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Colorado - Fri. 04/25/25 |
A Free Business Publication from Alpine Bank
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HOME SALES IN MARCH FELL 5.9%, BIGGEST DROP SINCE 2022
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U.S. existing-home sales fell 5.9 percent in March from the prior month to a seasonally adjusted annual rate of 4.02 million, the National Association of Realtors said Thursday. That marked the biggest month-over-month decline since November 2022. It was also the slowest sales pace for any March since 2009. The season is usually the busiest time for home sales because many buyers with children want to move homes over the summer, and sellers wait until the spring to list their homes to meet that higher demand.
So far this spring, supply is increasing faster than demand. The inventory of homes for sale is rising as some sellers who have been waiting for mortgage rates to fall have decided they can’t keep waiting. The average rate on the standard 30-year fixed mortgage was 6.81 percent this week, according to mortgage-finance giant Freddie Mac. The sales decline in March was much worse than expected. Economists surveyed by The Wall Street Journal had estimated a monthly decrease of 3.1 percent, compared with the 5.9 percent drop. March sales fell 2.4 percent from a year earlier.
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RENT PRICES FALL AS VACANCIES RISE FOR DENVER-AREA APARTMENTS
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The vacancy rate at apartment buildings across the Denver-metro area has increased to 7 percent, hitting its highest level in 15 years, according to the Apartment Association of Metro Denver’s first-quarter vacancy and rent report released Thursday. Rent fell to an average of $1,819 per month for the region — its lowest point since 2022. The decrease marked the second consecutive quarter with a downtick in apartment prices. Rent dropped $23 from the previous quarter and is down $56 over the last 12 months, marking a 3 percent drop in rent rates.
Both the high vacancy rate and the decreasing rent prices came after 20,822 new apartments came on the market over the past 12 months. Those additions brought the metro area to a total inventory topping 400,000 units, which amounted to a 5 percent increase in a single year. Out of the roughly 20,000 apartments added over the past year, renters leased 14,500 of them. The apartment construction pipeline has since slowed. There were 45,000 units under construction last year; 30,000 are currently being built. Around 15,000 units are anticipated to be completed this year, although that number will likely change due to construction delays.
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COLORADO FORECAST TO HAVE A SORT-OF-AVERAGE WILDFIRE YEAR
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While Colorado may be on track to have an “average” wildfire year, southern Colorado is expected to see elevated fire risk amid dry conditions, fire officials and the governor warned Wednesday. Elevated fire risk will continue through May in southeastern Colorado, where there has been a lack of moisture and high winds have swept across parched land. That risk will shift toward southwestern Colorado by the end of the summer. Summer will bring average wildfire risk for most of the state. But even during an average year, about 6,000 fires will likely spark in Colorado and approximately 160,000 acres will be scorched.
The state’s strategy to fight fires starts with mitigation work to prevent fires and satellite surveillance tools to quickly spot sparks before they grow into out-of-control fires. A statewide dispatch system will allow local first responders to request firefighting equipment from the state with shorter response times. The state has poured in millions of dollars to grow its fleet, including adding two Firehawks, converted military helicopters that can quickly crisscross the state to douse flames. Colorado’s second Firehawk is expected to be delivered Aug. 12. Two Type II helicopters, staffed by state fire personnel and based in Montrose and Cañon City, will also be put into service this year and can deliver water, fire suppressants and supplies to local first responders. Colorado’s fire division has about 170 firefighters across the state. So far, 54 seasonal federal firefighters have been hired, compared with 58 last year.
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REINTRODUCED COLORADO WOLF DIES IN ROCKY MOUNTAIN NATIONAL PARK
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A collared gray wolf released in Colorado in January as part of the state’s historic reintroduction effort died in Rocky Mountain National Park this week, wildlife officials said Thursday. CPW biologists received a “mortality alert” from the female wolf’s collar on Sunday and later confirmed the wolf died in the park. State officials did not say how the wolf died but said the death will be investigated by the U.S. Fish and Wildlife Service because gray wolves are protected by the Endangered Species Act. The wolf, identified as 2514-BC, was one of 15 gray wolves captured in British Columbia and released in Eagle and Pitkin counties in January, the second release since voters approved reintroduction in 2020. This is at least the sixth death among the reintroduced wolves. The deaths have been linked to natural causes as well as intentional killings, including by federal officials in Wyoming in March after a collared Colorado gray wolf killed sheep.
