As winter turns to spring, resort real estate sales activity typically gains momentum. Seeds of interest sewn from the family vacation in December, January and February will often turn to reality with March escrows and April closings. The extraordinary snowfall from this winter has brought with it a surge in visitation to the region and a proportionate interest in real estate offerings.
Through March 15, Northstar, Alpine Meadows and Squaw Valley have combined for 42 residential transactions, exceeding recent seasons by a substantial margin. Moreover, consumer spending has increased along with the volume of snow as consumers opt for more luxurious resort offerings. The average sale is 32% higher in Squaw Valley than over the same period last year. 21% at Northstar signaling a willingness to spend on premium offerings, whether slopeside accommodations or simply more grand residences.
Similarly, inventory levels are very moderate as would-be sellers enjoy the utility of their real estate and, in many cases, a weather-driven surge in rental revenue. Northstar Village currently stands at just 5 months’ supply; a far cry from the typical 12-month absorption. Squaw Valley offers similarly constrained residential offerings with less than 3 quarter’s supply available.
A prolonged spring will allow the local market to avoid a seasonal dip during the shoulder season. Expressions of interest and showing activity are on a dramatic upswing with clear skies and open roads that make for unchallenged access for consumers.
PICK OF THE WEEK
One Village Place 405 has been very popular and rented a majority of the winter season. It is now available for showings and you will enjoy this boutique mountain contemporary building with the ideal ski-in/ski-out location in the Village at Northstar. With 3 beds and 3 baths it is the perfect retreat for friends and family. Enjoy the southern aspect on the sun deck and one of a kind views of the ski run with the gondola shooting out directly under the condo. Owners have access to in-house concierge, private gym, sauna & hot tub as well as preferred gondola access thorough private owners entrance. Arrive to heated underground parking and the convenience of the Village at your fingertips. Here is a link to the listing as wall as a video to explore the floor-plan:
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TAHOE MOUNTAIN REALTY
M. 530.448.5141| O. 530.550.2021