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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%

7

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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redladyrealty.com


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

redladyrealty.com

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

Crested Butte Market Report, 1st Quarter 2018  

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, 1st Quarter 2018  

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