2018 Q1 Martis Camp Market AnalysisMatty McInnis, April 13, 2018 in Market Update. Real Estate, TMR, Tahoe/Truckee
Martis Camp, perhaps the most successful resort community in the country, continues to amaze us with its ability to override normal market dynamics and weather conditions year after year. Continued success appears to be attributed delivering increasing consumer’s demand for instant gratification — highly amenitized experiences and new, modern architecture.
“…Demand for good product and limited inventory have kept sales within 95% of asking price for the quarter.”
During a historically quiet time of year for buying activity in the region, Q1, with its meager snow load, provided a unique and prime opportunity to tour property, as 2018 for Martis Camp experienced it’s largest Q1 ever with $65,916,666 in sales volume. Twelve homes closed with a median price of $4,675,000, a 71% transaction volume increase, with a 27.9% median price increase, smashing last year’s Q1 record of just 7 homes.
Median price per square foot also increased by 3.37% to $1,090.12 per foot as one of the biggest changes this spring to PY was the increase in estate home sales. With 7 estate sales transacting to just 3 last year, 5 homes sales broke the $5M mark this quarter with the highest transaction being 8330 Valhalla Drive, selling for $8.8M. Median days on market dropped by 44% from 175 to just 98 days as pent up demand for good product and limited inventory have kept sales within 95% of asking price for the quarter.
With favorable touring conditions due to very limited snowfall, January and February were ideal times to tour homesites, whereas last year was virtually impossible due to record breaking snow totals. Q1 delivered 4 homesite transactions with a median price of $1,512,500 and all within 98% of listing price, an increase of 83% from PY’s median price of $827,500. With all of the 671 homesites being sold last year from the developer, owners of premium homesites continue to hold the cards as demand for living at the Camp continues to gain traction.
Martis Camp currently has 13 Estate homes listed with a median price of $6,995,000 and $1,090/square foot. Of those, only 4 homes are below the $4M mark as pricing stretches all the way to $13,995,000, recently reduced by $2M for the Tahoe Quarterly award winning, 9,000 square foot beauty on hole 17, 8143 Valhalla Drive.
Expect Q2 to deliver in regards to sales volume as the snow continues to melt and consumers start feeling the itch for golf and summer activities. 9 homes and 2 homesites are under contract, equating to over $46M in property to be transacted. 3 Cabins and 6 Estates make up the median price of $4,595,000 putting these pending properties at approximately $1,150/square foot.
Please contact me for more information about Martis Camp and to schedule your tour today.