

1%

List to Sold Price Ratio

96%

97%

1%

95%

Days on Market

271

160

41%

of list price

$4,294,500

$5,659,000

32%

Sold Listings Average Sales Price

Total Dollar Volume Sold

Properties sold for

Average Sales Price

$327,052

VACANT LAND 2016

2017

% Change

25

23

8%

$75,410

$83,739

11%

List to Sold Price Ratio

89%

87%

2%

Days on Market

287

246

14%

204

$1,885,250

$1,926,000

2%

271 in 2016

Sold Listings Average Sales Price

Total Dollar Volume Sold

$272,426 in 2016

Average Days on Market

(970) 349–5007

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LUXURY HOME MARKET

Active Listings

Sold 2017

Sold 2016

43 33 27 18 11 11 $1,000,000 $1,499,999

10

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

6

6

6

$2,000,000 $2,499,999

5

5

1

$2,500,000 $2,999,999

8

4

8

3

$3,000,000 $3,999,999

1

$4,000,000 AND OVER

13 Kokanee Lane | Mt. CB Sold for $3,365,000

945 Douglas Trail | Almont Sold for $3,300,000

Listed By Signature Properties Sold by Signature Properties

Listed By Signature Properties Sold by Gunnison Non-Member

1028 Wildwater Way | Almont Sold for $2,800,000

59 Summit Road | Mt. CB Sold for $2,035,000

Listed By Bradley Willet Sold by Bradley Willet

Listed by Bluebird Real Estate Sold by Bluebird Real Estate

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CRESTED BUTTE NEWS

Area News Highlights October—December 2017 October 4 — Jackson’s Honest lands a shark and a huge investment on Shark Tank November 1 —Student build takes on new life of its own November 1 — County scores riverfront property

November 8 — Council votes to eliminate snow banks on Elk Avenue November 15— Adaptive Sports Center looks to break ground for new building November 22 — Eleven seeks approval for a new Helipad November 29—CB South business district growth December 13—County moves to take over Sheriff services in North Valley.

Upcoming Events: January 11-13 January 25-28 February 3 February 9 February 24 March 3 March 18 April 8 April 29

Mountain High Music Festival Fat Bike Worlds 32nd Annual Alley Loop Nordic Marathon Red Lady Ball Gothic Mountain Tour Colorado Crafted Al Johnson Uphill-Downhill Telemark Race CBMR Closing Day Crested Butte Pole Pedal Paddle (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

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, 4th 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.

Crested Butte Market Report, 4th 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.