2019 Mid-Year Vintage Northstar Market UpdateMichael Taylor, July 19, 2019 in Market Update, Real Estate, TMR, Tahoe-Truckee
Hard to believe it, but we are already half way through the year. Feels like the last six months have been a tumultuous one due to the massive amount of snow, and what felt like a late start to summer. As far as the first half of the year goes, Vintage Northstar product has been transacting faster than normal.
So far this year, we have seen 13 properties move at a staggering average of $1,075,231. For comparison, at this same point last year we saw only 5 transactions that averaged just over $900K. We are seeing higher dollar properties being traded as of late which Is evident of the average sales price. Six of the properties traded in the first 6-Months were above $1M.
This is partially due to larger homes being sold, as well as older homes that have seen renovations and sold at higher prices. The highest transacted home during the first 6-Months was 1071 Martis Landing, which traded for $1,870,000. This home fell into the category of older home that received extensive remodel, and moved at a higher price. The same time frame last year saw one home trade at over a $1M.
As of now there are 19 homes currently on the market, with nine priced at $1M or higher. Those currently active, hold an average price of north of $1.1M. With homes trading at a higher dollar amount, many sellers are trying to take advantage which has lead to more inventory.
As for the Vintage Condo sets that are comprised of Aspen Grove, Gold Bend, Indian Hills and the Ski Trails the numbers have stayed pretty true. Through 6-Months, there have been 14 transactions within all of the condos which is up from 9 from the same period last year. With more condos being traded this year, the average sale at $438,464 is down from 2018’s average of $470,533.
We did have an incredible winter, but that meant many of times it was difficult to travel to Northstar let alone able to see the property of interest. Due to this, many buyers that were looking had held off until laters months to purchase.