2019 Mid-Year Big Springs Market UpdateMike Montalbano, July 24, 2019 in
In recent years the Northstar Resort has shown to absorb roughly 33 single family homes annually. Of these, Big Springs homes account for about 17% of the total activity. By all accounts, H1, 2019 has been an impressive start to the calendar year.
Relative to other communities within Tahoe, the Northstar Resort community has been somewhat undervalued. In the decade recovery home prices have not reached pre-recession levels like other Tahoe neighborhoods – Lahontan, Martis Camp, Schaffer’s Mill, Gray’s Crossing, and Tahoe Donner. In 2019 consumers are recognizing the market deficiency and value in having a home with close proximity to skiing, a vibrant Village experience, and serene mountain setting by the Northstar community.
The activity in Big Springs over the first half of 2019 is one closing shy of matching the entire 12 month activity in 2018. Average Price sold for homes is up 26% from the previous two years. Likewise, price per square foot metrics have been steadily increasing, with this figure surpassing the $600/SF threshold for the first time since 2008.
Most recent activity suggests the pendulum is swinging back toward Northstar homes, away from the aforementioned planned development communities. In other words, the Northstar buying demographic is starting to grow. Successive “good snow years” coupled with a Martis Camp saturation has shown an impressive rebound for Northstar, specifically within Big Springs where the most luxury properties are found.
The current inventory of Big Springs homes is a diverse array of offerings. A variety of sized properties, design styles, and locations within Big Springs will appeal to various buyer demographics. A mix of newly constructed and freshly remodeled homes compliments the more traditional mountain retreats traditional to Big Springs.
Given the second half of the year contains the most active months for Northstar real estate, the robust 2019 year-to-date activity in Big Springs thus far, and the variety of offered homes currently in the marketplace all indicators suggest a busy second half to round out 2019.