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ROCKFALL ON I-70 SENDS ONE TO HOSPITAL, DAMAGES MULTIPLE VEHICLES
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According to a 6:50 a.m. report from the Clear Creek County Sheriff's Office, several rocks crashed down onto I-70 West around mile marker 236, between Empire and Idaho Springs. As a result of the rock fall, one person was sent to the hospital and several drivers reported blown tires. A total of five vehicles sustained damage due to the falling rocks. At the time of the initial report of the incident, traffic was at a standstill and stacking up, with westbound lanes closed in the area. Fallen rocks have since been cleared and the road has now reopened. Rockfall can be more common during the spring, as the freeze-thaw cycle is in full swing. As snowmelt leaks into rocks during warmer days, then freezing (and expanding) at night, it can cause shifting and breaking. Additionally, springtime moisture can result in erosion of ground that may be keeping rocks in place. Colorado State Patrol is investigating the situation.
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PITKIN COUNTY GIVES $1 MILLION TO DEED RESTRICTED HOUSING COALITION
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Pitkin County commissioners are poised to give the Western Mountain Regional Housing Coalition $1 million after they unanimously approved the first reading of the resolution enabling that grant. At their April 23 meeting, commissioners heard from April Long, executive director of the Western Mountain Regional Housing Coalition, on their Good Deeds program. Otherwise known as the buy-down program, it offers to pay 30 percent of the purchase cost for a home in the Roaring Fork Valley for qualified buyers. That 30 percent is then treated as the purchase of a deed restriction on the home, and the buyer themselves gets to purchase the home for a significant discount. The deed restriction keeps the homes close to purchase value should they re-enter the market by capping appreciation at 3 percent annually. This means a hypothetical house on the market for $1 million, purchased through the Good Deeds program, would only cost the buyer $700,000.
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KIWANIS CLUB ANNOUNCES CITIZEN OF THE YEAR, EDUCATOR OF THE YEAR
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The Kiwanis Club of Grand Junction presented its awards for Citizen of the Year and Educator of the Year on Thursday, honoring community members who have dedicated their lives to helping children. Charles and Jody Chelle were given the Citizen of the Year award jointly for their work fostering dozens of children over the past two decades. In addition to their work as foster parents, Charles is also the Christian Education Pastor at Redlands Community Church where he leads programs like the church’s Sunday School program. Dana Lyn Schmidt was recognized as the Kiwanis Educator of the Year. Schmidt is the Artistic Director of The Theatre Project of Grand Junction where she teaches dance and theater to local youth. Kiwanis is a worldwide organization of volunteers that serves young children. The club is currently preparing for its annual Kiwanis Pancake Day and Funfest, which will take place from 8-11 a.m. on Saturday, June 7, at the Mesa County Fairgrounds.
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DURANGO, CHAMBER OF COMMERCE SEEK BUSINESS INPUT ON MINIMUM WAGE HIKE
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The Durango Chamber of Commerce and the city of Durango are seeking feedback from business owners about how a minimum-wage increase could affect their enterprises. Councilors are scheduled to discuss a resident-backed proposal to raise the minimum wage during a May 6 study session. The Chamber of Commerce distributed a survey on Tuesday to members and other business owners, inviting them to share their thoughts. The survey asks how a minimum-wage increase could impact hiring, pricing, employee morale, competitiveness and scale of operations.
The Durango Forward movement, which supports increasing the minimum wage, asked the City Council in January to consider its proposal and requested a study session. The group proposes a 15 percent increase from the state minimum wage of $14.81 per hour to $17.03 per hour. Such an increase, if approved, would not take effect until next year. Just four municipalities or jurisdictions have raised their minimum wages above the state level.
- In Denver and Denver County, the minimum wage is $18.81, or $15.79 with a tip credit.
- In Edgewater, it is $16.52, or $13.50 with tip credit.
- The unincorporated areas of Boulder County have a minimum wage of $16.57, or $13.55 with tip credit.
- Boulder proper’s minimum wage is $15.57, or $12.55 with tip credit.
