Homesite F15 in Sierra Cove at Gray’s Crossing just sold for $245,000 making it the highest lot sale at Gray’s since 2008. This is roughly 20% higher than the previous high sale that was sold this winter.
The demand for homesites in Gray’s Crossing has increased remarkably with over 90 homesites sold since the beginning of 2012. In that time both average and median sales price has increased by over 30%. What has lead us here is a confidence in our premium housing market that until recently has not existed with such strength. While prices were rising last summer it wasn’t until recently that they really jumped to this new level. Where previous consumers were heavily weighing what might be the best deal of the time we are now seeing more end-users focusing on what is really their ideal location. Now that people are seeing the strength in the overall Truckee–Tahoe housing market and more specifically the very active Gray’s Crossing market they are willing to pay premium prices for what they really want.
Immediately following the closing of F15 two new listings came on the market at Gray’s in the same ballpark; F14 at $299,000 and W21 at $249,000, both showing the confidence that sellers now have as well as that which is now prevalent in the market. There are over 30 homes scheduled to break ground this summer at Gray’s Crossing and still a lot of attractive homesites on the market. We expect this summer to be every bit as busy as last year.