With 2017 being one for the books we now have a chance to look back at what was one of the most profitable years on record for Tahoe Truckee real estate. With the Village at Northstar thriving, and the real estate industry booming as a whole — Northstar has become a premier destination for family vacations.
While the total quantity of home sales in Vintage Northstar dipped slightly, average prices jumped 13% to $973,621. This appreciation outperformed the regional market by 5% based in part on a stellar snowfall as well as Northstar’s ascension as a premiere destination resort.
With the hope of winter coming soon, Q1 of ’18 should be a strong market.
Within Vintage Northstar, Big Springs offers the finest single-family home offerings. Like the rest of Northstar, limited inventory reduced the quantity of transactions in comparison to the previous year. Though there were fewer transactions then in ’16, the overall sales numbers finished very strong at just over $15 million.
Both Vintage and Big Springs posted great home sales again after a strong 2016. Between the two areas there was over 41 million in total sales. In addition we witnessed a 6.5% increase in average price to $1,439,905.
With the 16/17 winter dropping record snow, buyers previously sitting on the fence were compelled to take action. Overall, this led to strong home sales in both Vintage Northstar and Big Springs, as well as increasing prices.
Heading into 2018, inventory is very low with 452 in the Tahoe/Truckee area, 49 of which are located in Northstar. With the hope of winter coming soon, Q1 of ’18 should be a strong market.
Look for Northstar to maintain its consistent performance in 2018 and try to keep up with or beat 2017’s record numbers.