A perfect winter is underway and thriving economic conditions are setting up 2016 to be a monumental year. While much of the region has been on an upswing for several years, the series of dry winters have held certain areas from reaching their potential.
Despite weather challenges in the early months, 2015 was hardly a disappointment. Real estate sales in the region surpassed $1 billion for the third consecutive year. The total number of sales slightly eclipsed the prior year as did median price, which rose by 1% to $520,000. Inventory remains almost perfectly balanced with 6 months supply available at the start of 2016. 2015 also marked the most significant surge in new home construction in over a decade with several hundred new starts throughout Martis Camp, Gray’s Crossing, Lahontan, Schaffer’s Mill and Old Greenwood.
Martis Camp continued to set the standard for luxury real estate as it marches ever closer to sell out. The average price for a completed home in Martis Camp has now surpassed $4,600,000, higher than the typical price of a Tahoe lakefront, the previous standard bearer for elite homeownership.
Gray’s Crossing experienced a major milestone as the final developer-owned lot was sold. With all 377 homesites now in private hands the resurgence of this community is in full swing with nearly 100 new homes started in the past 3 years. A local investment group has begun construction on the final phase of Fairway Townhomes and will bring them to market in the Spring of 2016.
Similarly, Lahontan continues to find its place within a new generation of consumers. Homesite prices have continued to rise steadily as new construction has infused the community with a healthy new look.
Old Greenwood remains a steady producer with limited turnover. Look for the long anticipated release of The Legacy Residences from Old Greenwood in 2016.
Perhaps no other community was as impacted by successive dry winters as Northstar. This community has been poised for a major leap based upon substantial investment from Vail Resorts, Mountainside Partners and Kennedy-Wilson. Recent conditions have created a buying opportunity quickly realized through a stream of premium sales at the outset of 2016.
As the economy of Northern California continues to thrive, three generations of consumers are now drawn to Lake Tahoe as a place of retreat, refuge and adventure.
Tahoe Mountain Realty looks forward to 2016 as our inaugural year operating as an independently-owned brokerage company. Our commitment to providing exceptional content, insight and service has only intensified. With new tools, an enhanced digital presence and the finest real estate gallery in the region, TMR is pleased to be your singular resource to a life well lived in Lake Tahoe.