Q1 2018 Lahontan Market UpdateTeddy Runge, April 17, 2018 in Market Update, Real Estate, TMR, Tahoe/Truckee
With very little exception, most will agree that Lahontan offers the very best private golf experience in the region. In-fact, it was at one time, the premier gated Truckee address throughout the dot-com era and mid-2000’s. Due to its traditional mountain architecture, a stunning clubhouse, and perfect putting surfaces, Lahontan drew interest from the most discerning buyers.
“The number of transactions in Q1 2018 rose to 8, a 100% increase from the same period last year.”
Lahontan real estate holds nostalgic presence even today. Further enhanced by progressive changes in home design, added social amenities, and improved golf facilities. Regardless of the season this 900 + acre community is magnificent all year-round. And throughout the past seventeen quarters, the first quarter 2018 saw the second highest sales activity only behind Q3 2016.
The combination of value-opportunities, new construction, and limited snowfall jump started Q1 to $14,476,900 in total sales volume. The number of transactions in Q1 2018 rose to 8, a 100% increase from the same period last year. In fact, this was the most units sold in the first quarter in 8 years.
New construction is flourishing and old inventory has been absorbed at value pricing. Currently there are 10 active single-family listings in Lahontan with an average price of $3,015,399. This average almost doubles the Q1 2018 average for closed transactions at $1,809,612. Therefore, buyer and sellers in Lahontan will now enter a period of price discovery as they adjust their interpretation of value on current market conditions and new price territories not seen in several years.
With 2 properties pending between $1,960,000 and $4,150,000 the second quarter is already off to a healthy start, pushing average price per square foot well beyond the Q1 average of $517. New construction and legacy home sales will demand $700 + price per square foot and anything else will fall below.