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 ………………………...……..Page 8 Crested Butte South………….…….Page 9
Luxury Home Market…….……....Page 10 Area News and Events...………...Page 11
September brought two big events to Crested Butte. On September 6th the merger of Red Lady Realty and Coldwell Banker Bighorn Realty was announced. These two longtime Crested Butte companies merged to create Coldwell Banker Mountain Properties and are now part of a larger network of mountain resort Coldwell Banker offices. We are excited about the possibilities and think you will be too! On September 27th Vail’s purchase of Crested Butte Mountain Resorts was finalized. This purchase means we are a part of the Epic Pass program which gives many more people the choice of skiing here as part of their season pass and those of us who live here have the opportunity to ski elsewhere. Many people have asked what the Vail purchase will mean for real estate prices. Based on experiences in towns with other resorts they have purchased, prices should go up. Although we haven’t seen a dramatic spike in prices yet, we have been on an uptick for about 6 years now. With discussion of an upcoming US recession and slowdowns in some major markets, my vision is that this purchase will help us maintain this growth or at least have things stay steady rather than dropping. Only time will tell! This publication has a lot information for you about the overall Crested Butte market as well as specific segments. While the general public talks about how “crazy” real estate is right now, the reality is that our dollar volume is down over last year through the 3rdquarter. You will see that the number of transactions is up slightly over last year which indicates that the transactions we are having are lower priced. This is definitely true because of the increase in land sales and the fact that lower priced condos are selling as soon as they hit the market. We used to have a lot of residential property options under $300,000 and now it can be challenging to find any for under $400,000.
While our overall market has been improving for several years, sales and prices of vacant land have lagged behind and finally seem to be picking up steam. There have been 44% more lot sales in 2018 than YTD 2017. Although there has been an increase in sales, there are still plenty of options to choose from if you are considering purchasing land. The building industry is booming and we will continue to see that for years to come. As always, please contact a Coldwell Banker Mountain Properties broker to get more information about any numbers you see here or with any questions about the market. 2
CrestedButte.RealEstate
MARKET UPDATE
Number of Properties Sold
Properties sold for
351
96%
335 in 2017
of list price
Average Sales Price
$477,850 $556,939 in 2017
Total Dollar Volume Sold
$167,725,414 2017: $186,574,715
Average Days on Market
228 237 in 2017
(970) 349–5007
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MT. CRESTED BUTTE Overall Mt. Crested Butte
SINGLE FAMILY HOMES 2017
2018
% Change
23
27
17%
$822,565
$1,049,676
28%
List to Sold Price Ratio
98%
97%
1%
Days on Market
302
278
8%
Number of Properties Sold
155 207 in 2017
Total Dollar Volume Sold
Sold Listings Average Sales Price
Total Dollar Volume Sold $18,918,999 $28,341,250
50%
$73,821,539 CONDOS & TOWNHOMES
2017: $66,485,568
Properties sold for
97% of list price
2017
2018
% Change
116
105
9%
$338,553
$350,865
4%
List to Sold Price Ratio
95%
97%
2%
Days on Market
189
163
14%
Sold Listings Average Sales Price
Total Dollar Volume Sold $39,272,169 $36,840,789
6%
Average Sales Price
$476,268
VACANT LAND 2017
2018
% Change
16
23
44%
$268,400
$375,630
40%
List to Sold Price Ratio
93%
95%
2%
Days on Market
325
428
32%
$4,294,400
$8,639,500
101%
$426,190 in 2017 Sold Listings
Average Days on Market
223 220 in 2017 4
CrestedButte.RealEstate
Average Sales Price
Total Dollar Volume Sold
CRESTED BUTTE Overall Crested Butte
SINGLE FAMILY HOMES 2017
2018
% Change
17
15
12%
$1,368,873
$1,077,219
21%
34
List to Sold Price Ratio
97%
94%
3%
40 in 2017
Days on Market
252
222
12%
Sold Listings Average Sales Price
Total Dollar Volume Sold $23,270,848 $16,158,289
31%
Number of Properties Sold
Total Dollar Volume Sold
$24,556,872 CONDOS & TOWNHOMES
2017: $36,603,347
2017
2018
% Change
5
12
140%
$524,600
$496,227
5%
List to Sold Price Ratio
99%
96%
3%
94%
Days on Market
