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Crested Butte/Gunnison County Market Update – December 2020

Commercial Real Estate sales volume of $7.5M with 12 transactions YTD in 2020 is down 20% compared to sales in 2019 with 15 transactions worth $9.3M. Crested Butte and Gunnison County Residential Real Estate sales for $289M YTD in 2020 is up 26% compared to sales in 2019 of $229M. Nevada Ridge Ski-In & Ski-Out development parcel at Crested Butte Mountain Resort sold for $1.5M. Wildhorse at Prospect at Crested Butte Mountain Resort with 17 lots sold for $3.4M. Earlier this year, the Gunnison Airport received $18M from the Coronavirus Aid, Relief and Economic Security (CARES) ACT and designated a planned $2M in discretionary funds from the FAA to the project as well. In September 2020 another $8M was awarded to Gunnison Airport from the FAA’s Airport Improvement Program (AIP), to go toward the long-awaited airport renovation project. Brush Creek Affordable Housing Development with 77 units breaks ground. 90% of the 77 units will be deed restricted.

CRESTED BUTTE/GUNNISON MARKET UPDATE

Item
Q3 2019
Q3 2020
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – mls)
Item:
Q3 2019:
Q3 2020:
% +/- :
Commercial Sales Volume
$9.3M
$7.5M
-20%
Item:
Q3 2019:
Q3 2020:
% +/- :
Commercial Transactions
15
12
-20%
VACANCY RATE
Q3 2019:
Q3 2020:
% +/- :
VACANCY RATE
5.6%
5.2%
-7.1%
CAP RATES
Q3 2019:
Q3 2020:
% +/- :
CAP RATES
4%
4%
0%
RESIDENTIAL REAL ESTATE – CRESTED BUTTE & GUNNISON COUNTY
Item:
Q3 2019:
Q3 2020:
% +/- :
Residential Total Sales
$229M
$289M
26%
Item:
Q3 2019:
Q3 2020:
% +/- :
Residential Average Price
$575,000
$660,000
13%
Item:
Q3 2019:
Q3 2020:
% +/- :
Residential Days on Market
151
196
15%
Item:
Q3 2019:
Q3 2020:
% +/- :
Residential Listed for Sale
347
243
-30%

DEVELOPMENTS
  • Nevada Ridge Ski-In & Ski-Out development parcel at Crested Butte Mountain Resort sold for $1.5M.
  • Wildhorse at Prospect at Crested Butte Mountain Resort with 17 lots sold for $3.4M.
  • Earlier this year, the Gunnison Airport received $18M from the Coronavirus Aid, Relief and Economic Security (CARES) ACT and designated a planned $2M in discretionary funds from the FAA to the project as well. In September 2020 another $8M was awarded to Gunnison Airport from the FAA’s Airport Improvement Program (AIP), to go toward the long-awaited airport renovation project.
  • Brush Creek Affordable Housing Development with 77 units breaks ground. 90% of the 77 units will be deed restricted.

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About The Author

Channing Boucher

As a LIV Sothebys agent, Channing serves the Western Colorado markets of Crested Butte and greater Gunnison County. Areas of focus include new development, historic properties, recreational retreats, ranch and large acreage properties. He is also a member of the Rocky Mountain Commercial Brokers network, representing Crested Butte and Gunnison County to this group of top agents from around the region. From 2017 to the end of 2019, Channing closed over $140 million in real estate sales.