Gray’s Crossing Market UpdateMike Montalbano, June 14, 2019 in Gray’s Crossing, Market Update, Real Estate, TMR, Tahoe-Truckee
Gray’s Crossing real estate activity is on a torrid pace to begin the 2019 calendar year. While Tahoe is a year-round destination attracting winter and summer enthusiasts alike, the real estate sales cycle fluctuates along seasonal trends. In the North Lake Tahoe region, the first 5 months of any given year signifies the slowest period for real estate activity. One Truckee based golf course community; however, is overriding this seasonal trend.
More properties have traded in Gray’s Crossing through June, 2019 than any 5 month period to start a year on record, with exception to the historic 2017 year. This is even more impressive considering the additional 7 pending properties. Assuming these properties close escrow, the total year to date activity rises to a whopping 17 transactions. Putting things in perspective, on an annual basis the Gray’s community has only experienced more property trades in a full 12 month period (x2) times. With more than half the calendar year remaining the 2019 successes are exponentially representative of the community strength.
The busy start at Gray’s leaves only a handful of homes offered for sale – currently just 6 single family homes available ranging in price from $1,275,000 – $1,685,000. This short list of properties pegs the community supply at a meager 3.43 months, with 6-7 months considered balanced.
With continued demand for the developing Gray’s Crossing community – about 40% of the 377 homesites have been developed with 34 in various stages of construction, 12 projects about to break ground this year, and another 8 in Preliminary Approval – Gray’s Crossing presents a nice value proposition relative to the initial & total cost bases of other area golf course communities.