January 1st Market UpdateJason Waters, January 1, 2016 in Gray's Crossing, Market Updates, New Northstar, Real Estate
We couldn’t have ended 2015 on a better note. The clouds have cleared leaving us crisp clear days and an abundance of happy holiday travelers. I was able to take some time away from the office recently to immerse myself in the action. I was reminded of how lucky I am to have been born here and that I get to experience the luxuries of Tahoe on a daily basis. As we sled into a new year, I am thankful for the lifestyle I am able to live and the opportunity to help others create ever-lasting Tahoe memories of their own.
We have seen heavy real estate action in the North Lake Tahoe area over the past week. Our market saw a whopping 153 properties go into contract in the past 7 days. This complements the 52 sales. Here are some notable areas showing increased interest:
The Village at Northstar is heating up – 6 properties went into contract in the last 7 days. 4 Homes went pending in Martis Camp – all $3M+. This is excellent market action for the winter season, and occurring earlier than as is typical. There we a total of 14 sales at Northstar in December and January of last year; there are currently 21 properties in contract within Northstar. The heavy snow fall was enough to encourage buyers to make offers earlier than normal and to take advantage of the current prices before the market rises due to increased demand. In some cases it is too late, sellers are holding firm or raising prices.
At Gray’s Crossing we’ve seen 5 properties into escrow in the past 7 days (3 single family homes), leaving only 5 homes on the market. Historically the attraction to the Gray’s Crossing community occurs in the summer months when the golf course is open. This recent winter attraction is derived from the current value in the marketplace. The new custom construction under $1.5M is unmatched in other similar communities such as Schaffer’s Mill and Lahontan. As this round of Gray’s Crossing inventory clears, expect a new summer wave of values to increase 10%-20%.