2019 Mid-Year Martis Camp Market UpdateMatty McInnis, July 24, 2019 in
Coming off of Martis Camp’s most successful year in since its inception in 2009, 2018 reported record breaking sales totals reaching $276,926,916 for the year and accounting for over 16% of the market share for the entire region with just 3.68% of the regions YTD transactions.
Such velocity was expected to continue in early 2019, until Mother Nature decided to also have a record breaking year, dropping upwards of 300 inches of snow in the month of February alone and resorts like Squaw Valley reporting over 700 inches for the season. Decreased visitation to the area throughout much of the spring, where March historically delivers over 100 transactions, for real estate transactions, 2019 got off to a sluggish start for the region as a whole.
In Martis Camp there are two distinct product offerings out of the 671 total homesites. The larger Estate homes are situated on larger homesites, typically in excess of 1 acre, allowing for builds spanning up to 9,000 square feet, while the smaller Cabin homes, situated close to amenities, allow for a max build of 3250 square feet. 2019 has shown a noticeable bounce back of Estate sales to Cabins, with 12 of the 15 sales going to the Estate product, while 2018 sold 9 Cabins at this time. Quite simply the buildout of Cabins, a lack of resale activity within the Cabin product, and the completion of several speculative builds on the lager Estate lots, coupled with consumer demand for new construction, has also perhaps attributed to the 8% jump in median sales price/foot to now $1,179.14/foot and a 9% increase in median sales price to now $5,100,000.
With weather now cooperating as summer is finally here in full force, Martis Camp, now with a healthy inventory of 22 active listings and 34 homesite listings, is trailing the velocity of PY most likely attributed to this snowy reason by 37% with 15 sales YTD to 24 sales in 2018. Still this number accounts for over $75,000,000 of single family home transactions and 13% of the overall sales volume for the Truckee/Tahoe region.
Over the past few weeks and with great inventory, Martis Camp consumers are making moves exampled by the 4 properties currently in contract and 2606 Elsinore Court, going into contract just one day after a strategic $200,000 price reduction coming into the weekend to $4.495M. Of the four homes that are currently pending, comprised of 2 Cabins and 2 Estate homes, median price is $4.3M and $1,167.17/foot. For 2019, sales have stayed within 93% of listing price, down 2% from PY.
Shifting to homesite activity, as sellers dangle the carrots for the last remaining undeveloped lots in the community, we have seen already 14 transactions ranging from $909,000 to 8119 Valhalla Drive, a 1.8 acre parcel selling for a robust $3,600,000 in only 43 days on market. Last year at this time, 13 sales recorded, with a median sales price of $1,050,000 and 333 days on market. Median price so far this year has eclipsed 2018, jumping by 40% to now $1,477,250, and destined to soon increase as 33 homesites are actively for sale and 11 of those crest the $2M mark. Most notably was a 1.6 acre parcel, 8155 Valhalla Drive entering into contract yesterday at a list price of $3,895,000. 2019 is beating last year in total land volume with $25,013,500 in sales to $17,630,000, a 41.8% increase.
While some recent mega sales at the tail end of 2018 and the spring of 2019 over the $20M mark have temporarily skewed the normal Lakefront sales data, Martis Camp proudly continues its 4 year streak of outperforming Lakefront transactions, while currently out performing lake sales 13 to 12 YTD. Expect this trend to continue as Martis Camp embraces everything the new generation of high net worth consumers are seeking. This being, new, contemporary architecture and highly amenitized offerings within close proximity to town and ingress and egress accessibility.
The concept of a second home has taken on greater meaning as workplace portability grows ever easier, and more people are running to the hills seeking better quality of life. The concept of a vacation home is now shifting for many to considering Tahoe as their co-primary residence. I am proud to be your market expert and lifestyle specialist as I consider myself lucky able to live my Tahoe story everyday in this beautiful place. I look forward to future market dynamic conversations with you about Martis Camp, and being your resource for all things Tahoe.