The Tahoe Truckee Real Estate Market performed right in line with expectations for the month of October. Historically, October is zenith of real estate transactions in any given year as summer shoppers complete purchases after a season of looking and winter buyers establish plans for the coming holiday and ski season. This year, October fell just a few sales shy of August and September but delivered a number almost identical to the decade-long average. Historically, as the volume of sales peak, the average price drops a bit with a significant number of transactions inevitably occurring in sub-premium markets. This past month bucked that trend with a strong $777,461 average sale price; a robust 29% above the same month a year ago. Median price rose 6% over the same period; a figure more indicative of overall market performance.
A steady mix of lakeside and luxury resort properties represented the 30 sales topping $1,000,000. Among them:
• 12 lakeside properties including true lakefronts of $3,000,000 and $4,000,000.
• 5 custom homes in Martis Camp ranging from $2,750,000 – $4,050,000. Interesting to note that 4 of these 5 homes crested $1,000 per square foot including a high of $1,101 for a beautifully situated “cabin” along the putting course.
• Right next door, Lahontan saw 3 sales From $1,450,000 – $2,155,000.
• In the same neighborhood, Schaffer’s Mill sold a custom home for $1,800,000 and a Mountain Lodge for $1,185,000.
• Gray’s Crossing and Old Greenwood each welcomed new owners for $1,435,000 and $1,377,500.
• Northstar Mountainside saw yet another Ritz-Carlton Residence sell for $1,437,500. With only 4 residences remaining, the countdown to sellout is underway.
With opening day at Northstar just three weeks away and snow beginning to stick on the peaks after a series of small but steady storms, interest has clearly turned toward resort properties. With a limited amount of time remaining to complete a purchase in time for the holidays, we have begun to families seeking quick and efficient solutions for their mountain home. 217 homes are currently pending sale across the region including 6 at Northstar; 3 of which are found at Mountainside featuring an direct ski-in/ski-out access.
Look for 2014 to close with strong momentum as numerous brand new luxury homes at Martis Camp, Gray’s Crossing and Schaffer’s Mill close escrow upon completion along with secondary sales at Old Greenwood and lakeside.
The next market update will come within the ski season. The recent spurt of winter weather has clearly rekindled anticipation of skiing after an eternal off-season. With “normal” snow conditions should come a deluge of activity throughout the region ranging from skier days to real estate transactions. Tahoe Mountain Resorts Real Estate looks forward to keeping you updated every step of the way.