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YAMPA VALLEY COMMUNITY VOLUNTEERS NEEDED FOR THREE CLEAN-UP DAYS IN MAY
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With the fever for spring activities hitting the Yampa Valley, residents can get involved in three upcoming volunteer events in May to ensure a cleaner, more enjoyable spring and summer of outdoor experiences.
- On May 3, the Friends of Stagecoach Park group is hosting a Clean-Up Day to help make the Stagecoach Reservoir environment a cleaner, greener place by picking up litter, debris and old fishing line. The work is set for 10 a.m. to noon starting from Morrison Cove. Stagecoach volunteers will be rewarded with pizza for lunch, so participants who want pizza are asked to email kelsey.kehm@state.co.us or call 970-736-2436.
- On May 4, the annual Community Poop Pick-Up is scheduled for 11 a.m. to 1 p.m. Volunteers for the necessary work will meet at the parking lot at 320 Lincoln Ave. to pick up supplies and assignments. The poop pick-up is sponsored by the Routt County Humane Society and Steamboat Digs Dogs.
- On May 17, the annual countywide, volunteer Routt County Clean-Up Day is scheduled for 8 a.m. to noon. Some 200 volunteers from groups or individuals are needed to grab a pair of gloves, sturdy shoes and a water bottle and join their fellow citizens to help clean up the multitude of trash that shows up after the snow melts. Volunteers can sign up online at Volunteersignup.org/FMHF8. For questions, call 970-367-7060 or visit MainStreetSteamboat.com.
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LOVELAND SKI AREA PLANS FOR NEW LIFT, PARKING LOT, TRAIL IMPROVEMENTS
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Loveland Ski Area has announced that it received final approval from the U.S. Forest Service to move forward with the replacement of Lift 7 on the Loveland Valley side of its footprint. The project is set to take place during the upcoming summer season and is slated to make its debut during the 2025-26 winter season. The project will replace the existing 42-year-old, fixed-grip, double-chair lift with a modern fixed-grip quad. While the lift has the capacity to carry up to four people, Loveland will load it with no more than three in order to provide additional space for guests, particularly beginners who may be unaccustomed to riding and unloading from chairlifts.
Loveland will be offering a select number of original Lift 7 chairs for purchase through a lottery. The lottery will be exclusive to employees and 2025-26 season pass holders. The chairs will be distributed by random drawing. Full details on how to enter the lottery will be announced this summer. In addition to the Lift 7 replacement, Loveland will begin to make progress with other capital improvement projects. Ahead of the 2025-26 winter season, the ZigZag trail will see grading and reshaping work to improve flow and snow retention. During the 2026-27 season, plans are in place to develop a new parking lot.
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RMNP RELEASES TIMED ENTRY DATES, DETAILS FOR 2025
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Rocky Mountain National Park’s 2025 reservation system will begin May 23, 2025. The 2025 system will operate similarly to the 2024 system, with two types of reservations available. One permit will be for the Bear Lake Road Corridor, which includes the entire corridor as well as the rest of the park. This reservation period will be from 5 a.m. to 6 p.m., meaning a reservation is needed to enter the Bear Lake Corridor between those times.
The second permit will be for the rest of the park and excludes the Bear Lake Road corridor. This second reservation period will be from 9 a.m. to 2 p.m., and permits will allow park visitors to enter the park within two-hour windows of availability. There is no set time for departure with these permits. The only cost associated with booking a reservation is a $2 processing fee at Recreation.gov. Rocky Mountain National Park is one of the most visited national parks. In 2022, the park received 4.3 million visits. Reservations to enter the park will be available online following the below schedule:
- Beginning at 8 a.m. on Thursday, May 1, 2025. This round of reservations will be available to enter the park from May 24 through June 30.
- The next release will occur on June 1, for the month of July and any remaining days that have not been booked for June.
- On July 1, reservations will be available for the month of August and any remaining days that have not been booked for July.
- On Aug. 1, reservations will be available for the month of September and any remaining days in August that have not been booked.
- On Sept. 1, reservations will be available for October and any remaining days in September that have not been booked.
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FEWER AMERICANS PLANNING SUMMER VACATIONS
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Fewer Americans are planning to travel this summer, according to a survey by Bankrate of 2,238 adults conducted in mid-March:
- Some 46 percent of respondents said they are planning a summer vacation this year, down from 53 percent in 2024.
