2013 was a good year for Village at Squaw Valley sales. The total dollar volume ($8,662,500) was an increase over 2012 by 23%, while the total number of units sold (14) dropped by 23%. With an average of only 28 units listed at any one time, none of which were Distressed Property Listings, having 14 sold over the entire year is a strong number. Here are some other interesting facts; Average Price $618,750 (58% increase), Median Price $498,750 (50% increase). What is also interesting is that only 3 of the 14 units sold were conventional financing and the remainder were cash sales.
What is driving these increases? In my opinion it is a combination of the following factors;
- Demand for Squaw Valley is high
- Inventory levels are low
- Distressed Property Listings have virtually disappeared
- The California economy has improved
If you look at my 2013 vs. 2012 Market Report for Squaw Valley as a whole you will see that we have seen the same trend in other condominium sales and in single family home sales in the valley. You will also see that the prices of condominiums and single family homes overall are lower than before the economic downturn yet the dollar volume and number of units sold is higher.
In my late summer 2013 Village at Squaw Valley Market Report I discussed the effect of the Distressed Property Listings on the overall values at the Village. Now that those listings are gone, sellers do not need to compete with low prices so listing prices are rising.
It is a good time for sellers in The Village. At the time of the writing of this Market Report, there have been 4 units that have closed escrow in 2014, and 3 units are currently in escrow, none of which are Distressed Properties. When those 3 close escrow, the dollar volume of 2014 sales will be just under 1/2 of the 2013 dollar volume!
It is also a good time for buyers in The Village. With Condo Hotel Financing available at competitive rates, prices are still below the peak levels we saw in 2006-07 with 23 current Active Listings at this time. Here are some well priced value units to consider;
- MLS #20132909 Lowest priced One Bedroom, $355,000
- MLS #20140181 Lowest priced One Bedroom with Ski Mtn. view, $375,000
- MLS #20140015 One Bedroom + Den (1.5 Bath) with Ski Mtn. view, $479,000
- MLS #20140343 Lowest priced Two Bedroom, $588,000
Click here to view current Village at Squaw Valley active listings
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