Martis Camp Q3 2018 Market UpdateMatty McInnis, October 22, 2018 in Market Update, Real Estate, TMR, Tahoe/Truckee
With their exclusivity, robust amenities and location to all things Tahoe, Martis Camp has continued its momentum in 2018, driving the market once again as a highly sought after second home, luxury destination. The community is comprised of 671 homesites, with approximately 400 completed homes and roughly 80-100 homes in either in design phase or under construction. Arguably the most successful gated community in the country, Martis Camp continues to deliver staggering numbers for 2018 en route to having yet another banner year since the inception of the community in 2009.
So far for 2018, MC has delivered $228,257,666 in sales volume making up for a whopping 17.85%% of the total volume for the greater Truckee/Tahoe region while only making up for 4.64% of the regions YTD transactions (1,009,) selling 38 home sales and 20 homesites.
Average sales price for 2018 so far has been $5,318,228 and $1,156.58/square foot, an increase of 17.55% to PY. Most notably contributing to this spike among the 7 homes selling over the $7M price point was Tahoe Quarterly’s home of the year, 8143 Valhalla Drive, a 9000 square foot masterpiece transacting for a MC record setting $11,750,000. Over the last 10 years, MC has shown an annual growth rate of 9.5%.
While homesite sales show a 12% increase in average price to PY, sales are trailing 2017 by 33% with 20 transactions to 30. A lack of good remaining inventory, ambitious sellers, and soaring construction costs are key factors driving up cost of construction and making it less attractive to build.
Until we see a shift in build cost, look for consumers to continue to purchase existing inventory or speculative builds as optimizing quality time spent with friends and family by purchasing something turnkey over enduring the design/build processes, continues to be the trend.
With 4 homes currently pending, and 20 active listings, look for Q4 to continue to deliver as eager holiday planners, looking to solidify their plans are hopeful to enjoy a memorable winter at the Camp. Please Contact Me for more information about Martis Camp and/or to schedule a tour today.