2012 has clearly shown the Truckee/Lake Tahoe real estate market beginning to turn the corner. In general, home sales in the luxury market are up about 8% and the standing inventory is down approximately 26%. The over $1,000,000 sales are up over 11% although the standing inventory is up approximately 5%.
Our team has continued to expand into new markets and we are experiencing extensive cross-over between Lahontan, Northstar, Martis Camp, and Tahoe Donner with our client base.
Lahontan has not seen lot sales this brisk since the peak of the market in 2005, a total of 26 lots have sold to date with an average sales price of $124,000. Homes sales are at an average pace, nine homes have sold to date, all under $2.0M, and an average price of $348/square feet.
Northstar lot sales have been lethargic with just four sales this year including our recent sale on a Big Springs lot on Grouse Ridge. Home sales are on an average pace, in Big Springs four homes have sold at an average price of $448/ square feet. The other sub-divisions in Northstar had eighteen sales at an average of $278/ square feet.
Martis Camp continues defying the market and has sold 411 developer lots to date of the 653 they are entitled to sell. Six homes have sold this year between $2.9M – $3.7M at an average of $900+/square foot. There are nine homes listed between $2.7M – $12.0M with a median price of $4.7M.
For more information on the luxury home market in Lahontan, Martis Camp and Northstar, contact The Schaller Team at 530-550-5028 or info@schallers.net