- Of those who don’t intend to travel, nearly two-thirds (65 percent) said money was the main reason.
- Respondents said the cost of everyday life (68 percent) was a bigger issue than vacation expenses (64 percent).
- The number of those who said they were “not sure” about their summer vacation plans increased, from 18 percent in 2024 to 23 percent in 2025.
- The number of people who said they weren’t planning a summer trip also fell, from 29 percent in 2024 to 24 percent in 2025.
- The survey showed that those planning to use debt to finance their summer holidays decreased from 36 percent to 29 percent too.
- Some 23 percent of respondents said they aren’t interested in traveling.
- More cited the hassle of traveling (from 11 percent in 2024 to 16 percent in 2025) and difficulty finding time off from work (from 10 percent to 16 percent.)
- The survey also showed 15 percent of respondents said they were worried about flight safety.
- Domestic spending for lodging, flights and tourism activities is off to a slower start in the U.S. this year.
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2025 COLORADO BUSINESSES, INDIVIDUALS HONORED FOR CONTRIBUTIONS TO THE ARTS
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The People's Building, the Mexican Cultural Center, WeldWerks Brewing Company and recording artist DNA Picasso were among 12 companies and individuals honored Tuesday at the 40th Colorado Business Committee for the Arts awards. The annual awards are the only statewide event honoring companies and individuals for their commitments to the arts. The awards were presented at a luncheon attended by 650 in the Seawell Ballroom at the Denver Performing Arts Complex. A partial selection of honorees:
- Breckenridge Grand Vacations is a real-estate development and property-management company that supports cultural opportunities in Summit County through event sponsorship, in-kind lodging for visiting artists, bilingual employee-engagement programs in the arts and more.
- Cultura Chocolate is a Latina-owned bean-to-bar chocolate making company that provides platforms for uplifting cultural expression and heritage, supporting local talent and economic development through a café and cultural space in southwest Denver.
- The Havana Business Improvement District works with Aurora’s Art in Public Places program to present the “Art2C on Havana Street” rotating exhibit and other community cultural events.
- The Mexican Cultural Center is dedicated to elevating Mexico’s unique customs and traditions throughout Colorado by partnering with municipalities, corporations, schools, cultural organizations and artists.
- The People's Building, a city-owned facility run by Aaron Vega in the Aurora Cultural Arts District, provides a high-quality, affordable and accessible space for artists to explore, educate and perform.
- WeldWerks Brewing Co., based in Greeley, partnered with the inaugural artist-led WeldWalls Mural Festival by providing in-kind marketing and operational support.
Titled annual award-winners were:
- The MSU Denver Next Wave Leadership Award for rising professionals went to DNA Picasso, co-founder of Colorado Music Industry Alliance, which advocates for underrepresented genres through events like the R&B Jam Fest, Aux Wars and more.
- The Cultural Leadership Award went to Laura Moody, Redevelopment Revitalization Manager for the city of Longmont and the Longmont Urban Renewal Authority.
- The Volunteer Attorney Impact Award, which recognizes attorneys who provide pro-bono legal services to Colorado creatives, went to Max Hass, founding partner of Holon Law Partners and an active member of Colorado Attorneys for the Arts.
- The John Madden Jr. Leadership Award, which recognizes a lifetime of extraordinary support for the arts, went to James A. Holmes, Executive Director of the Cherokee Ranch & Castle Foundation. His many credits include chairing the fundraising for the MLK I Have a Dream Monument in City Park.
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MARKET UPDATE - 04/24/2025 Close
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(Courtesy of Alpine Bank Wealth Management*)
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Canadian dollar (per U.S. dollar)
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Mexican peso (per U.S. dollar)
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30-year fixed mortgage rate (Freddie Mac 04/24/2025)
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*Not FDIC insured. May lose value. Not guaranteed by the bank.
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Alpine Bank is an independent, employee-owned organization with headquarters in Glenwood Springs and banking offices across Colorado's Western Slope, mountains and Front Range. Alpine Bank serves customers with retail, business, wealth management*, mortgage and electronic banking services. Learn more at alpinebank.com.
*Alpine Bank Wealth Management services are not FDIC insured, may lose value and are not guaranteed by the bank.
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