November 2018 Tahoe-Truckee Market Update

According to the rhythm of Tahoe-Truckee real estate, October is typically the zenith for closed transactions in any given year.

2018 appears to have peaked out early with a massive month of August while otherwise following a generally traditional pattern. As has been the case for most of 2018, the number of transactions will lag the prior year slightly however average price is markedly higher driven by a huge volume of premium sales.

An average sale price of $1,050,213 for October reflects an increase of 26% over the same period in 2017. Median price was also up an impressive 14% year over year.

Unlike recent months where singular mega-sales have driven average price upward, October saw a steady flow of high-end sales including 4 residential transactions in Martis Camp from $3.6m to $7.3m, another 4 in Lahontan from $2.2m - $3.5m, and 9 transactions in Northstar as focus begins to shift toward winter mountain property.

At Northstar, the Mountainside community experienced the sellout of its Stellar Collection with the final on-mountain residence in two distinct enclaves sold out. This sets it up nicely for the release of Boulders, an ideally balanced project of elegant mountain homes starting at $2.2m.

With the end of summer came the final sales within the Legacy Collection at Old Greenwood. Within this community, the introduction of diverse product has proved stimulating with a record quantity of custom and multi-family homes trading at values not seen since before the recession.

Consistent with the figures present above, inventory remains slightly tilted in the seller’s favor at just under 5 months’ supply. This number is slightly elevated from the same period last year largely inflated by overly ambitious, and largely unmotivated, sellers.

Thus, we conclude the peak selling season for 2018 in fine fashion. While the market will remain throughout the entire year, there will be a taper through year end and into early January before winter closings pick back up. The economic landscape may look different 90 days from now however the fundamental elements that make Lake Tahoe homeownership rewarding will remain constant.

Katie Tyler

BRE 01442453

c 530 277 1012
ktlaketahoe.com

Tahoe Truckee Market Update: June

Tahoe Truckee Market Update

June 2016

As the Tahoe-Truckee real estate continues to hum along month after month with meaningful gains in transaction volume and average price, a number of other indicators are emerging to demonstrate stout confidence in our resort market. Namely, developers are reentering or recapitalizing to bring new product and enhanced offerings to the public.

The remarkable success of Martis Camp has been well chronicled over the past decade. In its wake, we are now seeing an echo effect whereby neighboring properties are able to draft on this success. The second developer of Schaffer’s Mill has done an excellent job delivering amenities including a clubhouse, pool and, newly, a restaurant facility to compliment an excellent golf course and beautiful, natural terrain. Success has followed through recent homesite and Mountain Lodge releases including 10 homes sales year to date.
At Northstar, Mountainside is now executing on a vision for a series of amenities including a yoga studio, ample hiking trails and an extensive play area spanning over an acre to compliment immediate slopeside access in winter.

At Old Greenwood, the master developer has brought 7 townhomes recently converted from fractional ownership to market with strong, early results. An application is pending with the Town of Truckee to create additional cabin style product of a similar character.

In addition to an explosive amount of custom home construction at Gray’s Crossing, a local developer is completing the vision for The Fairway Townhomes going all in with 12 new residences to flank five existing residences that have sat alone for nearly a decade.

The timing of these new projects may be spot on as market conditions continue to surge. May, 2016 saw a 7% increase on total residential sales over the same month last year to go along with a 22% increase in total sales volume and a 14% increase in average price. As is typical of the season, a number of these premium sales have migrated back to lakeside communities. Northstar closed 4 transaction greater than $1,000,000 including two sales in Mountainside and a an exciting sale in Great Bear Lodge in the Village at Northstar. Squaw Valley Schaffer’s Mill and Gray’s Crossing each closed 3 premium properties along with one each in Lahontan and Martis Camp.
Perhaps most notable, a stronger-than-average Memorial Day has kicked off an early start to the typical summer shopping season. A West Shore lakefront is now pending for $16,800,000 just south of Sunnyside along with 5 Martis Camp custom homes, another two in Mountainside at Northstar and strong showings from Gray’s Crossing and Lahontan.

The summer promises to be active and dynamic. Undoubtedly, there will be much real estate trading hands at increasing values. We will also chart the progress of the many projects underway promising to deliver on a vision stalled by time and economic cycles that will continue the rapid maturation of our community.

Katie Tyler

Realtor®

BRE 01442453

c 530 277 1012