Serving Crested Butte Since 1978
MARKET UPDATE By: Diane Aronovic, Broker, RSPS, SRES
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
The real estate market in Crested Butte continues to exhibit strength overall, currently trending at 21.5% year over year in overall sales. There is still an overwhelming lack of supply of listings, and the entry level price point continues to be the strongest area of the market. Mt. Crested Butte condos have an average sales price of $449,412, compared to last year’s $327,315—a 37% gain. The average number of days on market is shrinking, from 276 to 264, and we are seeing properties sell at an average of 96% of list price, which is quite strong. Since this sector contains the market’s greatest demand, I think this trend will continue with condos priced at $350,000 or less selling quickly. The town of Crested Butte is a bit of an anomaly, though the small number of sales skews the average. The average price of single family homes has risen from $1,582,250 to $1,770,000, but due to an overweight in in the condo/townhome sector, the average price has fallen from $1,194,833 to $929,748. I think we will see this statistic change over the year into a higher average number. The average days on market in town has fallen from 289 to 230, showing strength. A potential reason for the slow sales in the town of Crested Butte is uncertainty over whether any short term rental licenses would be available. That had some people holding off on purchasing to see what the end result would be. As of this printing, there seems to be a scant number of licenses still available, but that can and will change as time goes on. Overall, we are looking for the strength in the real estate market to continue, especially as we go into our busy summer and fall selling seasons.
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redladyrealty.com
MARKET UPDATE
Number of Properties Sold
Properties sold for
77
93%
67 in 2017
of list price
Total Dollar Volume Sold
$37,012,483 2017: $30,461,250
Average Days on Market
Average Sales Price
$480,382
266
$454,645 in 2017
266 in 2017
January - March Sale Trends 2010-2018 $40
90 80 70
MILLIONS
$30
60 50
$20
40 30
$10
20 10
$0
0 2010
2011
2012
2013
Dollar Volume
2014
2015
2016
2017
2018
Number of Sales
(970) 349–5007
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MT. CRESTED BUTTE Overall Mt. Crested Butte
SINGLE FAMILY HOMES 2017
2018
% Change
3
4
33%
$776,499
$1,149,500
48%
List to Sold Price Ratio
95%
94%
1%
Days on Market
639
215
66%
$2,329,499
$4,598,000
97%
Number of Properties Sold
34 42 in 2017
Total Dollar Volume Sold
Sold Listings Average Sales Price
Total Dollar Volume Sold
$15,280,000 CONDOS & TOWNHOMES
2017: $13,747,250
Properties sold for
96% of list price
2017
2018
% Change
33
24
27%
$304,692
$348,833
14%
List to Sold Price Ratio
96%
97%
1%
Days on Market
215
227
6%
$9,964,751
$8,372,000
16%
Sold Listings Average Sales Price
Total Dollar Volume Sold
Average Sales Price
$449,412
VACANT LAND 2017
2018
% Change
6
6
No Change
$242,166
$385,000
59%
List to Sold Price Ratio
93%
93%
No Change
Days on Market
428
445
4%
$1,453,000
$2,310,000
59%
$327,315 in 2017 Sold Listings
Average Days on Market
264 276 in 2017 4
redladyrealty.com
Average Sales Price
Total Dollar Volume Sold
CRESTED BUTTE Overall Crested Butte
SINGLE FAMILY HOMES 2017
2018
% Change
4
2
50%
$1,582,250
$1,770,000
12%
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List to Sold Price Ratio
96%
90%
6%
6 in 2017
Days on Market
290
334
15%
$6,329,000
$3,540,000
44%
Sold Listings Average Sales Price
Total Dollar Volume Sold
Number of Properties Sold
Total Dollar Volume Sold
$6,508,233 CONDOS & TOWNHOMES
2017: $7,169,000
2017
2018
% Change
1
2
100%
$610,000
$590,185
3%
List to Sold Price Ratio
98%
90%
8%
91%
Days on Market
558
107
80%
of list price
$610,000
$1,180,370
94%
Sold Listings Average Sales Price
Total Dollar Volume Sold
Properties sold for
Average Sales Price
$929,748
VACANT LAND 2017
2018
% Change
Sold Listings
—
—
—
Average Sales Price
$—
$—
—
List to Sold Price Ratio
—%
—%
—
Days on Market
—
—
—
230
Total Dollar Volume Sold
$—
$—
—
289 in 2017
$1,194,833 in 2017
