Tahoe-Truckee Market Update: November, 2017

Tahoe-Truckee Market Update

November 2017

Supporting the theory that market conditions will override seasonal trends, the Tahoe-Truckee real estate market has continued to surge at a time when activity often tapers down into an early winter hibernation.

October 2017 saw over 200 residential transactions for the third consecutive month; the first time on record for such a streak. The 90-day period from August through October has produced over $500,000,000 in total sales volume; number nearly equal to the volume of entire years during the recession.

  

In a typical year, September and October offer a similar number of closed transactions yet September typically offers the years’ peak average price while October shows its’ trough.  This is indicative of the end of the retail buying season followed by value based purchases resulting from price reductions.  September followed suit offering an average price just below $1 million. Transactions in October, however, matched the annual average of $840,000 showing strong momentum continuing into the 4^th quarter.

In addition to another five Martis Camp home sales, notable in October were four Tahoe lakefront home sales.  This class, long the epitome of luxury in the region, has seen an interesting revival in 2017. As redevelopment has been stymied in the Tahoe Basin over the last decade, resort property in Truckee’s various resort communities have offered newer, highly amenitized offerings tantalizing a younger generation of consumers. 2017 has already surpassed previous years with 28 lakefront sales at an average price near $4.5 million; nearly identical to the average sale price in Martis Camp.

  
  

While Truckee resort properties offer greater overall quantity, the ratio of purchases $1 million and above has balanced dramatically from a high of 2.75 Truckee sales for every lakeside transaction to a more balance 1.85 in 2017.

With 260 properties currently pending sale, strong market performance appears likely to continue outperforming the season. Gray’s Crossing, Lahontan and Martis Camp each have five residential sales pending scheduled to close by year end. With snow in the forecast and resorts scheduled to open for skiing within 3 weeks, attention will inevitably shift to mountainside properties were a number of premiere properties will likely trade ahead of the holiday rush.

Katie Tyler

Realtor®

BRE 01442453

c 530 277 1012 

Tahoe Truckee Market Update; December, 2014

Tahoe Truckee Market Update

December, 2014

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. 

Until then, best wishes for a happy and enjoyable holiday season filled with abundant snow and joy. We look forward to seeing you at Northstar. 

Katie Tyler

Realtor®

BRE 01442453

c 530 277 1012 

Tahoe Truckee Market Update - November, 2014

Tahoe Truckee Market Update

November, 2014

The Truckee Tahoe Real Estate Market performed right in line with expectations for the month of October. Historically, October is zenith of real estate transactions in any given year as summer shoppers complete purchases after a season of looking and winter buyers establish plans for the coming holiday and ski season. This year, October fell just a few sales shy of August and September but delivered a number almost identical to the decade-long average.  Historically, as the volume of sales peak, the average price drops a bit with a significant number of transactions inevitably occurring in sub-premium markets. This past month bucked that trend with a strong $777,461 average sale price; a robust 29% above the same month a year ago. Median price rose 6% over the same period; a figure more indicative of overall market performance. 

A steady mix of lakeside and luxury resort properties represented the 30 sales topping $1,000,000. Among them:

• 12 lakeside properties including true lakefronts of $3,000,000 and $4,000,000. 
• 5 custom homes in Martis Camp ranging from $2,750,000 - $4,050,000. Interesting to note that 4 of these 5 homes crested $1,000 per square foot including a high of $1,101 for a beautifully situated "cabin" along the putting course. 
• Right next door, Lahontan saw 3 sales From $1,450,000 - $2,155,000. 
• In the same neighborhood, Schaffer's Mill sold a custom home for $1,800,000 and a Mountain Lodge for $1,185,000. 
• Gray's Crossing and Old Greenwood each welcomed new owners for $1,435,000 and $1,377,500. 
• Northstar Mountainside saw yet another Ritz Carlton Residence sell for $1,437,500. With only 4 residences remaining, the countdown to sellout is underway. 

With opening day at Northstar just three weeks away and snow beginning to stick on the peaks after a series of small but steady storms, interest has clearly turned toward resort properties. With a limited amount of time remaining to complete a purchase in time for the holidays, we have begun to families seeking quick and efficient solutions for their mountain home. 217 homes are currently pending sale across the region including 6 at Northstar; 3 of which are found at Mountainside featuring an direct ski-in / ski-out access. 

Look for 2014 to close with strong momentum as numerous brand new luxury homes at Martis Camp, Gray's Crossing and Schaffer's Mill close escrow upon completion along with secondary sales at Old Greenwood and lakeside. 

The next market update will come within the ski season. The recent spurt of winter weather has clearly rekindled anticipation of skiing after an eternal off-season. With "normal" snow conditions should come a deluge of activity throughout the region ranging from skier days to real estate transactions. Tahoe Mountain Resorts Real Estate looks forward to keeping you updated every step of the way. 

Katie Tyler

Realtor®

BRE 01442453

c 530 277 1012