2019 Mid-Year Gray’s Crossing Market UpdateGwen Ewasko, July 19, 2019 in Gray’s Crossing, Market Update, Real Estate, TMR, Tahoe-Truckee
To say that Gray’s Crossing has seen a lot of sales activity lately would be a gross understatement. Since spring, sales in Gray’s Crossing have been on fire, with 12 sales and 4 in contract. To put that into some sort of context, this time last year there were only 6 sales (9 total for spring and summer). Spring and summer represent to very important seasons for our market; spring is when inventory ramps up and summer (more specifically Labor Day) is when peak transactions occur.
And the heat is on as Buyers rush to Truckee to tour the latest and greatest homes that Gray’s has to offer. Projections indicate that by the end of summer, total transactions from spring to summer will easily shatter the record for most sales during these two very important months in our market. With plenty of time left in the year, and with numerous builds coming to market in the next few months, 2019 just might surpass Gray’s banner year of 2017. If we’re to have a more normalized winter, in terms of snowfall, Buyers may get an extended period of subtle weather which would make for continued ease of touring. This could further assist 2019 in breaking records.
Bear in mind, there’s currently 4 homes in contract with an estimated value of $5,293,000. This would place 2019 in second place with $12 mil to go for a tie. With the median priced Gray’s home resting at ~$1.55 mil, there would need to be another ~7 homes sales by the end of the year. A very achievable feat, given how popular Gray’s has become in the eyes of perspective Buyers.
So what’s driving this sales frenzy? I believe it comes down to 2 factors; Gray’s still maintains the lowest price per sqft ($489) out of all the luxury communities. The second factor is that this price per sqft is offering brand new, mountain contemporary homes. A third factor can be the abundance of available inventory with a relatively wide range of price points (high/low for a single family home is $950K-$1.9mil, the low drops to $875K if you include a Fairway townhome). With inventory continuing to age in the Tahoe Basin, and with few interesting mountain contemporary builds coming to market either in the Basin or in more traditional areas like Tahoe Donner, Gray’s will continue to garner the attention of Buyers looking for brand new construction with access to exceptional amenities.