3rd Quarter Market Update
The sales velocity at Martis Camp so far in 2016 is nothing short of phenomenal. At the conclusion of the 3rd quarter, there have been 45 homes closed compared to a total of 22 total home sales in all of 2015. In other terms, the number of home sales in 2016 so far account for 33% of all homes sold in Martis Camp since its inception. There remains a healthy selection of properties with 25 homes currently available and homes are listed an average of 163 days before closing.
Some similarities this year to 2015 are that the smaller cabin/"guest home" options accounted for almost half of the total sales with 21 homes sold so far. The cabins (smaller home sites and limited to a maximum of 3,250 SF) averaged a value of about $1,095/sq foot which has remained steady with values from previous years. The "guest home" on the larger estate home sites continues to be compelling for buyers because the smaller "guest home" provides instant gratification and use while a larger home could be customized and built at a later date. In years to come there will likely be more "guest home" inventory available as it is a popular concept.
The estate home market (homes on larger sites) has been on the upswing from prior years in terms volume of homes sold but the average price per sale has remained fairly consistent. So far in 2016 there have been 24 estate homes sold at an average price of $5.2M or $1,042/SF. In 2015, there were 10 estate home sales at an average price of $5.1M or $963/SF. The amount of newly completed, move-in-ready homes available to buyers has been at its highest in 2016, which would support the tremendous momentum seen this year. Buyer confidence in making purchasing decisions has increased because of the ability to walk in to recently completed properties and see what appeals to them vs having to visualize a project from plans.
The real estate market in Martis Camp has always been a world of its own, but the recent trends seen there are consistent with market themes from around the North Lake Tahoe area. Buyers have confidence in the area, there is significant demand for new construction and buyers are purchasing properties to use themselves. The convenience and lifestyle that the resort communities and greater Tahoe area has to offer will continue to attract people seeking their own slice of mountain paradise.