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A Look Back at the Crested Butte Area's Real Estate Market. 2014
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2 | 401 Elk Avenue | 970.349.6653
3 Overall Market Update 8 Land Market
4 Single Family Market 10 Significant Sales
6 Area Map 11 Our Office Update
7 Condo and Townhome Market 12 Contact Us
Quick Hits
$155.4 Total Sales Volume in 2014 Upper Valley
346 Total Transactions in 2014 Upper Valley
6.5% Percentage down in 2014 Upper Valley
$194.2 Total Sales Volume in 2014 Gunnison County
527 Total Transactions in 2014 Gunnison County
7.2% Percentage up in 2014 Gunnison County
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BensonSothebysRealty.com | 3
Upper Valley 2013 2014Median Price $270,000 $275,000Average Price $426,912 $449,261Average Days on Market 322 307Highest Price $4,250,000 $3,900,000Lowest Price $4,000 $10,000Properties Sold 342 346% Sold Price to Original List Price 92.4% 90.2%Total Volume Sold $146,004,173 $155,444,575
All Properties in Crested Butte, Mt. Crested Butte, Rural Crested Butte, CB South and Almont
overall Market updateOur 2014 market ended as strong as expected. We were expecting our market to be up around 5% to 7% at the end of the year and we ended up 6.5% in the upper valley and up 7.2% in Gunnison County compared to 2013. The sectors of our market that were strong were homes, condos and townhomes in Crested Butte, condos in Mt. Crested Butte and land in the Rural Gunnison area. Most other sectors were mixed from the previous year with the major exception being single family homes in the Rural Crested Butte area which was down by over 27%.
What does this mean for 2015? We are expecting to see similar growth in our 2015 real estate market. Some factors that could negatively affect our 2015 market are a lack of inventory, especially homes in the town of Crested Butte, a lack of lower end properties, as some buyers could start to be priced out of our market, and if the price of crude oil continues to drop or hover near record lows, some of our middle to higher end properties might be vulnerable. Even with these negative factors we still expect our market to grow as visitor numbers were considerably up in 2014 with no signs of slowing down this year and the Crested Butte area is still an incredible value compared to other Colorado ski towns.
4 | 401 Elk Avenue | 970.349.6653
2013 2014Median Price $617,000 $800,000Average Price $819,300 $1,172,978Average Days on Market 330 276Highest Price $3,700,000 $3,900,000Lowest Price $155,000 $240,000Properties Sold 45 23% Sold Price to Original List Price 91.5% 85.7%Total Volume Sold $36,868,500 $26,978,500
2013 2014Median Price $850,000 $610,900Average Price $1,034,055 $683,890Average Days on Market 323 330Highest Price $4,250,000 $1,375,000Lowest Price $200,000 $258,000Properties Sold 22 25% Sold Price to Original List Price 91.8% 91.8%Total Volume Sold $22,749,230 $17,097,270
2013 2014Median Price $775,000 $861,750Average Price $912,836 $1,028,630Average Days on Market 366 253Highest Price $2,100,000 $2,240,000Lowest Price $210,000 $465,000Properties Sold 26 29% Sold Price to Original List Price 95.4% 94.5%Total Volume Sold $23,733,755 $29,830,295
town of crested Butte | single faMily HoMes
Mt. crested Butte | single faMily HoMes
rural crested Butte | single faMily HoMes
single faMily Market
BensonSothebysRealty.com | 5
2013 2014Median Price $232,500 $200,000Average Price $241,525 $215,883Average Days on Market 237 218Highest Price $450,000 $384,000Lowest Price $110,000 $92,000Properties Sold 35 28% Sold Price to Original List Price 96.3% 95.7%Total Volume Sold $8,453,400 $6,044,750
2013 2014Median Price $212,000 $278,900Average Price $272,906 $308,983Average Days on Market 242 271Highest Price $1,675,000 $1,025,000Lowest Price $72,000 $17,500Properties Sold 63 71% Sold Price to Original List Price 93.3% 94.2%Total Volume Sold $17,193,123 $21,937,859
2013 2014Median Price $376,500 $402,500Average Price $396,870 $396,909Average Days on Market 203 222Highest Price $589,000 $571,000Lowest Price $245,500 $204,750Properties Sold 20 16% Sold Price to Original List Price 95.6% 94.5%Total Volume Sold $7,937,400 $6,350,550
crested Butte soutH | single faMily HoMes
rural gunnison and surrounding | single faMily HoMes
town of gunnison | single faMily HoMes
single faMily MarketBob Brazell Photography
Crested Butte South
Skyland
Red Mountain Ranch
Reserve on the East River
Ohio Creek Valley
Danni Ranch
Trappers Crossing
6 | 401 Elk Avenue | 970.349.6653
Blue Mesa Reservoir
Meridian Lake Park
area MapBob Brazell Photography
BensonSothebysRealty.com | 7
2013 2014Median Price $180,250 $175,000Average Price $223,567 $237,295Average Days on Market 243 234Highest Price $750,000 $880,000Lowest Price $49,900 $35,000Properties Sold 64 53% Sold Price to Original List Price 91.0% 95.0%Total Volume Sold $14,308,332 $12,576,636
