Q1 2018 Old Greenwood Market AnalysisJason Waters, April 14, 2018 in Market Update, Real Estate, TMR, Tahoe/Truckee
“Low inventory within the regional market has imposed urgency on buyers, while giving sellers the leverage to increase price.”
The Old Greenwood community showcased 3 strong residential sales over the 1st quarter of 2018, including two custom home sales exceeding $2 million. These custom home sales mark new heights and support rising values for the community. Low inventory within the regional market has imposed urgency on buyers, while giving sellers the leverage to increase price. This trend holds true for the region and bleeds heavily into the resort segment — Old Greenwood included. Steady sales over the past 4-5 years have offered more defined data to confidently evaluate the upward trend in pricing.
Buyers are still trending towards finished construction, however there is currently one pending homesite sale in Old Greenwood. 2017 posted 2 homesite sales. These sales numbers are in balance with a healthy market considering the communities lack of vacant homesites.
Despite the market trend for new construction, both Q1 custom home sales were homes that are 10+ years old. The lack of new speculative construction within the community is still an opportunity the market awaits. I expect to see a new wave of listing come to market in late spring and continue the upward trend in pricing.