2015 Tahoe Truckee Market Summary
A perfect winter is underway and thriving economic
conditions are setting up 2016 to be a monumental year. While much of the
region has been on an upswing for several years, the series of dry winters have
held certain areas from reaching their potential.
Despite weather challenges in the early months, 2015 was
hardly a disappointment. Real estate
sales in the region surpassed $1 billion for the third consecutive year. The total number of sales slightly eclipsed
the prior year as did median price, which rose by 1% to $520,000. Inventory remains almost perfectly balanced
with 6 months supply available at the start of 2016. 2015 also marked the most
significant surge in new home construction in over a decade with several
hundred new starts throughout Martis Camp, Gray’s Crossing, Lahontan,
Schaffer’s Mill and Old Greenwood.
Martis Camp continued to set the standard for luxury real
estate as it marches ever closer to sell out. The average price for a completed
home in Martis Camp has now surpassed $4,600,000, higher than the typical price
of a Tahoe lakefront, the previous standard bearer for elite homeownership.
Gray’s Crossing experienced a major milestone as the final
developer-owned lot was sold. With all
377 homesites now in private hands the resurgence of this community is in full
swing with nearly 100 new homes started in the past 3 years. A local investment
group has begun construction on the final phase of Fairway Townhomes and will
bring them to market in the Spring of 2016.
Similarly, Lahontan continues to find its place within a new
generation of consumers. Homesite prices have continued to rise steadily as new
construction has infused the community with a healthy new look.
Old Greenwood remains a steady producer with limited
turnover. Look for the long anticipated release of The Legacy Residences from
Old Greenwood in 2016.
Perhaps no other community was as impacted by successive dry
winters as Northstar. This community has been poised for a major leap based
upon substantial investment from Vail Resorts, Mountainside Partners and
Kennedy-Wilson. Recent conditions have created a buying opportunity quickly
realized through a stream of premium sales at the outset of 2016.
As the economy of Northern California continues to thrive,
three generations of consumers are now drawn to Lake Tahoe as a place of
retreat, refuge and adventure.
Tahoe Mountain Realty looks forward to 2016 as our inaugural
year operating as an independently-owned brokerage company. Our commitment to providing exceptional
content, insight and service has only intensified. With new tools, an enhanced
digital presence and the finest real estate gallery in the region, TMR is
pleased to be your singular resource to a life well lived in Lake Tahoe.
Katie Tyler
Realtor®
BRE 01442453
c 530 277 1012
