The Answer is in the Inventory – by Don CarrNothing paints a clearer picture of the dramatic changes to our real estate market than a quick look at the inventory situation in our favorite communities.
Carr Long Real Estate has long been at the epicenter of this marketplace with a stable of highly experienced agents. Our success comes from years of specialization in our chosen niche markets of Northstar, Martis Camp, Lahontan, Old Greenwood, Schaffer’s Mill and Gray’s Crossing.
In Northstar’s Single Family Home market, there are only 9 homes currently listed for sale. The neighborhood of Big Springs at Northstar has only one listing for sale (that is not under construction), and it is listed for $4,250,000. There are zero listings of homes in Northstar between the prices of $1,449,000 and $3,495,000.
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Lahontan, Old Greenwood and Schaffer’s Mill are showing similar dynamics.
Lahontan has only one Single Family home currently for sale priced below $2Million and 11 priced above $2Million. In 2016, there were 13 Single Family homes that sold for less than $2Million. In 2017, there were 7 Single Family homes that sold for less than $2Million. Now, there is only one listing for less than $2Million.
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Old Greenwood has only 2 Single Family homes for sale, both priced well above $2Million; one at $2,385,000 and one at $3,500,000. And, on January 20 a new listing hit the market for $2,450,000 and went under contract after 1 day! 2016 saw 2 Single Family home sales in Old Greenwood, both for below $1.5Million. In 2017, there were 10 Single Family homes sales all below $2Million – the prices ranged from $840,000 to $1,950,000.
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In 2016, Schaffer’s Mill saw 4 Single Family homes sell below $2Million and 2 sell above $2Million. In 2017, Schaffer’s Mill saw 5 Single Family homes sell, all bClick here for current active listings in Old Greenwoodelow $2Million. Currently, there are 5 active Single Family home listings, with 3 priced from $2,299,000 up to $2,950,000, and 2 are priced below $2Million.
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Even the lower end market of Gray’s Crossing is pushing the limits. The highest sale ever reported in Gray’s Crossing was for $1,820,000 (listed and sold by Carr Long Real Estate). Now, there is a new Single Family home listing priced at $1,950,000. Inventory is down to only 5 active Single Family home listings. 2016 saw 18 sales and 2017 saw 25 sales.
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Martis Camp has its standard abundance of homes listed for well over $3Million. Currently there are 23 Single Family homes for sale ranging in price from $3,375,000 to $13,995,000. In 2016, 49 homes sold and in 2017, 45 homes sold, ranging in price from $1,795,000 to $8,900,000.
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This is a pretty remarkable set of statistics. In the communities of Big Springs at Northstar, Lahontan, Old Greenwood, and Schaffer’s Mill, are the days of homes below $2Million disappearing? Are prices surging? What we can say for certain is that, as we head into 2018, our regional real estate market has changed suddenly and dramatically, with far fewer homes for sale than has been normal over the last several years, and at significantly higher prices.
It appears that prices are not going down. So, it seems a reasonable time to jump on the homes that are priced well.
Contact us for our opinions of the best priced homes and insider insights on where the action is. For sellers, our proprietary approach to unveiling our new listings makes them stand out from the rest, and as a result our listings regularly sell faster and for more money than other listings. For buyers, we have an unrivaled ability to give clear-headed perspective on all aforementioned communities including Northstar, Lahontan, Martis Camp, Old Greenwood, Schaffer’s Mill and Gray’s Crossing. Give us a call or send us an email to let us know how we can help accomplish your goals.