July 2023 Real Estate Summary
Real estate summary provided Ben Broughton, Real Estate at Copper Mountain
June In Review
June was one of the slowest months we've seen in quite some time here at Copper. There were only two closed transactions, both deed restricted homes (one in Ten Mile House, the other in Passage Point). On the bright side, 3 homes did go pending over the past month, once again leaving us with very little inventory (only 8 homes on the market).
With the first six months in the books, let's take the opportunity to compare 2023 to last year. We saw drops almost across the board when looking at the metrics. I've included the deed restricted sales YTD in both, which added 3 to 2022 sales and 5 to 2023. Sales volume is down approximately 60% YOY, in both total transactions (28 vs. 67) and volume ($29M vs. 71.9M). The only positive numbers are the List price/Sales price ratio which remained at 102%, and the price per square foot which increased $28 to $908/PPSF. In addition, our average Days on Market (DOM) has increased by 9 days to 47.
While the numbers may paint a dire picture, the reality is that our market continues to be very strong. The torrid pace of recent conditions was never going to be sustainable, and a slowdown was inevitable. Buyer fatigue, an eventual drying up of willing sellers, and higher interest rates all play a factor as well. Until we see a marked increase in inventory, Copper continues to be a seller's market for the foreseeable future.
As of July 5th, there are 4 non-deed restricted properties under contract, which is an increase of 2 over last month. One continues to be a Lewis Ranch home under construction, two are in the Village at Copper, and the final one is in the Center Village.
2022 vs 2023 YTD (land, deed restricted, and partial ownership excluded)
Total Sales
2022: 67
2023: 28
Average PPSF
2022: $880
2023: $908
Average Days On Market
2022: 38
2023: 47
Average Sales Price
2022: $1,073,000
2023: $1,037,000
Current Market Conditions
There are currently seven non-deed restricted listings on the market today, the same number as last month. The PPSF decreased $8 to $1,074. The days on market increased to 90, but with only 7 listings and several pending properties this is a hard number to read anything into.
Current Listings
Active Listings: 7 active listings
Average PPSF : $1,074
Average Days On Market: 90 days
Pending Listings: 4 listings
Real estate summary provided Ben Broughton, Real Estate at Copper Mountain
