Martis Camp 2015 Market Recap
Martis Camp has been a fascinating and dynamic market since
its inception nearly a decade ago. After weathering an untimely market downturn
at the beginning of its lifespan, Martis Camp has emerged as the most
successful and bullish community the Tahoe area has ever witnessed. With
developer homesite inventory nearly sold out and the Club and HOA turnover from
the developer to owners/members in progress, many are anxiously wondering what
the next few years will hold for the community in terms of property values,
operations, and sales moving forward. A quick analysis of the 2014 v 2015
numbers in home and lot sales may hold some clues as to what is to come.
In 2014, there was a deluge of speculative inventory in the
market, particularly in the cabin neighborhoods. The community posted 36 home
transactions which was the highest number of sales in Martis Camp history. In
2015, there were 22 single-family home closings, down about 40% from the prior
year. However, year-over-year, the median sold price per square foot continued
rise to an all time high of $1,043 in 2015. Overall in 2015, less spec inventory
traded and properties stayed on the market for longer before selling, but sold
at very high prices.
On the land front, the big story for 2015 was surrounding the
dwindling developer inventory. Resale lot transactions more than doubled in
2015 (19) vs 2014 (8), with buyers having to dig deeper than what the developer
was offering to find suitable properties. There were an impressive number of
developer sales in 2015, but the pace of absorption was slower than in prior
years. Resale inventory is currently very low with 17 sites currently
available, and only 3 of those options are in the "amenity core"
area. The developer has about 20 sites remaining to achieve full sell
out.
With a stellar snow year underway, home sales should continue
to click along at a decent pace. Demand for prime properties and homesites near
the amenity core area will continue to be high, and those properties will have
the best chance of holding value over time due to their prime location.
Speculative building will likely continue to decrease as land options diminish.
Some prospective buyers may sit on the sidelines to see if values abate,
or choose to buy in areas like Lahontan, where the community is more
established and the value proposition is high. Regardless, the success of
Martis Camp has been incredible, and the community will continue to be one of
the most sought after destinations for Tahoe homebuyers for years to come.
Katie Tyler
Realtor®
BRE 01442453
c 530 277 1012
