July 2024 Real Estate Summary

Real Estate

Jul 3

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

June In Review

Last month saw 4 closed transactions, with Tucker Mountain Lodge having two different one bedroom homes sell. Unit 413 closed at $595K while 427 sold for $640K. Both homes sold for $5,000 below their list prices, after some reductions during the listing period. Telemark Lodge had a beautiful studio sell for $490K, and Elk Run in the East Village had a three bedroom townhouse sell before hitting the open market at $1,795,000.

I'm not going to separately analyze the June sales statistics at this time. With only 4 sales during those 30 days, the sample size doesn't warrant much consideration.

Our average sales price has stabilized with the YTD 2024 number dropping approximately $60,000 to $1.19M. A far cry from the $200K+ swings over the past 3 months. The market overall remains steady with a third straight month where the PPSF remained basically unchanged (+ $24)at $1,031/SF.

Let's compare this year with the first six months of 2023. In many ways they are almost identical. Last year saw 23 sales vs this year's 24, the PPSF was only $27 less, and the average sales price was only $4,000 lower at $1,186,000. The sole difference that jumped out was the Average Days On Market, which is nearly twice as long through this year (63 vs. 33). There are a few takeaways from this comparison. One, there is less pent up demand for homes after the crazy previous 36 months, as buyers have been satiated. Secondly, the days of buyers jumping on new listings due to FOMO appears to be behind us. Finally, it's more important than ever to price your home appropriately for the current market conditions as 3 of the 4 sales last month had to reduce their prices (Some multiple times) to entice a buyer.

June By the Numbers

Total Sales: 4
Average PPSF : $1,148
Average Days On Market: 58
Average Sales Price: $880,000

2024 By the Numbers

Total Sales: 24
Average PPSF : $1,031
Average Days On Market: 63
Average Sales Price: $1,190,000

Current Market Conditions

There are currently eighteen non-deed restricted listings on the market today, one more than the last newsletter. The PPSF decreased $6 to $1039. The days on market increased 13 to 89, but historically this number doesn't really have a bearing on our market.

There are 3 pending sale listings here at Copper. The Lewis Ranch home is still pending a closing, and the two new ones are a Telemark studio and a Passage Point one bedroom.