Today is closing day for our last north shore resort, Squaw Valley. As I sit here in The Village at Squaw writing this, I am watching it snow! Mother Nature has been cruel this year. On a positive note, today is otherwise known as opening day for real estate summer sales, boat launching, and golf anticipation day! We typically see our listing inventory boost around Memorial Weekend, but with the mild winter we have seen that trend a full 6 weeks early, with sales to match. Despite a challenging winter, the market is certainly headed in the right direction. Strong buyer demand, limited inventory, and favorable interest rates should continue to drive prices north.
The 1st Quarter of 2014 showed that the total number of transactions through the first three months of the year dropped 25% from the same period in 2013 while average price grew by nearly 29%! It is notable that sales volume increased by 39% in the ski resort communities of Northstar, Squaw Valley and Alpine Meadows! Tahoe City’s average price increased 113 percent to $1,314,250, and the median price climbed 51%, from $417,000 last year to $630,000 during this year’s First Quarter.
The luxury real estate market led the way in the 1st Quarter with two lakefront sales greater than $10,000,000 and 42 total sales greater than $1,000,000. Currently there are 25 lakefronts at Tahoe offered for sale at a median price of $3.495, and there are 8 homes ($30M) in contract. May 2014 will be a busy month with these lakefronts closing while sales pick up pace.
The Press has found a our 1st Quarter statistics interesting as well: http://www.tahoedailytribune.com/southshore/snews/11063735-113/percent-sales-tahoe-price Of course, our Bay Area market reports similar findings: http://www.mercurynews.com/business/ci_25577951/bay-area-home-prices-jump-year-over-year?source=email
A snapshot of April 2014 looks like this:
A total of 705 listings in the Tahoe Truckee region with 257 new listings, 118 closed, 100 price reductions, and 106 transpired sales since April 1. Days on market range from 1 to 1,261, with median days on the market at 48. There are ONLY 7 homes on the market in Truckee under $500,000, leading to generally frustrating multiple offers for buyers attempting to enter the market.
At the Lake, there are only 42 homes under $500,000, and as a result we are seeing steady sales in Tahoma where the majority of this pricing lies. Plus, all eyes are on the West Shore with pending re-development at Homewood Ski Resort.
Since the beginning of the year Northstar sales include 5 Ritz-Carlton Residences, 4 Big Springs Homes, and 1 vintage Northstar property. At Mountainside, 3 Home Run Residences have closed this April. The location of these homes is one-of-a-kind, and it does not take much to see that, not even snow. There are only 4 left so contact me for pricing. Martis 25 saw the largest land sale in the area so far in 2014 at $1,645,000. I am excited to see homes begin construction this summer, which will likely lead to additional homesite sales in this community.
Martis Camp has 14 homes for sale at a median of $4.850, while only 5 of those are “cabin” sites. Martis Camp also shows 8 pending sales, with 2 having closed this month. Yesterday, my favorite home in Martis Camp sold. It was a modern home designed by Ryan Group Architects, and was a walk in ski boots to the Lookout Lodge. Clermont Court was a very rare offering at $7,500,000 in Martis Camp. http://tinyurl.com/mgqd3lt
As previously mentioned, Squaw Valley is reporting generous volumes of sales since the beginning of the year. There are still some fantastic deals in the Village, some having been on the market for up to 506 days! Now is a great time to jump on one of these European Village condos before the deals are gone. Click Here to View Listings
As for the luxury homes in the Valley, my favorite is on Winding Creek Road in a small gated community known as Painted Rock. This newer home built by Morrison Construction is the best buy in Squaw right now, read why on my blog: http://tahoelakeandskiproperties.com/listing-pick-of-the-week-79-winding-creek-road-squaw-valley-1995000/
So, what to do this spring in Lake Tahoe? Take a look at Golf Course tentative openings:
Old Greenwood – May 2nd Lahontan – May 9
Gray’s Crossing – May 9th Schaffer’s Mill – May 15th
Coyote Moon – May 15th Martis Camp – May 16th
The best spring hiking is in Martis Valley. Please take a look at this map and enjoy a lovely hike on the Tompkins Memorial Trail System!
As always, please reach out for listings that you might be interested in or to determine the accurate market value of your Tahoe property. It is an excellent time to sell! Please do not hesitate to forward this market update to any friends and family who can benefit from my 15 years in the real estate business in Lake Tahoe. I look forward to being of service.