Colorado Real Estate Network Local Market Update for September 2017

Comparing 2016 to 2017 in the Lake City area, New Listings were down 9.1 percent for single family homes. The Median Sales Price for single family homes went from $525,000 in 2016 to $262,500 in 2017 which is down 50 percent. The Average Sales Price for single family homes went from $575,000 in 2016 to $288,500 in 2017 which is down 49.8 percent.

Last year at this time, the national storyline was about how high demand was propping up sales and prices despite low inventory and months of supply. That has actually continued to be a familiar refrain for many months in 2017 and now for the past couple of years. But with the likes of Hurricanes Harvey and Irma, different employment outlooks, disparate incomes, varying new construction expectations and potential housing policy shifts, regional differences are becoming more prevalent and pronounced.

Rainwater Collection in Colorado

The information provided is based primarily on language in Colorado House Bill 16-1005 and is intended to inform citizens on how to properly use rain barrels in accordance with Colorado law.

Rainwater collection, also called rainwater “harvesting” is the process of capturing, storing and directing rainwater runoff and putting it to use. Water from roof gutter downspouts is usually directed onto landscaped areas and is incidentally consumed by plants, but this form of use is not regarded as rainwater harvesting.

Colorado residents should understand that water rights in Colorado are unique compared to other parts of the country. The use of water in this state and other western states is governed by what is known as the prior appropriation doctrine. This doctrine of water allocation controls who uses water, how much water may be used, the typed of uses allowed, and when those waters can be used. A simplified way to explain this system is often referred to as the priority system or “first in time, first in right.”

Rain barrel use under HB16-1005:  Under House Bill 16-1005, rain barrels can only be installed at single-family households and multi-family households with four (4) or fewer units. A maximum of two (2) rain barrels can be used at each household and the combined storage of the 2 rain barrels cannot exceed 110 gallons. Rain barrels can only be used to capture rainwater from rooftop downspouts and the caputred rainwater must be used on the same property from which the rainwater was captured, for only outdoor purposes, including to water outdoor lawns, plants and/or gardens. Rain barrel water cannot be used for drinking or other indoor water uses.

It is important for rain barrel users to understand that the capture and use of rainwater using rain barrels does not constitute a water right. HB16-1005 includes language that could result in the State Engineer curtailing the use of indiviual rain barrels if a water right holder can prove that those rain barrels have impacted their ability to receive the water that they are entitled to by virtue of their water right.

How much irrigation could I expect to accomplish with rain barrels?  Each time you collect the maximum 110 gallons of water allowed in rain barrels, you can adequately irrigate approximately 180 square feet (a bit smaller than a 15 foot by 15 foot area) of vegetable garden or lawn area with the captured water. This estimate is based on CSU Extension recommendations to water lawns and vegetable gardens with about 1 inch of water during each irrigation cycle. However, a typical rain barrel user can only expect the rain barrels to completely fill aobut 10-15 times during the growing season, while vegetable gardens and lawns need to be irrigated at least twice as times per year depending on watering practices. Thus, supplemental irrigation will still be necessary to maintain a healthy lawn and vegetable garden.

For addtional information on the Colorado State University Extension Fact Sheet No. 6.707, please visit:

Exciting Press Release about GCAR MLS Joining CREN

Colorado Real Estate Network (CREN) is excited to announce that the Gunnison Country Association of REALTORS® (GCAR) has joined the CREN Regional MLS. Gunnison Country Association of Realtors covers the area from Lake City through Gunnison County and into the northern reaches of Saguache County. Included within this area are the popular towns of Gunnison and Cressted Butte.

About CREN:  CREN was formed as a Regional Multiple Listing Service in 2005 by Boards of Realtors in the Western and Southern parts of Colorado. CREN currently provides MLS software, support and technology to 950+ members that belong to 6 Realtor Boards/Associations.

About GCAR:  The Gunnison Country Association of Realtors serves the communities of Gunnison and Hinsdale Counties.

This information was taken from a GCAR press release on 12-14-15.

Gunnison Country Association of REALTORS Monthly Indicators for October 2015

(Gunnison, Crested Butte and Lake City areas 2014 to 2015)

New Listings were up 10.5 percent (Lake City:  down 52.9 percent) for single family homes and 6.3 percent (Lake City:  down 50 percent) for townhouse-condo properties.  Pending Sales decreased 78.6 percent for single family homes and 95.2 percent for townhouse-condo properties.

The Median Sales Price was down 0.5 percent to $338,400 (Lake City:  $220,000) for single family homes and 22.7 percent to $218,500 (Lake City:  no change) for townhouse-condo properties.  Days on Market decreased 24.8 percent for single family homes but increased 39.9 percent for condo properties.

Interest rates are an area to pay attention to as rate hikes are widely expected before the year ends.  The Federal Reserve Bank has skipped two opportunities to raise rates this fall, but the final meeting in December will likely include a minor rate hike.  Although we are headed into a slower time of year, as housing activity goes, there are still many nuggets of optimism to mine from monthly figures.

