April 2024 Real Estate Summary

Real Estate

Apr 5

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

March In Review

March saw five closed transactions (Plus one deed restricted home) here at Copper Mountain. Passage Point boasted two sales (A one bedroom and a two bedroom), while the East Village represented the other three sales with one each in Copper Springs Lodge (Two Bedroom), Summit House East (Two Bedroom), and the Woods at Copper Creek (Two Bedroom).

Our average sales price continued to slide from 2023 YE, dropping 8% to $1,029,000. However, this is due more to the size/quality of the home being sold than it is to market conditions. As proof of this, the PPSF remained unchanged from last month at $1,003/SF.

While there was no new breaking news this month regarding SB24-033, I wanted reiterate the information below.

The biggest issue facing not only Copper Mountain, but all tourist driven economies in Colorado, is the proposed tax legislation currently being discussed by our state representatives. If passed, the state will consider any home that rents short term for 90 or more days a commercial property instead of residential. This would create a considerable hardship for all mountain communities, but I'm confident cooler heads will prevail and this bill will not make it to a vote in its current form. Feel free to reach out to me personally to discuss further if you're interested.

March By the Numbers

Total Sales: 6
Average PPSF : $1,003
Average Days On Market: 70
Average Sales Price: $1,116,000

2024 By the Numbers

Total Sales: 11
Average PPSF : $1,003
Average Days On Market: 64
Average Sales Price: $1,029,000

Current Market Conditions

There are currently sixteen non-deed restricted listings on the market today, three fewer than last month. The PPSF increased $19 to $1083. The days on market decreased 11 to 79, but historically this number doesn't really have a bearing on our market.

There are six pending sale listings here at Copper. It's a good mix ranging from a studio in Telemark Lodge all the way up to a Lewis Ranch single family home.