//SEPTEMBER TAHOE-TRUCKEE MARKET UPDATE

SEPTEMBER TAHOE-TRUCKEE MARKET UPDATE

Greetings –
Only within the context for a surging real estate market can a month with 120 transactions and over $83 million in volume be considered disappointing. Both figures perfectly mirrors the 10-year average for the month of August and certainly indicated a stout level of activity for the region.

August is typically the launch point for the busiest stretch of closed transactions in any given year. The summer sales cycle consistently begins around July 4th with a period of window shopping that ultimately culminate in closed transactions throughout August, September and October before trailing off heading into the holidays.

10-Year Historical Average_Sept Market Update

Demand for Tahoe real estate remains fundamentally strong. The Bay Area feeder market continues to thrive economically creating wealth for consumers whose sense of family and wellbeing instinctively bring them to our region many times every year. Visitation to the region has been exceptionally high this summer and we’ve benefitted from perfect weather and a notable absence of adverse conditions including smoke. Conversely, visitation was off substantially over the winter, which created a rather dry pipeline heading into the summer season and potentially elongating the sales cycle for many ski-oriented families.

This pattern is evident in the makeup of transactions in the month of August with 14 sales executed at prices greater than $1 million; exactly half the number from the previous year. These luxury consumers are most likely to be “retail” purchasers; those who will make a family-based buying decision while visiting the region.

Sales under $1 million, those more likely to be made by primary residents or value-shoppers, remain on par with a very strong 2014.

Recent talk of an El Nino winter is reviving interest in ski real estate at an astonishing rate. Judging by the overwhelming traffic at the various tent sales over a very busy Labor Day Weekend, demand for skiing is clearly pent up. As freezing temperatures have begun creeping into the late nights and early mornings, we will undoubtedly see renewed optimism for strong winter conditions and unbridled enthusiasm for a return to the mountain.

TAHOE MOUNTAIN REALTY

SHANE JONES
BRE 01890422
M. 530.448.5141| O. 530.550.2021
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