Q3, 2016 Northstar Market UpdateTeddy Runge, October 24, 2016 in Market Update, Q3
Northstar demand continues to be strong in Third Quarter 2016, as demonstrated by robust sales and shrinking inventory. During that period a total number of 42 properties listed and 29 sold. This steadiness helps market stability and builds confidence in the market. In fact closed transactions Third Quarter 2016 registered the highest sales price average in a Third Quarter since 2009.
New development dealing was powerful with $9.3 million in transaction dollars up 57% from Second Quarter 2016. However, demand for vintage real-estate was the clear bellwether for sales performance within the resort. MLS data backed up the classics, highlighting vintage Northstar with 72 percent of the market share. Sales activity within Northstar neighborhoods are broken down below:
- 12 Vintage condo sales
- 9 Vintage home sales
- 4 Mountainside sales
- 2 Big Spring sales
- 1 Ritz Carlton sale
- 1 Constellation sale
While the overall resort showed vital signs of sharp activity, the Village at Northstar lost altitude in Third Quarter 2016. Generally speaking, the village is a popular location for vacationers and families. It’s the ultimate launchpad for adventure, restaurants, and all-aged activities. But value, favorable ownership cost, and investment opportunities heavily weighted the vintage sector.
However, don’t expect this trend to continue of the village markets. On the heels of winter, some of our best values can be found within Northstar Village. Buyers are taking notice as evident with new contracts already on the rise early into the Fourth Quarter 2016.