2017 Year End Lahontan Market AnalysisTeddy Runge, January 21, 2018 in Lahontan, Market Update, Real Estate, TMR, Tahoe/Truckee, Year End
It was a fascinating year indeed for one of the most well-established golf communities within our region. In 2017, Lahontan started off very slow before hitting its stride toward year-end. After two quarters of lackluster performance, Lahontan rebounded in Q3 and Q4 to compile an impressive finish that improved the overall median sales price 21% over last year.
Literally, as temperatures heated up so did the market, with higher sized sales, and less listing inventory. A key characteristic for the overall boost came from newer construction which averaged $721 price per square foot and pulled the overall median price over $2Million for the first time since 2008.
Although not all sales were in record territory, it was a tale of two transaction types: Newer construction with an elevated price per square foot on one side, and vintage construction with lower price per square foot one the other side.
In fact, there was a noticeable expansion of days on market and listing discounts between the two types. It felt like homes with high days on market created a platform for buyers to stand firm on pricing, and in most cases, sellers were willing to travel further to meet the buyers number. Therefore, the tale of two transactions created an overall median price per foot of $520.
As we peek into 2018, there are only 12 homes currently listed in Lahontan. That’s a really low number of inventory considering 16 properties sold in 2017 and 24 sales occurred in 2016. It’s too early to know exactly how the market will deliver this quarter and beyond, but only 3 weeks into the New Year, activity in Lahontan has far exceed sales volume from the same time period one year ago.