March 2023 Real Estate Summary

Real Estate

Mar 2

Real estate summary provided Ben Broughton, Real Estate at Copper Mountain

February In Review

Historically February has been one of the slowest RE sales months at Copper, but we saw a fair amount of activity this year. Five sales is one more than January, and while the price per square foot dropped $43, the average sales price almost doubled to $1,254,200. Sales over the past month were only on the market for 4 days, a drop of 35 days. While the numbers certainly "pop", the sample size is so small I caution anyone from reading too much into it.

Perhaps a look at YTD numbers can better help determine trends. We continue to improve almost across the board, with only the average sales price dropping 14% to $1M (Still a great number). We continue to hold steady at 99% sales price/list price. Most notably the PPSF continues to increase up 17% over the 2022 YE average. We also continue to see appropriately priced homes sell very quickly. The average DOM before going under contract so far in 2023 is only 19, a decrease of 3 days.

Not to sound like a broken record, but if you’re a buyer today, you need to be prepared to jump on a property when you find what you’re looking for. I don’t think we will continue to see the “bidding wars” of 2021 and 2022, but I’m equally confident that we won’t see prices drop this year either.

Feburary By The Numbers

Total Sales: 5 sales
Average PPSF : $1,058
Average Days On Market: 4 days
Average Sales Price: $1,254,200

2023 By The Numbers

Total Sales: 9 sales
Average PPSF : $1,077
Average Days On Market: 19 days
Average Sales Price: $1,004,000

Current Market Conditions

There are currently 7 listings on the market today, a decrease of 1 since last month. The PPSF barely moved last month, only increasing $11. The days on market jumped dramatically, to 97. I think this number will fluctuate pretty widely for the foreseeable future. Three listings came on the market and sold in February. That means some of the longer listing period homes have an outsized impact on this metric. A couple of homes are languishing on the market for a variety of reasons. Price is an obvious one, but don't discount the challenges of scheduling showings in this high rental occupancy time period.