Tahoe Truckee Market Update
After a brief lull, the Lake Tahoe real estate market is experiencing an unseasonable flurry of activity heading into ski season. November, typically the beginning of a real estate taper that runs through the new year, saw 126 properties transact, 15% more than the decade-long average and 10% better than the same month in 2013. This is the first month in 2014 to show a gain in total transactions versus the prior year.
Perhaps more significantly, the region has exceed $1 billion dollars in total transaction volume for just the second time since 2005. Upon reaching just $9,000,000 in total sales this month, 2014 will surpass the previous year in dollar volume despite lagging in total transactions by 12%.
This would indicate fewer overall transactions but an increase in high-dollar sales; a fact evident in the remarkable trajectory of the luxury segment. Year-to-date, 225 properties have sold above $1,000,000 and 96 above $2,000,000 compared to 178 and 63 respectively for 2013. Nearly a quarter of all transactions in November were at values greater than $1 million including 7 above $3,000,000. Included among these are Martis Camp homes at $6,950,000, $6,700,000, $3,250,000, $3,100,000 and $2,300,000. Additionally 3 Ritz Carlton Residences closed in Mountainside Northstar between $2,100,000 - $2,400,000. Also within the resort environment were a home in Northstar's Big Springs neighborhood for $1,415,000 and a condominium in Great Bear Lodge, the marquee building in the Village at Northstar, for $1,425,000.
The snow currently falling in Tahoe has reinvigorated interest in resort properties as eight properties are newly pending in Northstar alone including another Great Bear Residence for $1,995,000. An additional 130 properties are currently pending sale throughout the region with closing dates scheduled for December.
With the holidays approaching, Lake Tahoe will be reinvigorated with the energy of consumers returning to the market. Boosted by fresh snow, this will bring with it a refreshed perspective on the market as new Mountainside neighborhoods are introduced . As winter continues, expect to see significant activity as consumers seek to find the perfect mountain retreat for their families. In the coming month, look for new and exciting content from Tahoe Mountain Resorts including the much anticipated launch of the Stellar Collection found Mountainside Northstar as well as a fresh look and new messaging from TMR.