June 2023 Real Estate Summary
Real estate summary provided Ben Broughton, Real Estate at Copper Mountain
May In Review
May saw six closed transactions, the same as April. Five of them were in the Center Village (4 two bedrooms, a one bedroom, and a three bedroom), and the last was a townhome over in the Woods at Copper. In addition to these sales, there were two deed restricted properties changing hands as well, a studio in Telemark and one of the Copper Pines townhomes near Copper's entrance.
Diving into the details, our average Days on Market (DOM) dropped 5 days to 40. The price per SQFT continued to increase, jumping $29 to $982, while the average sales price continues to hold above $1M. One interesting statistic is that the average sales price to list price ratio dropped 2% to 96%. It's been quite a while since this number has decreased. Could it be a signal that sellers are more willing to negotiate? Maybe, maybe not, but it's something to keep an eye on moving forward.
As of June 3rd, there are 2 non-deed restricted properties under contract, which is a decrease of 3 over last month. One continues to be a Lewis Ranch home under construction, while the other is in Village Square. In addition to the homes above, there are 3 deed restricted employee housing homes under contract. Two of them are the same as last month, and haven't closed yet, while the third is a studio in Village Square. 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.
May By The Numbers
Total Sales: 6 sales
Average PPSF : $982
Average Days On Market: 40 days
Average Sales Price: $1,037,050
2023 By The Numbers
Total Sales: 23 sales
Average PPSF : $1,004
Average Days On Market: 33 days
Average Sales Price: $1,186,000
Current Market Conditions
There are currently seven listings on the market today, an increase of one since last month. The PPSF increased as well, rising $43 to $1,082. The days on market almost halved to 63, but with only 6 listings total this is a hard number to read anything into. Honestly these numbers are similar to March's, so I would posit that the market remains very stable.
Current Listings
Active Listings: 7 active listings
Average PPSF : $1,083
Average Days On Market: 63 days
Pending Listings: 2 listings
Real estate summary provided Ben Broughton, Real Estate at Copper Mountain
