February, 2020 Tahoe-Truckee Market Update

Greetings;
Tahoe Truckee real estate opened the decade with a strong performance through January. 94 residential transactions exactly equals the average of the last three years’ opening month while an average price just over $1,000,000 has set the tone for another productive year to come.

Q1 is often the softest period for closings in our region. A strong January, typically reflective of early season buying activity, is less dependent upon snow conditions than the remainder of the winter. As winter delivers an abundance of snow (or lack thereof), real estate activity fluctuates on non-economic variables particularly road conditions for weekend travel. Current conditions have been optimal for winter travel with storms coming in smaller bursts that have generally fallen midweek. This coupled with economic conditions on equally solid footing, the regional market appears poised for another stellar run.

January 2020 was led by a series of premium sales on Tahoe’s West Shore. Lakefront activity this time of year is somewhat counter-intuitive yet has become the norm. In 2019, a much-publicized lakefront estate gave the region a $37,000,000 year-opening boost while 2018 saw a $7.5 million transaction near Homewood. The most recent 30-day period delivered lakefront sales of $7,619,000 and $7,150,000 complimented transactions in Martis Camp ($4,975,000, $2,200,000), Lahontan ($2,850,000, $2,300,000) as well as transactions near $2 million in Northstar, Northstar Mountainside and Squaw Valley.

Projecting forward, 142 properties are currently pending sale; a stable and healthy number for this time of year. Trends evident throughout 2019 remain present particularly the bias toward new homes in amenitized communities featuring contemporary design. Five homes and two homesites are currently pending sale in Martis Camp plus another five homes in Lahontan. Perhaps driven by the weather factors detailed above, 13 properties are currently pending sale in Northstar ranging from vintage condo product for $425,000 to new construction in Mountainside’s Boulders neighborhood for $2,395,000.

Inventory remains low at a modest 3.4 months’ supply. While this figure is statistically biased toward sellers, it does not take into account the heavily back loaded flow to annual sales in the Tahoe Truckee region.

PICK OF THE WEEK
Enjoy new construction located in the Bluffs at Gray’s Crossing with incredible views of Northstar. This Nicholas Sonder custom design will be completed towards the end of February and ready for the heart of ski season.  Each of the 4 bedrooms have their own individual private section of the home, ensuring an abundance of comfort for all of your guests.  The 4.5 baths, as well as 4th bedroom that doubles as a game room, help absorb families of all sizes.  With a south east facing front deck looking at Northstar, and the on-grade patio in the back yard, there is plenty of outdoor space for those beautiful Tahoe days.  The mud and laundry room located off the garage will welcome you back from your mountain adventures.  Here is a link to the listing: Click Here to View Listings

I look forward to seeing you in town enjoying the spring conditions.  Don’t hesitate to call if you or any friends would like to view properties.  I appreciate your referrals.

Best,
Shane