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
$249,999 or less
14%
30%
$250,000 - $499,999
$500,000 - $749,999
6%
$750,000 - $999,999
9%
$1,000,000 - $1,499,999 $1,500,000 - $1,999,999
36%
3%
$2,000,000 or more
1%
Number of Transactions by Area
Dollar Volume by Area Rural Mt. CB 4%
Rural Mt. CB 4%
Almont 10%
Almont 9%
Crested Butte 18%
Crested Butte 9% Mt. Crested Butte 44%
Mt. Crested Butte 41% Rural CB 18% CB South 13%
Rural CB 18% CB South 9%
Kebler 3% (970) 349–5007
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RURAL CRESTED BUTTE RURAL MT. CRESTED BUTTE Overall Rural CB & Rural Mt. CB
SINGLE FAMILY HOMES 2017
2018
% Change
4
9
125%
$1,107,500
$804,500
27%
List to Sold Price Ratio
95%
93%
2%
Days on Market
268
188
30%
$4,430,000
$7,240,500
63%
Number of Properties Sold
26 12 in 2017
Total Dollar Volume Sold
Sold Listings Average Sales Price
Total Dollar Volume Sold
$12,013,500 CONDOS & TOWNHOMES
2017: $6,982,500
Properties sold for
89% of list price
2017
2018
% Change
2
1
50%
$531,500
$230,000
57%
List to Sold Price Ratio
95%
92%
3%
Days on Market
109
278
155%
$1,063,000
$230,000
78%
Sold Listings Average Sales Price
Total Dollar Volume Sold
Average Sales Price
$462,058
VACANT LAND 2017
2018
% Change
6
16
167%
$248,250
$283,938
14%
List to Sold Price Ratio
87%
83%
4%
Days on Market
320
376
18%
$1,489,500
$4,543,000
205%
$581,875 in 2017 Sold Listings
Average Days on Market
307 267 in 2017 8
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Average Sales Price
Total Dollar Volume Sold
CRESTED BUTTE SOUTH Overall CB South
SINGLE FAMILY HOMES 2017
2018
% Change
5
4
20%
$482,500
$580,000
20%
10
List to Sold Price Ratio
94%
96%
2%
7 in 2017
Days on Market
212
193
9%
$2,412,500
$2,320,000
4%
Sold Listings Average Sales Price
Total Dollar Volume Sold
Number of Properties Sold
Total Dollar Volume Sold
$3,210,750 CONDOS & TOWNHOMES
2017: $2,562,500
2017
2018
% Change
Sold Listings
—
2
—
Average Sales Price
$—
$230,000
—
List to Sold Price Ratio
—%
98%
—
96%
Days on Market
—
214
—
of list price
Total Dollar Volume Sold
$—
$460,000
—
Properties sold for
Average Sales Price
$321,075
VACANT LAND 2017
2018
% Change
2
4
100%
$75,000
$107,688
44%
List to Sold Price Ratio
79%
92%
13%
Days on Market
100
170
70%
188
$150,000
$430,750
187%
180 in 2017
Sold Listings Average Sales Price
Total Dollar Volume Sold
$366,071 in 2017
Average Days on Market
(970) 349–5007
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LUXURY HOME MARKET
Active Listings
Sold YTD 2018
Sold 2017
40
27
26
11
10
5
2
$1,000,000 $1,499,999
$1,500,000 $1,999,999
10 6
1
6
$2,000,000 $2,499,999
6
0
5
$2,500,000 $2,999,999
0
4
$3,000,000 $3,999,999
7
0
$4,000,000 AND OVER
TBD Snowy River Lane | Rural Gunnison Sold for $5,323,750
18 Appaloosa | Mt. CB Sold for $1,400,000
For Sale by Owner Sold by Red Lady Realty
Listed By Red Lady Realty Sold by Red Lady Realty
20 Walking Deer Lane | Mt. CB Offered at $3,500,000
TBD Highway 135 | Rural CB Offered at $2,950,000
Listed By Red Lady Realty
Listed by Red Lady Realty
redladyrealty.com
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CRESTED BUTTE NEWS
Area News Highlights January—March 2018 January 17—Student built house in CB is now ready for occupancy. January 22—BOZAR approves expanding Big Mine warming house plans. February 9—Two local athletes compete on U.S. Olympic Ski Team in South Korea. February 15—CBMR makes next move to expand into Teocalli area. February 15—Holden Research Study shows WSCU is key to positive, sustainable economic growth in Gunnison County. March 14—CBMR strikes deal to get Epic Pass. March 28—Adaptive Sports Center to break ground on new building in spring.
Upcoming Events: April 7 April 8 April 29 May 26-28 June 9 July 1 July 4 July 10 July 12
Pond Skim, CBMR Closing Day for CBMR & Nordic Center Crested Butte Pole Pedal Paddle Race Memorial Day Sidewalk Sales Summer 2018 Opening Day at CBMR 16th 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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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
Sandy Perrino 970.275.6308
215 Elk Ave | PO Box 190 RedLadyRealty.com 970.349.5007