Year End, 2016 Gray’s Crossing Market OverviewShane Jones, January 20, 2017 in Gray’s Crossing, Market Overview, Real Estate, Trends, Truckee
Gray’s Crossing is located on the North end of the Martis Valley and offers peaceful seclusion from crowds and traffic, without the feeling of isolation. Gray’s is a short 1.5 miles from Downtown Truckee with its vibrant shops and restaurants, appealing to primary residents as well as the second vacation home owners alike. The home owners at Gray’s feel like they belong to a community that is woven into the fabric of Truckee with a nearby middle school, as well as a brand new recreation facility and world class aquatics center managed by Truckee-Donner Recreation & Park District right next door. With the affordable amenities, close proximity to downtown Truckee, numerous ski areas and some of the best lake recreation you will find anywhere, it is no wonder that this community is thriving with a mixed population of primary residents and 2nd home vacation residents who love the small town charm of Truckee and close knit community feel of Gray’s Crossing.
Gray’s Crossing exceeded market expectations in 2016. With 111 homesites sold in the last 3 years, it was only a matter of time before the community had some exceptional custom homes for sale. In 2016, Gray’s Crossing nearly tripled the number of homes sold with 18 closed at an average price of $1,319,000 at a total sales volume of $23,748,000. This is an increase of 264% in sales volume when compared to 2015 which saw 7 sales at an average price of $1,285,000 for a total volume of $8,995,000. It is interesting to note that 7 of the sales in 2016 were over the price of $1.4M when compared to only one sale in 2015 above $1.4M. Of the 18 sold, the high sales price was $1,735,000, which is nearly $300K or 17% higher than the high mark of $1,445,000 in 2015. The average list price of the 4 homes currently pending sale is $1,451,750.
There are currently 100 homes completed with another 37 under construction. 1/3 of these homes should come on the market for sale as custom spec builds with the rest being primary and secondary home owners building to suit. This sets a great foundation for Gray’s with over 2/3 of the new construction being built custom for end users. As those users have friends and family visit there are some good options for them to purchase with immediate gratification to move in and enjoy. The design-build process is very rewarding for those who choose to engage, but can also be very time consuming. With that in mind there is a great new development in Gray’s Crossing with the Fairway Townhomes. The first triplex is completed along with a furnished model and is on the MLS available to purchase. 2017 promises to be just as exciting as the previous year with many new and custom homes on the horizon.