Santa strikes again in Steamboat Springs! Yes, the same mysterious and good-hearted donor who purchased 536 acres (Brown Ranch) in August, just bought 11 acres within the city limits of Steamboat Springs for the Yampa Valley Housing Authority. This parcel could provide around 200 affordable or workforce housing units at a much faster rate than the Brown Ranch. Like the Brown Ranch, this property had entities who had attempted to develop it – even with plans that were approved by the city. However, a water line needed to be routed under highway 40 and earthwork was necessary that was above the normal scope. These challenges (pre-pandemic) made developers waffle on the project and ultimately, they walked away. Now, with the land costs a non-issue, the infrastructure and site work costs are more palatable. Affordable Housing has been a hot topic and the message is being heard loud and clear. As the Yampa Valley Housing Authority nears completion of its third-affordable apartment rental complex and a fourth one slated, these additional developments will provide more affordable opportunities for local residents who desire to purchase real estate in the upcoming years, all of which is essential in keeping diversity in our county.

Looking at stats for the month of October, I feel like a broken record. Probably because the more things change, the more they stay the same. Without new construction inventory, we cannot expect a whole lot of change – new and active listings are significantly lower than last year, and months’ supply is basically the same and sellers are not wavering much, if at all, in their asking price. Historically, as we head into November and December, the market tends to slow as people tend to focus on the holidays. The inventory will continue to trickle in and will get response if priced accordingly to location and condition.  Buyers taking “a break” may miss out on those that stand ready.

Note: October 2021 statistics & info provided via the Colorado Association of Realtors, ShowingTime, ReColorado.