Truckee-Tahoe Market Achieves $1 Billion
in Sales
If 2012 was the year of stabilization for the Tahoe-Truckee
real estate market, then 2013 will be remembered as the rebound year. The market saw the strongest demand for Lake
Tahoe property in nearly a decade, with total sales topping $1 billion for the
first time since 2005. Median and average prices grew by 15% and 16%, respectively,
and total transactions reached 1,480, a 4% improvement over 2013.
This rebound was largely driven by the flourishing
demographics of the Northern California feeder market, but was also impacted by
the introduction of premiere new communities and the resurgence of certain
luxury markets. Highlights included:
·
Mountainside community at Northstar which surpassed
$100,000,000 in historical sales as consumers became aware of the hyper-unique
lifestyle afforded by ski-in/ski-out, on-mountain living. The combination of
Martis 25, Home Run Residences, Constellation and The Ritz-Carlton Residences
sold over 20 residences for more than $35,000,000 collectively.
·
Martis Camp continued its exceptional trajectory
approximately 100 total sales. Tahoe lakefronts saw a shortage of inventory in
2013 (after a remarkable surge in 2012 sales) that resulted in fewer
transactions but strong upward pressure on prices.
·
Homesites in Gray’s Crossing and Lahontan
experie
So, what’s in store for 2014? With an increasing sense of
stability for employment and interest rates, this momentum should carry over
into 2014. The market will be constrained by a lack of quality inventory. While this could lead to slightly decreased
figures for transactions and overall volume, it should have an upward effect on
values.
Spending time with family and friends pursuing healthy and
fun activities in this remarkably beautiful setting will never go out of style.
Certainly, economic conditions may fluctuate, but interest in the Tahoe
lifestyle will never diminish.
Katie Tyler
Realtor®
BRE 01442453
c 530 277 1012
No comments:
Post a Comment