Village at Squaw Valley Market Update, 8/29/13

So far this year the sales activity at the Village at Squaw Valley, in terms of units sold, has been slow, although equal to this time last year (8 closed escrows).  However, in terms of dollar volume we have seen a 52.5% increase from the same time last year.  Both the Average Sales Price and the Median Sales Price are 50%+ higher. In my opinion this is due to several reasons;

1. Buyers are buying larger condominiums (two and three bedrooms), that of course have higher prices, and
2. Distressed Properties (Short Sales and Bank Owned) are no longer a factor at the Village.

Of the 56 units sold in 2010, 2011 and 2012, half (28) were one bedrooms condominiums.  So far this year, only 1 of the 8 units sold (13%) was a one bedroom.

At this time last year 2 of the 8 sales were of Distressed Properties.  Of the 26 current active listings in the Village and the 8 closed escrows to date this year, none are Distressed Properties.  In 2010 and 2011, 15 of the 38 sold condominiums were distressed properties or 39.4% of the total units sold. In 2012 of the 18 Village condominiums sold, only 3 were distressed property sales (16.6%), two closed in the 1st half of the year, and one in December.  Sellers no longer have to compete with the lower prices of these Distressed Properties; therefore listing prices are now higher.

Currently there are 4 condominiums in escrow, only 1 is a one bedroom and none are Distressed Properties.

It is still a good time to buy at the Village! Condo Hotel Financing has now returned to the market so qualified buyers can now purchase with as little as 20% to 30% down at very favorable rates.  Prices are still lower than before the economic downturn. Below are some really good buys;

• MLS #20132313 Lowest priced Ski Mtn. View 2 bedroom $584,900.
• MLS #20122095 Lowest priced 1 bedroom $349,000
•  MLS #20130152 Panoramic Ski Mtn. View 2 bedroom $1,599,000

The market in Squaw Valley is strong this year.  Over all Condominium sales are up 8% in units sold and up 40% in dollar volume compared to the same time last year.  Single Family Home sales are up 29% in units sold and up 60% in dollar volume.  Both showing activity and purchase offer activity has increased in the last few weeks.  In my opinion by the end of the year I expect that units sold in the Village at Squaw Valley will equal 2012 but the dollar volume will continue to greatly exceed last year.