Gray’s Crossing Q3 2018 Market UpdateAndre Gust, October 22, 2018 in Market Update, Real Estate, TMR, Tahoe/Truckee
The third quarter sales in the Gray’s Crossing community were historically average with four transactions. In the last eight years the third quarter has produced four transactions 3 different years, 2013, 2015, and 2018. The previous two years had seen historical highs with 7 sales in 2017 and 8 sales in 2016. There is little surprise to a bell shaped trend because of a few key factors. In 2016 the Fairway Townhome project was finished adding an additional 12 units. A large snow year revitalized consumer interest in the area. Gray’s Crossing as a community saw an increase in inventory thanks to numerous single family home constructions. The dip backwards to a solid four sales is a result of the 2016/2017 new construction inventory selling at a faster rate without the possibly of replenishing of that inventory.
Over the years Gray’s Crossing has continued to grow into the community envisioned back in 2007.
Even with a lower than average inventory the third quarter sales in 2018 did surprise, with a record setting avg. list and sales price. Breaking the avg. list price of $1,425,375 from 2016, the new high was set at $1,433,000. The higher asking price translated to a higher avg. sales price of $1,408,250. The previous high was also from 2016 at $1,387,500.
2017 was the only year since 2010 that Gray’s Crossing has not seen an increase in value, according to average sales price in the third quarter. Over the years Gray’s Crossing has continued to grow into the community envisioned back in 2007. More homes continue to be built, more portions of the original master plan are being brought to completion. The summer restaurant, PJs has obtained a loyal following of patrons and homeowners. The golf course is vibrant with visiting players and season pass holders. The community fitness center and pool continue to see an uptick in activity during the summer months. July through September provides the best window of time for potential owners to experience and purchase Gray’s Crossing at its best.