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Crested Butte/Gunnison County Market Update – January 2019

Commercial Real Estate sales volume of $5.8M with 19 transactions in 2018 is significantly down 64% compared to sales in 2017 with 26 transactions worth $15.9M. Crested Butte and Gunnison County Residential Real Estate sales for $253M YTD in 2018 is down slightly 7% compared to sales in 2017 of $273M. Vail Resorts purchased Crested Butte Mountain Resort in October 2018. New commercial real estate development projects include North Village/Snodgrass Mountain Base Area Listed at $9,000,000 is under Contract. 178 Acres On Hill Ski Resort Development Land is under contract for $12,000,000 – Zoned Single Family Residential & Multi Family Residential – Retail, Lodging, Restaurant & Hotel. Corner at Brush Creek Affordable Housing Development (184 units – 2 miles from Crested Butte) is stalled. All time sales price record for single family home located in Crested Butte sold in November 2018 for $3.85M.

 

CRESTED BUTTE/GUNNISON MARKET UPDATE

 

Item
2017
2018
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – mls)
Item:
2017:
2018:
% +/- :
Commercial Sales Volume
$15.9M
$5.8M
-64%
Item:
2017:
2018:
% +/- :
Commercial Transactions
26
19
-27%

RESIDENTIAL REAL ESTATE – CRESTED BUTTE & GUNNISON COUNTY
Item:
2017:
2018:
% +/- :
Residential Total Sales
$273.2M
$253.6M
-7%
Item:
2017:
2018:
% +/- :
Residential Average Price
$544,227
$540,786
-1%
Item:
2017:
2018:
% +/- :
Residential Days on Market
198
171
-14%
Item:
2017:
2018:
% +/- :
Residential Listed for Sale
268

DEVELOPMENTS
  • Vail Resorts Purchased Crested Butte Mountain Resort October 2018
  • North Village/Snodgrass Mountain Base Area Listed at $9,000,000 is under Contract
  • 178 Acres On Hill Ski Resort Development Land is under contract for $12,000,000 – Zoned Single Family Residential & Multi Family Residential – Retail, Lodging, Restaurant & Hotel
  • Corner at Brush Creek Affordable Housing Development (184 units – 2 miles from Crested Butte) is stalled.
  • All time sales price record for single family home located in Crested Butte sold in November 2018 for $3.85M.

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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.