City of Gunnison

 

 

 

The City of Gunnison the county seat and largest community in the county. It is located at US Highway 50 between Montrose and Salida. The city lies 90 miles southeast of Grand Junction and 95 miles west of Canon City. The city serves as a regional center with a smaller regional airport that serves the Crested Butte ski area. The city is also home to Western State College, a four-year state college.

 

History
The city of Gunnison is named in honor of John W. Gunnison, who surveyed the area for the transcontinental railroad in 1853. Although Gunnison only stayed in the area for three days before traveling west, many others settled the area to become fur trappers, while others still prospected for gold.

 

Because of the low precipitation in the area, most farmers quickly turned to breeding cattle in the 1880’s, and the area became known for ranching.

 

Residential Real Estate Market

 

Below are metrics related to the real estate market in the city of Gunnison provided by the local MLS, CREN. The median sale price is up 4.3 percent over last year. Median home prices are showing a steady increase year over year, after experiencing a dip in 2013.

 

 

 

 

Commercial Real Estate Market

 

Below is a report of commercial listings sold in the city of Gunnison in 2016. Eight properties sold in the city of Gunnison with a median sale price of $283,375. This is down from a median sale price of $325,000 in 2015, and 11 properties sold. It should be noted however, the small sample size in both years makes it difficult to demonstrably show a trend.

Demographic Information

 

The information below was provided by STDB (The Site to Do Business) for the city of Gunnison and is as of December 2016 (Most recent available):

 

Population

In the identified area, the current year population is 6,088. In 2010, the Census count in the area was 5,864. The rate of change since 2010 was 0.60% annually. The five-year projection for the population in the area is 6,246 representing a change of 0.51% annually from 2016 to 2021

 

Households

The household count in this area has changed from 2,322 in 2010 to 2,389 in the current year, a change of 0.46% annually. The five-year projection of households is 2,463, a change of 0.61% annually from the current year total. Average household size is currently 2.21, compared to 2.20 in the year 2010. The number of families in the current year is 1,033 in the specified area.

 

Income

Current median household income is $36,570 in the area, compared to $54,149 for all U.S. households. Median household income is projected to be $39,310 in five years, compared to $59,476 for all U.S. households Current average household income is $46,207 in this area, compared to $77,008 for all U.S. households. Average household income is projected to be $49,693 in five years, compared to $84,021 for all U.S. households Current per capita income is $19,382 in the area, compared to the U.S. per capita income of $29,472. The per capita income is projected to be $20,835 in five years, compared to $32,025 for all U.S. households

 

Housing

Currently, 34.4% of the 2,686 housing units in the area are owner occupied; 54.5%, renter occupied; and 11.1% are vacant. Currently, in the U.S., 55.4% of the housing units in the area are owner occupied; 32.9% are renter occupied; and 11.7% are vacant. In 2010, there were 2,649 housing units in the area – 36.1% owner occupied, 51.5% renter occupied, and 12.3% vacant. The annual rate of change in housing units since 2010 is 0.62%. Median home value in the area is $242,045, compared to a median home value of $198,891 for the U.S. In five years, median value is projected to change by 1.54% annually to $261,316.

 

Conclusion

 

In comparison to the state of Colorado as a whole, the recovery from the last recession has been slower overall. However, there is indication that at least since 2013, the city of Gunnison has shown a positive trajectory in terms of real estate prices. The lag in recovery could be due to a lower level of income or home ownership relative to the state as a whole. The city of Gunnison has some diversity in its economy with the presence of a university, cattle ranching and tourism. This diversity will help stabilize the city from large movements based on national economic events.