The market thinks so!
It appears the Tahoe/Truckee real estate market is alive and well. Solid sales volume in 3 of the 4 regional areas pushed sales numbers above last October. Considering many areas of the country are experience, an overall decrease in sales volume, this is great news for the Tahoe /Truckee market.
Let’s look at the breakdown by region
- Tahoe Basin increase by 30%
- Squaw / Alpine increased by 45%
- Greater Truckee decreased by 40 %
- Tahoe Donner increased by 15%
Competitive pricing is making the difference
Sales volume responds to competitive pricing. More homes available equals more sales. Why the market is not seeing a big spike in available inventory, there are more options at competitive pricing which allows buyer to purchase properties at a better value. Active inventory is modestly up 3% compared to a year ago and up 9% compared to 2017.
In review of the data, a trend was identified that resort golf/ski communities such as Martis Camp, Lahontan, Schaffer Mill, Old Greenwood, Grays Crossing and NorthStar showed a significant decrease in sales for October. At this time the bulk of the inventory that is being added to the market is in these high-end resort communities. These homes, while beautiful, are expensive and are not selling in these resort neighborhoods. The exception to this trend is Tahoe Donner. Tahoe Donner shows a continuous strength in sales. It had another strong year of million plus dollar sales, including 8 at over $1.5M. In addition, the condominium inventory in Tahoe Donner has dropped by 25 %.
I was asked to be broker of record and join the board of a new local startup called Landing. They are taking a market-based approach to aid our community by unlocking new rental inventory for locals. Landing is creating an online platform that will support the overwhelming need for local housing by bringing second-home owners and local community members together. The idea is to encourage owners of properties that might otherwise sit vacant for months at a time (or whole seasons) to rent to a local. Landing has completed their initial phase of testing this service which has led to many successful matches. Their innovative and unique approach to unlocking new rental inventory is what attracted me to want to join them in their efforts, and I look forward to working with the team at Landing as a partner in the community to assist with local housing. To learn more visit their website at www.uselanding.com
-Matt Hanson, Broker
2017 Realtor of the Year
Tahoe Sierra Board of Realtors