213
120
44%
of list price
$2,623,000
$5,954,720
127%
Sold Listings Average Sales Price
Total Dollar Volume Sold
Properties sold for
Average Sales Price
$722,261
VACANT LAND 2017
2018
% Change
5
1
80%
$739,000
$200,000
73%
List to Sold Price Ratio
86%
100%
14%
Days on Market
394
53
87%
194
$3,694,999
$200,000
95%
275 in 2017
Sold Listings Average Sales Price
Total Dollar Volume Sold
$915,084 in 2017
Average Days on Market
(970) 349–5007
5
AREA MAP
6
CrestedButte.RealEstate
UPPER VALLEY STATISTICS
Dollar Volume by Area
Transactions by Area
Almont 4%
Almont 5%
Mt. Crested Butte 44%
Rural CB 22% CB South 17%
Crested Butte 15%
Crested Butte 10% Mt. Crested Butte 44%
Rural CB 27% CB South 10%
Kebler 2% (970) 349–5007
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RURAL CRESTED BUTTE Overall Rural CB
SINGLE FAMILY HOMES 2017
2018
% Change
33
21
36%
$1,554,576
$1,237,548
20%
List to Sold Price Ratio
93%
95%
2%
Days on Market
206
253
23%
Number of Properties Sold
78 85 in 2017
Total Dollar Volume Sold
Sold Listings Average Sales Price
Total Dollar Volume Sold $51,301,000 $25,988,500
50%
$45,141,300 CONDOS & TOWNHOMES
2017: $68,373,800
Properties sold for
94% of list price
2017
2018
% Change
14
7
50%
$549,071
$595,071
8%
List to Sold Price Ratio
96%
96%
No Change
Days on Market
122
142
16%
$7,687,000
$4,165,500
46%
Sold Listings Average Sales Price
Total Dollar Volume Sold
Average Sales Price
$578,735
VACANT LAND 2017
2018
% Change
38
50
32%
$246,995
$299,746
21%
List to Sold Price Ratio
91%
92%
1%
Days on Market
232
278
20%
$804,398 in 2017 Sold Listings
Average Days on Market
259 204 in 2017 8
CrestedButte.RealEstate
Average Sales Price
Total Dollar Volume Sold $10,331,800 $14,987,300
45%
CRESTED BUTTE SOUTH Overall CB South
SINGLE FAMILY HOMES 2017
2018
% Change
9
12
33%
$542,778
$670,708
24%
61
List to Sold Price Ratio
96%
97%
1%
38 in 2017
Days on Market
164
138
16%
$4,885,000
$8,048,500
65%
Sold Listings Average Sales Price
Total Dollar Volume Sold
Number of Properties Sold
Total Dollar Volume Sold
$17,332,453 CONDOS & TOWNHOMES
2017: $10,546,500
2017
2018
% Change
11
15
36%
$379,545
$397,044
5%
List to Sold Price Ratio
97%
98%
1%
97%
Days on Market
122
136
11%
of list price
$4,175,000
$5,955,662
43%
Sold Listings Average Sales Price
Total Dollar Volume Sold
Properties sold for
Average Sales Price
$284,139
VACANT LAND 2017
2018
% Change
18
33
83%
$82,583
$92,827
12%
List to Sold Price Ratio
86%
96%
10%
Days on Market
233
278
19%
213
$1,486,500
$3,063,291
106%
185 in 2017
Sold Listings Average Sales Price
Total Dollar Volume Sold
$277,539 in 2017
Average Days on Market
(970) 349–5007
9
LUXURY HOME MARKET
502 Elk Avenue | Town of CB Sold for $1,550,000
26 Whetstone Road | Mt. CB Sold for $1,187,000
Listed by Red Lady Realty Sold by Signature Properties
Listed By Coldwell Banker Bighorn Realty Sold by Coldwell Banker Bighorn Realty
644 Sunset Drive | Rural CB Offered at $4,600,000
66 Red Mountain Ranch | Rural CB Offered at $3,900,000
Listed By Coldwell Banker Mountain Properties
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CrestedButte.RealEstate
Listed by Coldwell Banker Mountain Properties
CRESTED BUTTE NEWS
Area News Highlights July—September 2018 July 4 —GCEA seeks solar arrays to meet local energy needs July 18 — CDOT takes over Gunnison to Denver bus for Outrider route July 18 —Construction costs reduce affordable housing in CB August 15 —CBSouth Ballot proposes change to max building height September 6 —Red Lady Realty and Coldwell Banker Bighorn Realty merge to create Coldwell Banker Mountain Properties September 19 — Moratorium on some franchise business licenses to be discussed
Major Crested Butte News: September 27 — Vail Resorts Closes it’s Acquisition of Crested Butte Mountain Resort
Upcoming Events: October 31 November 10 November 21 November 22 December 24 December 31
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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Photo: John Holder
The longtime Crested Butte real estate companies of Red Lady Realty and Coldwell Banker Bighorn Realty have merged to create a new force in the Gunnison Valley market. The same great brokers you’ve known, working together with new tools to better serve you. Contact us to explore the possibilities.
215 Elk Avenue (970) 349-5007 Crested Butte
121 W Virginia Avenue (970) 275-8022 Gunnison
305 6th Street (970) 349-5313 Crested Butte