2013 2014Median Price $192,500 $198,000Average Price $260,468 $252,341Average Days on Market 334 260Highest Price $932,500 $1,795,000Lowest Price $43,000 $44,900Properties Sold 94 132% Sold Price to Original List Price 92.6% 93.5%Total Volume Sold $24,484,031 $33,309,139
2013 2014Median Price $295,000 $450,000Average Price $271,071 $446,365Average Days on Market 161 381Highest Price $430,000 $730,000Lowest Price $62,281 $192,500Properties Sold 11 13% Sold Price to Original List Price 94.2% 93.7%Total Volume Sold $2,981,789 $5,802,750
town crested Butte | condos and townHoMes
Mt. crested Butte | condos and townHoMes
rural crested Butte and gunnison areas | condos and townHoMes
condo and townHoMe Market
land Market
8 | 401 Elk Avenue | 970.349.6653
2013 2014Median Price $121,293 $215,000Average Price $197,634 $210,825Average Days on Market 428 390Highest Price $1,150,000 $410,000Lowest Price $13,600 $10,000Properties Sold 34 20% Sold Price to Original List Price 86.7% 85.7%Total Volume Sold $6,719,586 $4,126,500
2013 2014Median Price $157,500 $175,000Average Price $157,357 $271,590Average Days on Market 385 687Highest Price $325,000 $825,000Lowest Price $30,000 $61,000Properties Sold 14 13% Sold Price to Original List Price 90.8% 70.6%Total Volume Sold $2,203,000 $3,530,680
2013 2014Median Price $571,500 $477,500Average Price $631,642 $466,435Average Days on Market 305 316Highest Price $1,250,000 $583,675Lowest Price $85,000 $300,000Properties Sold 7 5% Sold Price to Original List Price 92.0% 92.3%Total Volume Sold $4,421,500 $2,332,175
town of crested Butte | residential lots
Mt. crested Butte | residential lots
rural crested Butte | all lots and land
land Market
BensonSothebysRealty.com | 9
2013 2014Median Price $240,000 $249,000Average Price $336,701 $548,373Average Days on Market 276 461Highest Price $1,169,750 $1,750,000Lowest Price $35,000 $49,000Properties Sold 19 21% Sold Price to Original List Price 86.1% 81.4%Total Volume Sold $6,397,324 $11,515,834
2013 2014Median Price $72,250 $51,000Average Price $115,072 $269,800Average Days on Market 416 398Highest Price $1,169,750 $1,750,000Lowest Price $8,500 $18,000Properties Sold 32 45% Sold Price to Original List Price 88.0% 80.5%Total Volume Sold $3,682,324 $12,141,034
2013 2014Median Price $42,000 $55,500Average Price $41,825 $61,884Average Days on Market 601 320Highest Price $63,750 $185,000Lowest Price $20,000 $32,000Properties Sold 10 14% Sold Price to Original List Price 87.3% 92.9%Total Volume Sold $418,250 $886,380
crested Butte soutH | residential lots
rural gunnison | all lots and land
gunnison county | all 11+ acre and over parcels
10 | 401 Elk Avenue | 970.349.6653
Listed by Coldwell Banker Bighorn RealtySold by United Country Realty - Gunnison County
significant sales in 2014
152 evergreen drive | rural c.B. sold for $3,900,000
758 Journey’s end rd | rural c.B.sold for $3,200,000
Listed by Benson Sotheby’s International RealtySold by Crested Butte Resort Real Estate
Listed by Keller Williams RealtySold by Benson Sotheby’s International Realty
Listed by Premier Mountain PropertiesSold by Benson Sotheby’s International Realty
Listed by Coldwell Banker Bighorn RealtySold by Red Lady Realty
130 wHetstone vista drive | rural c.B.sold for $2,425,000
102 and 104 Maroon ave | crested Buttesold for $2,240,000
301 Butte avenue | crested Buttesold for $1,950,000
Listed by Red Lady RealtySold by Coldwell Banker Bighorn Realty
757 and 717 ridge drive | rural c.B. sold for $3,275,000
BensonSothebysRealty.com | 11
Benson sotHeBy’s international realty stats• We are the leading real estate brokerage in Crested Butte by over $14.1 million in total
sales volume compared to our closest competitor in 2014.
• Our office currently has a 30% market share of sales volume in 2014 in the Crested Butte area.
• We have been involved in 210 sides of the total transactions, which is the most in the Crested Butte area.
• We have sold over $39.8 million worth of listings in 2014
• Our brokers have been very successful in 2014.
• The top 2 brokers in sales volume in Crested Butte are from our office while 4 of the top 5 are from our office.
• The top 3 selling brokers in Crested Butte are from our office while 4 of the top 5 are from our office.
• The top 2 brokers in number of transactions in Crested Butte are from our office.
All data was pulled from the Gunnison County Association of Realtors MLS. Verify with a local Realtor. All information is deemed reliable but not guaranteed. Each office is independently owned and operated.
Cathy Benson970.209.5015
Channing Boucher970.596.3228
Gary Huresky970.209.2421
Karen Redden970.209.5943
Jaima Giles 970.275.9357
Megan Clark970.209.3537
Corey Dwan970.596.3219
Jamie Watt970.209.2675
Larry Neilson970.209.7849
Katy Mattson970.275.4601
Jill Matlock970.275.0595
Kiley Flint970.275.2554
Dustin KujawskiMarketing Director
Sam Lumb 970.275.2448
If you would like more information about this Quarterly Market Report or would like to view properties in the Crested Butte and Gunnison area please contact one of our knowledgeable brokers.
BensonSothebysRealty.com
Wayne Meredith970.209.2706
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