Gunnison Country Association of REALTORS Monthly Indicators for August

August 2015 (Gunnison, Crested Butte & Lake City areas)

New Listings were up 34.5 percent for single family homes but decreased 14.3 percent for townhouse-0condo properties.  Pending Sales decreased 93.3 percent for single family homes and 78.1 percent for townhouse-condo properties.

The Median Sales Price was up 15.0 percent to $425,000 for single family homes but decreased 13.5 percent to $179,500 for townhouse-condo properties.  Days on Market increased 12.1 percent for single family homes but decreased 3.5 percent for condo properties.

Statistics released by the U.S. census Bureau and the Department of Housing and Urban Development indicate that privately-owned housing starts in July 2015 rose 10.1 percent compared to last year to the highest level the market has seen since October 2007.  This bodes well for the eventual landing of a flock of potential buyers currently holding in a rental pattern. As ideal summer weather diverges toward autumn, we will begin to see some seasonal relaxation, but the market should still look positive when compared to last year.

Gunnison Country Association of REALTORS 4th Quarter 2013 Report

Overall 2013 proved to be a good year for housing.  Home sales and prices were better than the previous year in Colorado and across much of the nation.  Foreclosures in Colorado continued to decline, along with the number of homes for sale and the number of days it took to sell a home were also lower.  Multiple-offer situations became commonplace again and prices in many areas rallied to multi-year highs.  This, of course, varied by location and market segment, but the proverbial glass appeared to be more than half full throughout the year.

Within the 81235 (Lake City) zip code, New (residential) Listings increased by 27.8 percent and Closed Sales increased slightly by 4.8 percent.  Median Sales Price for single family homes increased to $298,500 with Days on the Market also increasing to 303 days.  The Percent of List Price Received remains virtually unchanged at 90 percent.

Housing is fortified by confident consumers and good jobs.  2013 was marked by a slowly improving labor market and a stock market up nearly 30 percent from this time last year.  Interest rates remain low (but moving up and prices are still affordable).  It’s no wonder that buyers were active in 2013.  Here’s to more of the same in 2014.

Please note that the above information is based on residential properties.  If you would like more detailed 2013 fourth quarter reports for all Gunnison County and Hinsdale County, please contact

Modular versus Manufactured Homes

MODULAR:  meets UBC (Uniform Building Code) guidelines.  Basically, it is a stick built home that was prefabricated elsewhere – placed on a trailer and brought to the site.  It is then removed from the trailer, and placed on the foundation.  It can be compared to stick built homes on an appraisal and the same appraisal form is utilized for a modular home as for a stick built home.  It will have all wood support beams, so if you crawl under it, the ONLY metal you would see would be possibly the center “I” beam.  The rest of everything underneath the home should be wood.  Remember “wood is good”.  A unit of this type NEVER had a title, will not have to be purged, and never had wheels, axel, or a hitch.

MANUFACTURED HOME:  meets HUD (Housing and Urban Development) guidelines.  This is a “trailer house”.  It is built on a metal trailer or Chassis.  It was brought to the site and the wheels, hitch, and axel were removed, and it was placed right on the foundation – so the trailer becomes the subflooring.  It will have ALL METAL underneath the unit.  The hitch, wheels, and axel may or may not have been removed.  There would be red metal HUD tags (about 3 inches by 5 inches) on each half of the unit at the time it was delivered, which may or may not still be present later at the time the property is resold.  This unit has a VIN number just like a car, so that title must be “purged” so the house is then taxed as real estate along with the lot.  There are also sometimes stickers present under the sink or by the furnace or hot water heater that would indicate that the unit is a manufactured home.  The appraisal MUST be on a “manufactured home appraisal report” and all comparibles should be manufactured homes.

Gunnison Country Association of REALTORS 4th Quarter 2012 Report

The fourth quarter of 2012 was especially active and encouraging. While many potential threats to the economy lingered, the housing market clearly showed strong and continuing signs of recovery. Colorado is pointing the nation in the right direction. Inventory is improving, prices continue to rise and days on market show consistent downward trends.

Within the 81235 zip code, New (residential) Listings decreased by 75 percent and Closed Sales increased 66.7 percent. Median Sales Price softened somewhat decreasing 6.4% to $220,000 with Days on the Market remaining almost unchanged.

Economists list three primary avenues to housing recovery: better market fundamentals, improved market composition and more jobs. Many areas of Colorado are enjoying better fundamentals and less distressed activity. If job growth continues in 2013, housing should lead the way to economic recovery in our state, and our REALTOR members will enjoy a robust market with increased opportunities.

Please note that the above informaiton is based on residential properties.  If you would like more detailed 2012 fourth quarter reports for all Gunnison County and Hinsdale County, please contact

Realtor, Equal Housing, MLS