northstar-q4-2018

Northstar 2018 Year End Market Update

Andre Gust Andre Gust, January 17, 2019 in Market Update, Northstar, Real Estate, TMR, Tahoe/Truckee

 

The Northstar community had a spectacular 2018. The average snow load did not affect traffic to the mountain and the allure of living within the ski area pushed sales. Although the number of units sold dropped from 2017 the median price went up $116,750. 2018 marked the highest median price in 10 years at $801,750. The increase came from the condo markets. 2017 saw 73 sales trading at a median sales price of $485,000. It jumped up to $530,000 in 2018 with 64 sales. The largest difference between years came from 4 village walk sales at $1,506,250 up from 0 sales in 2017. Mountainside also boosted the median price with 7 sales in 2018 at $2,246,714, up from 10 sales at $1,750,000. The rest of the condo markets within Northstar also saw slight increases in median price.

The narrative throughout the Northstar markets in 2018 was fewer sales, higher prices in relation to 2017. Compared to the overall Truckee/Tahoe market Northstar performed above the regional median price of $665,000. This is no surprise because of the nature of the community. It’s resort living and there will always be a premium on resort living. Visitors to the area come for skiing in the winter and usually if given the option will choose to live within a ski resort for easy access to the main attraction that brought them to the area.

To wrap up 2018 let us take a look forward at 2019 and the current market. Northstar as a whole, currently has 74 units of condo/single family/shared ownership available at a median price of $749,000. Current numbers show 2019 median price trending back towards the 10 year average of $723,085. In my opinion, all this data proves that 2018 was a great year in Northstar real estate and that 2019 will remain strong for this steady resort community.