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Serving Crested Butte Since 1978


MARKET UPDATE By: Maggie Dethloff, Broker, CNE, RSPS, e-PRO

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 ………………………...……..Page 8 Crested Butte South………….…….Page 9

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

Summer is in full swing in Crested Butte as our visitors are returning earlier and earlier each year to enjoy the quieter days of June. The real estate market continues to march along at a solid pace. Interestingly enough with almost the same number of transactions as last year, the dollar volume in sales is down approximately 18%. Due to a lower inventory of single family homes/condos, buyers are purchasing vacant land with the intent to build or simply for investment purposes. There are still good land opportunities specifically in the Skyland area and 35 acre subdivisions. While our single family home/condo values have enjoyed a strong recovery, vacant land is still gaining momentum. Two notable real estate events took place during the second quarter of 2018. In May, formerly bank owned vacant lots in Buckhorn Ranch were advertised in a ’one day only’ sale. This “Rocky Mountain Land Sale” brought with it lots of attention for our small town with people flying in from all over to participate. Not all the inventory was sold that day however 60+ lots went under contract. In early June, the big announcement that Vail Associates entered into a contract to purchase Crested Butte Mountain Resort was made and speculation over what that means for our ski area and town began immediately. To date, the news has sparked “a run” on Grand Lodge condos with 11 units going under contract. Overall the sale of the resort will have the greatest effect on ski properties including mountain condos, the Prospect Subdivision and ski-in/skiout homes in Mt. Crested Butte. In the coming months as visitors continue to enjoy all that Crested Butte has to offer, the expectation is that real estate sales will remain strong with vacant land leading the way. Enjoying the precious summer months in Crested Butte is why we are all here. Whether you’re hiking, biking, watching people from a town bench or enjoying another beautiful sunset, you’ll be reminded why you came here.

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MARKET UPDATE

Number of Properties Sold

Properties sold for

179

94%

180 in 2017

of list price

Total Dollar Volume Sold

$82,821,773 2017: $101,068,443

Average Days on Market

Average Sales Price

$462,691

263

$561,491 in 2017

255 in 2017

January - June Sale Trends 2010-2018 $120

200 180 160 140 120 100 80 60 40 20 0

MILLIONS

$100 $80

$60 $40 $20 $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

12

12

No Change

$774,917

$1,103,833

42%

List to Sold Price Ratio

96%

97%

1%

Days on Market

440

330

25%

$9,298,999

$13,246,000

42%

Number of Properties Sold

77 94 in 2017

Total Dollar Volume Sold

Sold Listings Average Sales Price

Total Dollar Volume Sold

$32,919,499 CONDOS & TOWNHOMES

2017: $40,231,443

Properties sold for

96% of list price

2017

2018

% Change

74

56

24%

$336,857

$294,482

13%

List to Sold Price Ratio

95%

97%

2%

Days on Market

183

191

4%

Sold Listings Average Sales Price

Total Dollar Volume Sold $24,927,444 $16,490,999

34%

Average Sales Price

$427,526

VACANT LAND 2017

2018

% Change

7

9

29%

$286,429

$353,611

23%

List to Sold Price Ratio

94%

92%

2%

Days on Market

379

371

2%

$2,005,000

$3,182,500

59%

$427,994 in 2017 Sold Listings

Average Days on Market

234 232 in 2017 4

redladyrealty.com

Average Sales Price

Total Dollar Volume Sold


CRESTED BUTTE Overall Crested Butte

SINGLE FAMILY HOMES 2017

2018

% Change

9

8

11%

$1,406,000

$1,218,619

13%

20

List to Sold Price Ratio

98%

91%

7%

22 in 2017

Days on Market

232

304

31%

$9,748,950

23%

Sold Listings Average Sales Price

Total Dollar Volume Sold $12,654,000

Number of Properties Sold

Total Dollar Volume Sold

$15,026,183 CONDOS & TOWNHOMES

2017: $20,502,000

2017

2018

% Change

2

7

250%

$572,500

$465,910

19%

List to Sold Price Ratio

97%

95%

2%

92%

Days on Market

445

103

77%

of list price

$572,500

$3,261,370

470%

Sold Listings Average Sales Price

Total Dollar Volume Sold

Properties sold for

Average Sales Price

$751,309

VACANT LAND Sold Listings Average Sales Price List to Sold Price Ratio Days on Market Total Dollar Volume Sold

