Sales volume at minimum holds steady while some see dramatic increases. By far, Truckee wins the prize for dramatic increase. Sales volume jumped 61% compared to last year coming off a 25% year over year increase in October. Both Tahoe Donner and the Tahoe Basin sales were much more modest in growth at just 25% and 8% respectively. Squaw / Alpine held steady at exactly the same number of sales as last year. So what is the trend, with improved active inventory comes more options and more sales. Don’t be fooled in to thinking this means we are starting to get over loaded with inventory. It is still very tight by historical numbers and continues to put pressure on values to increase. The market is still very active and quick sales continue to happen. As we enter this lowest inventory time of the year we are all curious to see where it bottoms out.
The new missing link is tax reform. What will it look like in its final draft? Will there be a final draft? So many questions affecting us all in so many different ways. I wish I could expand further on the potential effects but until we really know what that final draft looks like our hands are tied. I can tell you there are many things in the draft tax reform the National Association of Realtors, California Association of Realtors and Tahoe Sierra Board of Realtors are strongly against. I personally hope the final draft looks nothing like the current draft. It seems those of us in California would be hit particularly hard. It is not too late to affect change so if you feel like I do, please contact your local House and Senate representatives and let them know how you feel. If you are for the changes you can let them know that too.
While we sit here waiting for tax change we are also waiting for a weather change. While we did see some weather in November it was actually mostly rain except at the highest elevations. So far December has been clear and cold. Cold being good news, allowing the ski areas to make snow. As we come through this first week of December and seeing next weeks forecast being much the same it is time to do our collaborative snow dances. The holidays are right around the corner and with last seasons historic snowfall we are all anticipating another banner year. At least that is what the bookings of local lodging and our vacation rentals indicate. Being last year didn’t really kick off until the first week of January there is still hope. More snow before the holidays would be great but at this point we will take whatever we can get. Start dancing!
Matt Hanson, Broker
November Sales at a Glance
Average Signle Family Home Price:
Lowest Sale Price: $295,000
7188 9th Ave., Tahoma, CA
Highest Sale Price: $7,500,000
8191 Valhalla Dr, Truckee, CA