Tahoe Truckee Market Update
June 2014
Tahoe Market Sees Robust Demand for
Luxury Properties in First Half of 2014
Average Price Increases by 20%
Now two years into recovery,
the Tahoe Truckee real estate market is surging, driven by an overwhelming push
in the luxury segment. Our consumers
continue to be Northern California based families who are driving a remarkable
rise in the technology sector and are now seeking refuge in a quality, mountain
setting.
While sales volume for the
total market lagged 14% behind 2013 year-to-date, the luxury segment (defined
as properties $1 million and over) has shown a dramatic 28% increase. The
overall market decline was largely due to the lack of available properties for
sale earlier in the year.
Number of Luxury Transactions by Sale
Price
|
Year
|
|
> $1mm
|
>$2mm
|
>$5mm
|
>$10mm
|
|
2006
|
228
|
71
|
9
|
1
|
|
|
2007
|
191
|
55
|
7
|
2
|
|
|
2008
|
162
|
51
|
7
|
1
|
|
|
2009
|
111
|
29
|
2
|
0
|
|
|
2010
|
133
|
43
|
8
|
2
|
|
|
2011
|
101
|
33
|
4
|
0
|
|
|
2012
|
134
|
54
|
8
|
4
|
|
|
2013
|
178
|
63
|
10
|
2
|
|
|
2014 ytd
|
102
|
43
|
4
|
2
|
Northstar Mountainside and
Martis Camp have combined sales volume of nearly $100,000,000 year-to-date
showing tremendous demand for new and unique offerings within immediate
proximity to skiing and resort activities.
The overall region continues
to show strong advances in median and average price through the first half of
2014 again driven by the upper tier sales. Average price has risen 20% from
$687,144 in the first half of 2013 to $826,117 through June.
The previously tight supply
in neighborhoods below $1 million has created fewer sales but increased median
value by 9% to $449,450.
As property owners perceive
rapidly improving market conditions, ambitions for quick liquidity have created
quite a few new sellers. In the past 45 days alone nearly 300 properties have
been listed, lifting overall supply to nearly 10 months inventory.
4th of July
traffic was as robust as ever with a strong number of real estate inquiries
that will ultimately manifest into sales later in the year. The Grand Opening
of Tree House, the neighborhood clubhouse for Northstar Mountainside, offers an
entirely new perspective on mountain living.
With a plentiful number of consumers, adequate supply of available
properties and interesting new projects, it will undoubtedly be an interesting
and active summer.
Katie Tyler
Realtor®
BRE 01442453
c 530 277 1012
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