April 2023 Real Estate Summary

Real Estate

Apr 3

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

March In Review

March saw only two closed transactions over the month, so I can't really do much of a comparison with February. One was a condo in Village Point for $1,140,000, and the other was a SFH in the Masters for $3,500,000. Therefore I wouldn't read anything into the specific metrics from March. I'd love to crow about an average sales price of over $2.3M, but with only the two sales it's not really indicative of our market. One interesting note was that both of March's sales were in the East Village, and I can't remember the last time I saw that.

It's interesting to see the impact of the two sales on our YTD numbers. The Days on Market (DOM) increased by 3 to 22, and the price per square foot dropped $35 to $1,044. The average sales price of a property here at Copper increased by $240K as well. All of these changes fall in line with what I'd expect from the sale of two larger than average properties on the resort.

As of April 3rd, there are 7 non-deed restricted properties under contract, which is the same number as last month. Two are in Lewis Ranch (One is a home under construction which we will continue to see on this list for a while), four are in the Village at Copper, and the final one is in the Center Village. I expect to see the majority of these close this month, check back in May's newsletter for details on those.

In addition to the homes above, there are 3 deed restricted employee housing homes under contract. While we don't typically include these in our data metrics, I think it's a great sign for the market in general. Even with the rapid climb in interest rates, this type of property has found recent success too.

March By The Numbers

Total Sales: 2 sales
Average PPSF : $888
Average Days On Market: 37 days
Average Sales Price: $2,320,000

2023 By The Numbers

Total Sales: 11 sales
Average PPSF : $1,042
Average Days On Market: 22 days
Average Sales Price: $1,244,000

Current Market Conditions

There are currently 9 listings on the market today, a increase of 2 since last month. The PPSF barely moved last month, only increasing $4. The days on market remained unchanged at 97. Only one home was both listed and went under contract in March, a Village Square property for which we had a buyer actively searching. The other two new listings are both great properties here in the Village at Copper, one in Passage Point and the other is our featured listing above, Copper One Lodge 210. I encourage you to look at both, as I expect them to sell quickly.