March 2024 Real Estate Summary

Real Estate

Mar 4

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

February In Review

February saw four closed transactions here at Copper Mountain, in addition to the two from January. In the East Village, Wheeler House 207 (Two Bedroom) closed for $790K and Summit House East 304 (Two Bedroom) for $950K. Center Village had Copper One 406 (Two bedroom) close at $915K, and Beeler Place Townhome #2 (Three bedroom) rounded out the sales at an even $2M. Sample size doesn't really lend itself to making any broad market assumptions, so I will refrain from doing so this month.

Our average sales price remains basically unchanged from 2023 YE, only dropping $5,000 to $1,116,000. The average price per square foot has decreased $30 to $1,003/SF in 2024 so far.

The biggest issue facing not only Copper Mountain, but all tourist driven economies in Colorado, is the proposed tax legislation currently being discussed by our state representatives. If passed, the state will consider any home that rents short term for 90 or more days a commercial property instead of residential. This would create a considerable hardship for all mountain communities, but I'm confident cooler heads will prevail and this bill will not make it to a vote in its current form. Feel free to reach out to me personally to discuss further if you're interested.

February By the Numbers

Total Sales: 4
Average PPSF : $1,017
Average Days On Market: 58
Average Sales Price: $1,163,750

2023 By the Numbers

Total Sales: 6
Average PPSF : $1,033
Average Days On Market: 70
Average Sales Price: $1,116,000

Current Market Conditions

There are currently Nineteen non-deed restricted listings on the market today, two more than last month. The PPSF increased $26 to $1064. The days on market increased 21 to 90, but historically this number doesn't really have a bearing on our market.

There are five pending sale listings here at Copper. Several two bedrooms along with two Lewis Ranch single family homes.