Sales activity at the Village at Squaw Valley in the 1st quarter of 2014 appears to be a continuation of the good year we had in 2013. At the end of the quarter, four condominiums had closed escrow and there were four in escrow. Assuming these pending sales close escrow, the total dollar volume will be approx. 60% of the total dollar volume for all of 2013 which was a good year for Village sales. For 2013, the total dollar volume ($8,662,500) was an increase of 23% over 2012, 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 sales 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 you will see that we have seen the same trend in other condominium sales and in single family home sales throughout 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.
It is a good time for sellers in The Village. In my late summer 2013 Village at Squaw Valley Market Report (http://bit.ly/1elGpoq), I discussed the effect of the Distressed Property Listings on the overall values at the Village. Now that those listings have been absorbed, sellers no longer need to compete with low prices so listing prices are rising.
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.
Click here to view current Village at Squaw Valley active listings
Call or email me if you would like to discuss current Village at Squaw Valley values.
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