January 2024 Real Estate Summary

Real Estate

Jan 6

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

2023 In Review

I thought we could spend some time comparing 2023 to previous years. While it certainly felt slower in the real market, the data shows remarkable similarities to 2022.

Our average sales price remains basically unchanged, only dropping $2,000 to $1,121,000. The number of transactions continued to drop, from 55 to 46, but both years are dramatically down from 2021's 97 sales. Gross sales volume obviously took a dip with 9 fewer sales ($52M vs $63M), but the average price per square foot jumped $100 to $1,032/SF in 2023.

As further evidence of a general slowdown, in 2023 the average home took just over 34 days on the market before selling (An increase of almost 2 additional weeks over 2022's 21 days). Interestingly, in 2021 the average was just over 30 days. Digging a bit deeper into that year, I see that several "legacy" listings with more than 150 days on market found buyers during what appears to be the peak of our current cycle.

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, 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: 2
Average PPSF : $1,027
Average Days On Market: 94
Average Sales Price: $792,500

2023 By the Numbers

Total Sales: 46
Average PPSF : $1,032
Average Days On Market: 34
Average Sales Price: $1,121,000

Current Market Conditions

There are currently seventeen non-deed restricted listings on the market today, six more than last month. Important to note, however, is that 4 of these hit the market in the past 48 hours. The PPSF increased $33 to $1038. The days on market almost halved to 69, but given the impact of 4 new listings I think this is a non issue.

You can see Copper's current inventory via the button to the right. If you find something interesting, please call us today. Things continue to move VERY quickly, especially if priced appropriately.