Year End, 2016 Old Greenwood Market OverviewAbby Hogan, January 17, 2017 in Market Overview, Old Greenwood, Real Estate, Trends
In a year of record-setting sales throughout the region, Old Greenwood maintained its position as a steady, consistent performer in 2016. Home values in the community have been increasing steadily since 2010, and in 2016 were up 6% over the year prior. 2016 also marked the highest unit volume of sales in Old Greenwood since 2012.
The launch of the Legacy Collection in 2016 opened the door for buyers seeking high quality, low-maintenance resort home ownership at accessible prices. The fully-furnished, turn-key Townhomes offered a prime location and great floorplan, and averaged the highest sold prices for Townhomes at Old Greenwood since 2009. Phase Two of the Legacy Collection will offer five more Townhomes, two available now and the remainder in 2018.
Single family home inventory was quite limited in 2016 resulting in only two single family home sales, a 50% decrease from the year prior. The Legacy Collection filled in the gaps with townhome sales, resulting in a 50% increase in total property sales over the year prior and a 20% increase in dollar volume over last year.
Vacant land sales were down from seven sales the year prior to just two in 2016. With abundant finished, turnkey properties available in Old Greenwood and similar communities, and very limited vacant land inventory, consumers seemed to opt for move-in ready, completed homes rather than purchasing land and taking on a custom home build.
2016 saw the fractional market at Old Greenwood continue to fight through a prolonged downturn, which has left a great opportunity for buyers over the last several years. Forty families purchased shared ownership at Old Greenwood in 2016, the same as the number who purchased the year prior. As the fractional market continues to work out the kinks, the families who currently enjoy fractional ownership can be found at the Club, out on the trails, and all around the community, contributing much to the lively and active feeling at Old Greenwood that makes it unique among the other resort areas.
Activity is expected to remain robust in the year ahead, with the release of the second (final) phase of the Legacy Collection, and developer plans for new construction bringing pre-sale opportunities for new single family homes in 2017. At the core of the community, Tahoe Mountain Club remains robust, drawing friends and families alike to enjoy Old Greenwood throughout all seasons of the year.