2024 Real Estate Summary

Real Estate

Jan 8

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

2024 Year End Report

I thought we could spend some time comparing 2024 to previous years. While it certainly felt slower in the real market, the data shows some increases over last year and remarkable similarities to 2022.

Our average sales price increased $60K, to $1,181,000. The number of transactions reversed the past 2 years of negative trend, increasing from 46 to 55 (Identical total in 2022), but both years are dramatically down from 2021's 97 sales. Gross sales volume increased by $13M to $65M last year, surpassing 2022 by $3M on the same number of transactions, but the average price per square foot dropped $38 to $995/SF in 2024.

As further evidence of a general slowdown, in 2024 the average home took just over 80 days on the market before selling (An increase of more than double 2023's average of 34). I feel like a broken record, but as I've said many times before this may be the most useless statistic in our market. Sellers of resort real estate simply do not feel the time pressure that others may. Obviously they want to sell the property, but on their own terms and are content to wait and continue to rent or use the home.

While it may be tempting to herald a return to the buyer's market of the 2010's, that's certainly premature. Our inventory continues to hover at historical lows (Only 8 properties on the market today), and we have scores of willing buyers sitting on the sidelines waiting for a particular property. Couple this with indications from the Federal Reserve leading to continued interest rate reductions, and I think Copper will maintain the status quo for at least another few quarters. However, I do anticipate inventory to increase throughout the year. This should continue to stabilize market pricing and lead to more options for 2024's buyers.

December By the Numbers

Total Sales: 3
Average PPSF : $978
Average Days On Market: 117
Average Sales Price: $930,000

2024 By the Numbers

Total Sales: 54
Average PPSF : $995
Average Days On Market: 81
Average Sales Price: $1,181,000

Current Market Conditions

There are currently eight non-deed restricted listings on the market today, two fewer than last month. Important to note, however, is that the end of the year is typically the slowest time for new listings to come on the market. The PPSF decreased $98 to $936. The days on market increased, but as the sole currently pending property went under contract almost immediately I'm not surprised.