//March, 2018 Tahoe-Truckee Market Update

March, 2018 Tahoe-Truckee Market Update

Greetings –

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 sectorsand 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.
PICK OF THE WEEK:
The Home Run ski way is open at Northstar and full of happy skiers coming and going from their Mountainside residences.  It is fun to watch the slope turn into a sled hill in the early evening as the young kids are still getting their energy out while the parents are running the deck BBQ and enjoying a beverage.  Spring time is some of the best skiing around and the new blanket of snow just bought us a nice spring season.  Come enjoy unparalleled mountain access & new contemporary construction with the environmentally sensitive Stellar Townhomes. Invite the landscape indoors with floor-to-ceiling windows & seamless clean lines throughout. Designed as a smartly efficient base camp for active families to enjoy 4 seasons of mountain life, amenities include: the Tree House, Yoga Studio, Rendezvous Cabins, Play Acre & over 40 miles of maintained trails. The luxury of the Ritz Carlton, Lake Tahoe is a short stroll up the trail: Click Here to View Listings
I hope to see you up on the mountain enjoying the spring skiing and maybe more snow next week!

Best,
Shane

TAHOE MOUNTAIN REALTY

SHANE JONES
BRE 01890422
M. 530.448.5141
www.tahoemountainrealty.com

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About the Author:

Jasmine has more than eight years of experience in the luxury resort and private club industry. Spending the last few years in Sonoma County, CA not only gave her the opportunity to work with numerous companies including, Mayacama Golf & Residence Club, The B-hive, and Timbers Resorts, but it also sparked a great love for food and wine. As a Truckee native she has strong community ties and was thrilled at the chance to move back to the Mountains in 2013. She found her home at Tahoe Mountain Realty as the Marketing Manager, and utilizes her diverse skill set to provide high-level support to the entire Brokerage. Connect with her directly by phone, email or through LinkedIn. Learn More About Jasmine