Luxury resort property sales continue to dominate the Tahoe market. In May there were 23 homes that sold for over $1,000,000 sales price. Some noteworthy closings were: Two Home Run Residences above $2,400,000, and, Martis Camp saw the sale of seven completed homes in May, including the highest sale ever published in that community for $7,050,000.
Sales activity in the overall Tahoe region remained strong with 133 total transactions totaling $114,144,215 last month. This is $20,000,000 more than the previous next best month year-to-date. While the total number of transactions exactly mirrors that same month in 2013, the average price is 40% higher as a result of these high-end sales. For the year, median price is up 16%.
Sellers have started to realize that their home’s equity is nearing its peak value from 2006, and therefore, we’ve seen a surge in new listings. There have been 204 properties to hit the market since Memorial Day Weekend. Although this appears to be a large supply of inventory, it’s still less than 7.5 months supply. Furthermore, the median asking price of all current listings is only 2% above the median sales price for 2014; which is a strong indicator that the current consumption rate should remain at least at the current pace. With summer traditionally being our busiest season, I expect to see the tempo pick up.
My listing pick of the week is a “no-brainer” in Schaffer’s Mill – Location, Location, Location! Homesite #41 is located just steps away from all of the amenities – pool, fitness, tennis courts, and restaurant. With four resale lots scheduled to close in July between $260k and $389k and only one other resale listing available at $365,000, this is the best value in Schaffer’s Mill! It’s priced at $279,000 and will be the next homesite to sell in Schaffer’s Mill. Don’t let this one pass you by! Homesite #41 has incredible views of the Carson Range and gets tons of sun. The level building envelope makes for an easy build. It’s located at the end of a cul-de-sac and just across the street from the beautiful championship golf course. It’s a must see!
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