Crested Butte/Gunnison County Market Update – March 2021
Commercial Real Estate sales volume of $11.3M with 7 transactions in 2020 is up 20.5% compared to sales in 2019 with 16 transactions worth $9.4M. Crested Butte and Gunnison County Residential Real Estate sales for $475M in 2020 is up 71.5% compared to sales in 2019 of $277M. Sales Taxes in 2020 were up 1.7% compared to taxes collected in 2019. 178 acres adjacent to Ski Resort is under contract for $19M for proposed development. 17 Unit project at Wildhorse at Prospect at Crested Butte Mountain Resort sold for $3.4M. 10 acre parcel for 40 unit multi-family residential development project is under contract for 3M. Notable sales include Harmels Resort, The Almont Resor, Three Rivers Resort and Sixth Street Station.
CRESTED BUTTE/GUNNISON MARKET UPDATE
Item
2019
2020
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – mls)
Item:
2019:
2020:
% +/- :
Commercial Sales Volume
$9.4M
$11.3M
20.5%
Item:
2019:
2020:
% +/- :
Commercial Transactions
16
7
-56%
SALES TAX INDICATORS (Source – City of Gunnison):
Item:
2019:
2020:
% +/- :
All Sales Taxes
7.8M
7.9
1.7%
Item:
2019:
2020:
% +/- :
Lodging
$282K
$226K
-20%
Item:
2019:
2020:
% +/- :
Building Materials
$500K
$594K
18.7%
Item:
2019:
2020:
% +/- :
Groceries
$2.3M
$2.5M
6.4%
Item:
2019:
2020:
% +/- :
Restaurants
$785K
$714K
-9%
Item:
2019:
2020:
% +/- :
General Merchandise
$821K
$848K
3.4%
Item:
2019:
2020:
% +/- :
Manufacturing
$53K
$38K
-29%
Item:
2019:
2020:
% +/- :
Weedtail
$209K
$242K
15.7%
Item:
2019:
2020:
% +/- :
Miscellaneous
$1.4M
$1.5M
4.5%
Item:
2019:
2020:
% +/- :
Utilities
$232K
$226K
-2.7%
VACANCY RATE
2019:
2020:
% +/- :
VACANCY RATE
5.6%
5.2%
CAP RATES
2019:
2020:
% +/- :
CAP RATES
4%
4%
RESIDENTIAL REAL ESTATE – CRESTED BUTTE & GUNNISON COUNTY
Item:
2019:
2020:
% +/- :
Residential Total Sales
$277M
$475M
71.5%
Item:
2019:
2020:
% +/- :
Residential Total Sales
458
669
46%
Item:
2019:
2020:
% +/- :
Residential Average Price
$605,000
$710,000
17.3%
Item:
2019:
2020:
% +/- :
Residential Days on Market
156
205
31.4%
DEVELOPMENTS
- 178 acres adjacent to Ski Resort is under contract for $19M for proposed development.
- Wildhorse at Prospect at Crested Butte Mountain Resort with 17 lots sold for $3.4M.
- 10 acre parcel for 40 unit multi-family residential development project is under contract for 3M.
- Notable sales include Harmels Resort, The Almont Resor, Three Rivers Resort and Sixth Street Station.
