June 2024 Real Estate Summary

Real Estate

Jun 6

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

April/May In Review

Sorry for the missing newsletter last month, I was out of town for a few weeks and was unable to put one together in a timely fashion. The last two months almost doubled the YTD total number of transactions (From 11 to 20). April saw four closed transactions while May represented the remaining 5. It was pretty evenly spread around the resort with 4 sales in the East Village, 3 in the Center, and 2 in the West Village (Including a Lewis Ranch single family home).

Our average sales price reversed its slide compared to last year, the YTD 2024 number jumping over $200,000 to $1.25M. Of course this number is skewed but the sale of one property (1102 Beeler in Lewis Ranch) for close to $6,000,000. The market overall remains steady with a third straight month where the PPSF remained basically unchanged (+ $4)at $1,007/SF.

Also of note is that the average sales price over the last 2 months has increased to 99% of listing price. To me, this signifies the importance of carefully and properly pricing your home for a sale in this market. Don't be fooled by brokerages offering you a significantly higher return on your investment, we are starting to see homes languish in the MLS whose pricing is too high.

Good news regarding SB24-033, it has been postponed indefinitely in committee, effectively killing the bill for this year. Definitely something to keep an eye on next session, but it appears that the CO Senate came to their senses just in time.

April/May By the Numbers

Total Sales: 9
Average PPSF : $1,013
Average Days On Market: 64
Average Sales Price: $1,526,000

2024 By the Numbers

Total Sales: 20
Average PPSF : $1,007
Average Days On Market: 64
Average Sales Price: $1,253,000

Current Market Conditions

There are currently seventeen non-deed restricted listings on the market today, one more than the last newsletter. The PPSF decreased $38 to $1045. The days on market increased 23 to 102, but historically this number doesn't really have a bearing on our market.

There are 5 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. There is also one deed restricted property under contract included in this number as well.