March, 2018 Tahoe-Truckee Market Update

A short month, during which a week is allocated to ski-related travel, often turns February into a hectic period for real estate sales. While the total volume of sales often drops, the premium segment of the Tahoe-Truckee market continues to thrive. This year the top end transactions in Northstar, Martis Camp, Old Greenwood and waterfront property on Lake Tahoe all transacted at extremely healthy numbers.

The winners of the season are, without question, savvy sellers taking advantage of laughably low inventory by coming to market now with extremely limited competition. Current sellers face less than 3 months’ supply across all market sectors; and just 3 weeks’ supply in prices below $1,000,000. 

Even premium price points, those above $1 million, are feeling the effects of limited inventory. Where balance typically exists at 1 year’s supply, current inventory offers just under 7 months.

A few specifics:

Gray’s Crossing   10 active listings           26 sales (past 12 months)  4.6 months’ supply

Old Greenwood      5 active listings          15 sales                              3.9 months’ supply

Lahontan               10 active listings          20 sales                              6 months’ supply

Martis Camp         20 active listings          44 sales                              5.5 months’ supply

Northstar               52 active listings          110 sales                             5.6 months’ supply

Two communities offer interesting case studies on the current phenomenon.

Lahontan, the trailblazing resort community, transacted a single home in the first half of 2017. At the time, Lahontan was shaking out a value differentiation for older properties versus updated homes. Year to date 2018, every home listed below $2,000,000 has been absorbed subsequently pushing momentum into higher price points that now show homes pending sale at $2,495,000 and $3,150,000. The 10 remaining homes range in price from $2,490,000 to $4,889,000.

In Tahoe Donner, the bell weather community for the Tahoe-Truckee region, more homes are currently pending than available listings; a previously unseen phenomenon that rewards those willing to shortcut the typical spring listing period. In fact, with conditions so heavily weighted against buyers, a seller wishing to leaseback or seek some other concession to extend time in their mountain home may be accommodated.

With new snow on the ground and market momentum building, the balance of ski season promises to be a busy period for real estate activity.

Katie Tyler

Realtor®

BRE 01442453

c 530 277 1012 

Tahoe-Truckee Market Update - February, 2017

Tahoe-Truckee Market Update 

February, 2017 

2017 has begun with extreme circumstances whether measuring snowfall, politics, or real estate activity in the Tahoe-Truckee region. A well-chronicled 24 feet of snow, complimented by nearly 8 inches of rain, fell over a two-week period to begin the year. This unprecedented snowfall paralyzed the region for several days rendering ski resorts inoperable and travel ill-advised while the process of digging out began. Despite the inconvenience of this process, Tahoe is now set up with a full winter’s worth of snow with barely 25% of ski season elapsed. And with the short-term sacrifice has come tremendous long term benefit as eager guests have flooded the region anxious to take a turn in the abundant snow.

It has been exactly a decade since economic vitality and meaningful snow were realized at once. Tahoe progressed directly from recession to drought leaving certain resort communities to languish despite dramatically improved demand for the region’s real estate. 2017 has already shown the commercial value of great snowfall with unseasonably strong resort real estate sales.

January, perennially the slowest month of the year for closed transactions, saw 85 residential sales exactly matching a very strong start to the prior year and 25% greater than historical average. More notably, ski communities including Northstar, Squaw Valley and Alpine Meadows have experienced a tremendous surge of activity well ahead of seasonal trends. At Northstar, 6 Stellar Townhomes, more than 50% of the entire project, have found purchasers already in 2017. Additionally, 3 residences in the Village at Northstar are newly pending equaling 20% of 2016’s total number. More notably, expressions of interest and showing activity have been robust despite most consumers’ compulsion to ski until last chair, maximizing time spent in marvelous conditions.

In a typical winter, real estate activity begins in earnest in mid-February, once families have visited one or more times spontaneously in addition to pre-planned trips around Christmas, MLK and President’s Weekend. While this trend will undoubtedly hold true, conditions have allowed for an earlier than usual start to the shopping season.

Katie Tyler

Realtor®

BRE 01442453

c 530 277 1012