Q2, 2016 Gray’s Crossing Market UpdateShane Jones, July 25, 2016 in Gray's Crossing, Market Updates, Real Estate
With the first half of the year under our belt I thought it would be fun to look back at an active community such as Gray’s Crossing and see how sales compare to the first half of 2015.
The first half of 2016 has seen 9 sales totaling $10,613,000 at an average price of $1,218,000. Of these 9 sales 8 were single family homes and 1 townhome that sold at $880,000 for $427 a foot. These properties all sold at an average of 96% of list price. There are currently 3 single family homes pending sale at an average price of $1,563,000 that are due to close in the next few weeks. Two of these homes are new construction and one is timeless mountain architecture from 2008.
Looking back to the first half of 2015 there were only 3 sales totaling $3,900,000 at an average price of $1,300,000. These homes all sold within 98% of list price and only 67 days on the market.
The increase in total sales for this first half is due to an outstanding winter where families enjoyed all that Tahoe/Truckee has to offer. This has undoubtedly translated into a very active summer season as consumers are now drawn to Lake Tahoe as a place of retreat, refuge and adventure. With fresh new inventory coming to market in Gray’s Crossing they are finding incredible value in the $1.4 to $1.5M range with a nice amenity package and central proximity to downtown Truckee and world class resorts. Some of the new construction we are seeing come to market will keep steadily pulling the average sales price closer to $1.5M and we should see a very busy second half of the year as consumers have narrowed their focus into a specific community and home that fits their needs and budget. As documented before with these updates the historical average of transactions by month starts to increase in July and hits the crescendo in October. With an incredible summer on tap and a robust real estate market I look forward to reporting back with strong sales numbers leading into another great winter season.
First Half – 2016
Total Transactions 9
Average Price $1,218,000
Gray’s Crossing First Half – 2015
Total Transactions 3
Average Price $1,300,000
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