Year End, 2016 Vintage Northstar Market OverviewAndre Gust, January 23, 2017 in Market Overview, Northstar, Real Estate, Trends, Year End
Northstar is a resort community that has dramatically changed over the past 20 years. The real estate communities are separated into different categories, The Village at Northstar, Mountainside at Northstar and Vintage Northstar. These neighborhoods are identified separately because the properties available in each are unique with their own homeowner’s associations, locations and amenities.
Vintage Northstar is the original real estate offerings at Northstar and expanded into newer offerings such as Big Springs. Again all of the Vintage Northstar homes are part of their own HOA separate from the other communities located within Northstar. With a lower HOA of $1,100 annually, Vintage Northstar provides a more cost effective way to live in close proximity to one of Tahoe’s best resorts.
Consumers are drawn to Lake Tahoe as a place of retreat, refuge and adventure. 2016 showed a renewed desire for families and individuals to own property in the Tahoe/Truckee area. More transactions at higher prices provided a wonderful upswing to a beautiful community.
Single family homes and 3 condominium complexes comprise the Vintage Northstar community and the popularity of this option skyrocketed in 2016 vs. 2015. The 2016 sales year saw 76 sales totaling $61,800,600 at an average price of $813,166. If we compare these numbers to the 2015 sales there were 48 sales totaling $27,210,500 at an average price of $566,885. That’s a 43% increase in sales average price from 2015 to 2016.
In 2016 there were 40 single family home sales equaling 53.5% of the total transactions with an average price of $1,200,912. In 2015 there were 16 single family home sales equaling 33.5% of the total transactions with an average price of $1,015,500. There was an 18% increase in average price for single family homes from 2015 to 2016.
In 2016 there were 36 condominium sales equaling 46.5% of the total transactions with an average price of $382,336. In 2015 there were 32 condominium sales equaling 66.5% of the total transactions with an average price of $349,750. There is about a 9% increase in average price for condominiums from 2015 to 2016.
2016 Vintage Northstar 2015
76 Total Transactions 48
$61,800,600 Total Sales $27,210,500
$813,166 Average Price $566,885
These numbers highlight an upward trend in single family homes sales. The lower carry cost of Vintage Northstar has always been a factor vs. the other communities in Northstar and the interior remodels that many of these homes have had done allows these properties to compete with the newer properties in the Village and Mountainside.
2017 has had a strong start with winter storms coming through the area providing snow for a solid season of winter activities. There are currently 35 condos/single family homes on the market however I feel the inventory is a bit stale and will need some new product to boost interest in the Vintage Northstar market.