Q3, 2016 Vintage Northstar Market UpdateAndre Gust, October 19, 2016 in Northstar, Q3
Through the third quarter of 2016, the Vintage Northstar market has increased in transactions and total sales. 28 single family homes have sold, up from 13 transactions in 2015. The increase in sales could be contributed to an re-infused excitement in the Northstar market due to a strong snow fall over the 2015/2016 ski season. The condominium sales have also increased from 26 sales in 2015 to 28 in 2016. As buyers become excited for winter vacations again ski resorts like Northstar become an attractive market again. It also does not hurt sales when many of the homes and condos in the aging parts of Northstar are receiving remodel facelifts.
These re-models are especially evident in the condominium properties due to the average price difference from 2015 to 2016. The 28 condos that sold in 2016 had an average price of $381,235 compared to $338,722 in 2015. That is about a 12.5% increase in average price. It is all the same structure but buyers are paying a little more for the updated condominiums.
Here is a breakdown of the year to date sales in Vintage Northstar comparing 2016 to 2015:
Through the 3rd Quarter – 2016 2015
56 Total Transactions 39
$45,929,100 Total Sales $22,663,500
$820,162 Average Price $581,115
Consumers are drawn to Lake Tahoe as a place of retreat, refuge and adventure. We should see a very busy forth quarter as consumers will narrowed their focus on specific communities and properties that fit their needs and budget. As more homes in Vintage Northstar come to market, sellers should plan on giving their homes a facelift to help boost value and entice buyers to consider their home over a higher priced new construction.