2017

2018

% Change

1

1

No Change

$1,300,000

$200,000

84%

96%

100%

4%

5

53

960%

229

$1,300,000

$200,000

84%

281 in 2017

$931,909 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 25%

$249,999 or less

13%

$250,000 - $499,999

9%

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

7% $1,000,000 - $1,499,999

42%

4% 1%

Number of Transactions by Area

$1,500,000 - $1,999,999 $2,000,000 or more

Dollar Volume by Area Almont 6%

Almont 6%

Mt. Crested Butte 43%

CB South 17%

Crested Butte 11%

Rural CB 22%

Mt. Crested Butte 40%

CB South 9%

Crested Butte 18%

Rural CB 27%

Kebler 2% (970) 349–5007

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RURAL CRESTED BUTTE Overall Rural CB

SINGLE FAMILY HOMES 2017

2018

% Change

16

12

125%

$1,617,000

$1,200,542

27%

List to Sold Price Ratio

92%

96%

2%

Days on Market

232

311

30%

Number of Properties Sold

39 38 in 2017

Total Dollar Volume Sold

Sold Listings Average Sales Price

Total Dollar Volume Sold $25,872,000 $14,406,500

63%

$22,309,300 CONDOS & TOWNHOMES

2017: $31,705,500

Properties sold for

92% of list price

2017

2018

% Change

5

2

50%

$472,100

$587,500

57%

List to Sold Price Ratio

95%

91%

3%

Days on Market

197

181

155%

$2,360,000

$1,175,000

78%

Sold Listings Average Sales Price

Total Dollar Volume Sold

Average Sales Price

$572,033

VACANT LAND 2017

2018

% Change

17

25

167%

$204,294

$269,112

14%

List to Sold Price Ratio

88%

86%

4%

Days on Market

302

325

18%

$3,473,000

$6,727,800

205%

$834,355 in 2017 Sold Listings

Average Days on Market

313 258 in 2017 8

redladyrealty.com

Average Sales Price

Total Dollar Volume Sold


CRESTED BUTTE SOUTH Overall CB South

SINGLE FAMILY HOMES 2017

2018

% Change

9

7

20%

$542,778

$641,429

20%

30

List to Sold Price Ratio

96%

97%

2%

21 in 2017

Days on Market

164

159

9%

$4,885,000

$4,490,000

4%

Sold Listings Average Sales Price

Total Dollar Volume Sold

Number of Properties Sold

Total Dollar Volume Sold

$7,714,791 CONDOS & TOWNHOMES

2017: $6,685,000

2017

2018

% Change

3

5

$348,333

$334,200

List to Sold Price Ratio

98%

101%

98%

Days on Market

152

152

of list price

$1,045,000

$334,200

Sold Listings Average Sales Price

Total Dollar Volume Sold

Properties sold for

Average Sales Price

$257,160

VACANT LAND 2017

2018

% Change

9

18

100%

$83,889

$86,322

44%

List to Sold Price Ratio

88%

98%

13%

Days on Market

231

357

70%

277

$755,000

$1,553,791

187%

191 in 2017

Sold Listings Average Sales Price

Total Dollar Volume Sold

$318,333 in 2017

Average Days on Market

(970) 349–5007

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LUXURY HOME MARKET

Active Listings

Sold YTD 2018

Sold 2017

44

27

11

10

9

7

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

10

28

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

12 2

6

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

6

0

5

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

11 0

4

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

0

$4,000,000 AND OVER

643 Meadow Lane | Rural CB Sold for $1,730,000

2472 Wildcat Trail | Rural CB Sold for $1,350,000

For Coldwell Banker Bighorn Realty Sold by Red Lady Realty

Listed By Red Lady Realty Sold by Red Lady Realty

215 Butte Avenue | Town of CB Offered at $3,500,000

20 Walking Deer Lane | Mt. CB Offered at $3,500,000

Listed By Red Lady Realty

Listed by Red Lady Realty

redladyrealty.com

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CRESTED BUTTE NEWS

Area News Highlights April—June 2018 May 21 —Town Allocates $2 Million for Eight Affordable Duplexes in CB. May 23 — County Staff Considers How to Best Regulate “Permanent Camping” June 4 —Vail to Buy Crested Butte Ski Area June 6 —Crested Butte South Moves Toward New Commercial Plan June 13 —Crested Butte Community School Expansion Plans

June 18 —CB Council Allows Merchandise Vending on Public Property June 19 — County Commissioners Change Septic System Regulations

Upcoming Events: Monday Evenings June 18—August 20 Alpenglow at the Center for the Arts Outdoor Stage Wednesday Evenings June 27—August 25 Live! From Mt. CB Summer Concert Series Sundays 10am-2pm May 27—October 7 Farmers Market on Elk Avenue July 5—August 11 Crested Butte Music Festival July 6—15 Crested Butte Wildflower Festival July 25—29 Crested Butte Food & Wine Festival August 3—5 Crested Butte Art’s Festival September 16-22 Vinotok Fall Harvest Festival September 27-30 Crested Butte Film Festival (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, 2nd 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, 2nd 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.