Northstar Market Report Lake Tahoe
In preparing this Northstar market report, we see that sales at Northstar have held pretty steady throughout 2019. However, similar to other areas, the numbers are not as strong as in 2018. The Northstar real estate market has seen a shift in the median price for active listings vs. the median price of sold listings. In June of 2019, the median price of active listings was at $675,000, while the median sale price was higher, at $782,000. Currently, the median price of homes sold is lower than the median price of homes listed for sale.
Inventory Remains Steady
While the number of active listings on the market has held steady at about 90 homes for sale in Northstar, actual sales have been less than 10 homes sold per month.
When comparing sales at Northstar to the other areas around Lake Tahoe and Truckee, the days on market is high. This is probably a factor of the median price of homes in Northstar at over $1.3 million. The market for this price point is not as strong as the demand for homes closer to the $700,000 range around Lake Tahoe.
Therefore, over the period from July to September, there were 9 homes sold at Northstar compared to the 16 homes sold at Squaw Valley and Alpine Meadows. Affordability is a key factor. Homes are sitting on the market a bit longer at Northstar.
Supply and Demand Shifting
Sellers are enjoying an 89% sale to list price currently, but this number has declined. In September, the sale to list price was as high as 97%. This is another factor of a slowing market where demand and supply are shifting.
In November 2019, there were 5 homes sold at Northstar. 10 new listings came on the market bringing the number of homes available for sale in Northstar to 87 active listings.
Like most of the Tahoe basin, the sales have been slower in 2019 over 2018. The amount of days a home remains on the market has also grown to an average of 155 days.
Snow Season Starting Early
Winter came in December rather than January for Northstar California. The season kicked off with 74 inches of snow. I expect the inventory levels to remain steady, while sales will tick up because of the influx of tourists coming to ski at Northstar. Interest rates are also remaining low and there has been a good market in Silicon Valley, a feeder market for Lake Tahoe. I do expect sales to get stronger as supply diminishes and demand increases.
Christmas - New Years at Northstar
This Christmas, be sure to visit Northstar where there will be opportunities for the kids to meet Santa. The Noel Nights at Northstar offer a great evening of music, skating and roasting s’mores around the fire pit. Northstar is also planning a New Years event – you can check out the Northstar events here.
Whether you are thinking of buying or selling your home at Northstar, I would love to help you. There are many diverse neighborhoods around Lake Tahoe and Truckee and I serve them all. I look forward to becoming your realtor of choice!