December 2024 Real Estate Summary

Real Estate

Dec 7

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

November In Review

The past months saw 8 closed transactions, continuing the strong trend from October. Uncharacteristically slow for that month, but October was more in line with historical averages. 3 sales in Village at Copper, 2 in the Center Village, and 1 sale in the East Village, West Village, and Lewis Ranch. The Lewis Ranch sale was the new construction single family home which has been pending closing for over a year. New this month is a table below showing each sale. Let me know if that's data you'd like to continue seeing in this format.

The Lewis Ranch sale at over $5,000,000 really throws the averages out of whack, so I won't spend much time this month comparing to October. Interesting to not that the sales price to list price continues to be 97% and the PPSF numbers don't move considerably even with this transaction.

Although the sample size isn't high at 8 sales, I do like that it seems to be fairly well spread out across the resort. The Cache has continued to be a popular sale in the West Village, and there is currently only one listing for a one bedroom home in the complex. The two sales in Copper One were a long time coming. Given it's proximity to the slopes right at the base of the American Eagle lift, I was more than a bit surprised it took so long to find buyers here.

November By the Numbers

Total Sales: 8
Average PPSF : $964
Average Days On Market: 157
Average Sales Price: $1,583,000

2024 By the Numbers

Total Sales: 54
Average PPSF : $979
Average Days On Market: 78
Average Sales Price: $1,164,000

Current Market Conditions

There are currently only ten non-deed restricted listings on the market today, two more than the last newsletter. We've cracked double digits for the first time in months! The lack of inventory continues to be the biggest constraining factor for our market. The PPSF decreased again, this time falling $11 to $936. The days on market decreased almost half to 54, due mostly to the sales of two Copper One Lodge homes. Remember that historically this number doesn't really have a bearing on our active market.

There are now 4 pending sale listings here at Copper, half of what we had last month. The biggest sale of the year was the (Seemingly perpetual) Lewis Ranch home which has been pending sale for over a year. Currently pending sales are split evenly between the Cache, Passage Point, Village Point, and the Masters (From West to East).