2017 Martis Camp Mid-Year ReportKatie Tyler, July 18, 2017 in Market Update, Martis Camp, Summer in Tahoe, Tahoe-Truckee
Upon achieving full sell-out of developer land inventory in May of this year, Martis Camp has continued to defy market and seasonal considerations for almost a decade. Even with a record breaking winter, 20 home sites are already sold or pending. The average price for a home site this year ($1.2M) has remained fairly consistent in comparison to 2016 ($1.1M/17 sold or pending for same time period). The demand for land is still on the rise despite sky rocketing building costs. However, the cost to build is still palatable to buyers in many cases due to completed home options trading on average above $1,200/square foot.
Single family home sales/pending sales are down in 2017 by about 35% in comparison to 2016. The most likely reason for the lag in sales was the inability for buyers to make purchasing decisions over the course of the winter due to unbelievable amounts of snow. Homes were hard to reach and snow loads made many properties almost inaccessible. Although total sales are behind in 2017, average sold price/sq foot has risen to about $1200/sf vs $1050/sf in 2016. Expect pent up demand to fuel a surge of new transactions in the next 90 days as buyers and visitors flock to the area with hopes of securing a property prior to the winter season.
Over the course of a decade long run of developer sales, certain core principles have remained steady in Martis Camp:
- Properties near the amenity core continue to be scarce; trading for premium values when available.
- Cabin homes and homesites are in the highest demand accounting for 50% of sales year to date. At present, only two cabin homes are currently available.
- In general, single family homes sell reliably up to approximately $5,000,000. While a number of trades have occurred between $5,000,000 – $10,000,000 days on market grow considerably.
- Typical time on market is between 4-5 months; about 15% fewer than the regional market.
With Martis Camp truly belonging to its owners now, the unparalleled luxury lifestyle and amenities will continue to define the ultimate community experience in Tahoe as well as North America. The pull to be part of the Martis Camp story will entice many families for years to come, and there are no signs of the momentum slowing.