Crested Butte/Gunnison County Market Update – November 2018
Commercial Real Estate sales volume of $4.1M with 13 transactions YTD in 2018 is significantly down compared to sales January-October 2017 with 22 transactions worth $14.6M. Crested Butte Residential Real Estate sales for $167M YTD in 2018 is down slightly 4.5% compared to sales January-October 2017 of $175M. New commercial real estate development projects include North Village/Snodgrass Mountain Base Area under contract that was listed at $9M, 178 acres of on hill ski resort development land zoned single and multi-family residential and commercial is on the market for $12M and 9 acres of multi-family residential development land parcel at Buckhorn Ranch has sold for $1.75M.
CRESTED BUTTE/GUNNISON MARKET UPDATE
Item
2017 YTD
2018 YTD
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – mls)
Item :
2017 YTD :
2018 YTD :
% +/- :
Commercial Sales Volume
$14,600,000
$4,100,000
-72%
Item :
2017 YTD :
2018 YTD :
% +/- :
Commercial Transactions
22
13
-40%
VACANCY RATE
2017 YTD :
2018 YTD :
% +/- :
VACANCY RATE
2.3%
2.2%
0%
CAP RATES
2017 YTD :
2018 YTD :
% +/- :
CAP RATES
>5%
>5%
0%
RESIDENTIAL REAL ESTATE – CRESTED BUTTE
Item :
2017 YTD :
2018 YTD :
% +/- :
Residential Total Sales
$175,000,000
$167,000,000
-4.5%
Item :
2017 YTD :
2018 YTD :
% +/- :
Residential Average Price
$680,000
$650,000
-4.5%
Item :
2017 YTD :
2018 YTD :
% +/- :
Residential Days on Market
210
190
-9.5%
Item :
2017 YTD :
2018 YTD :
% +/- :
Residential Listed for Sale
161
RESIDENTIAL REAL ESTATE – GUNNISON COUNTY
Item :
2017 YTD :
2018 YTD :
% +/- :
Residential Total Sales
$52,000,000
$48,500,000
-6%
Item :
2017 YTD :
2018 YTD :
% +/- :
Residential Average Price
$307,000
$325,000
0%
Item :
2017 YTD :
2018 YTD :
% +/- :
Residential Days on Market
171
144
0%
Item :
2017 YTD :
2018 YTD :
% +/- :
Residential Listed for Sale
79
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 on Market for $12,000,000 – Zoned Single Family Residential & Multi Family Residential – Retail, Lodging, Restaurant & Hotel
- 9 Acres of Multi-Family Residential Development Land (72 Units Allowed) Sold for $1,750,000 at Buckhorn Ranch
