Still confused, so is the market. September sales are strong but mixed. Over all, September 2019 sales finished more than 10% above September 2018. Looking further back sales were 15% below September 2017, which was an exceptionally strong sales month.
Let’s look at the breakdown by region
– Tahoe Basin declined just over 5%
– Squaw / Alpine increased significantly by 150%
– Greater Truckee increased by 50%
– Tahoe Donner declined 32%
The bulk of the increases was in single family home sales with just a slight increase in condominium sales. The increase in the greater Truckee region support my theory of the migration of full time and part time residents from the bay area.
Active single-family home inventory is up across the entire region while condominium inventory is down in all areas except Tahoe Donner. To break this down further, the highest increase in inventory is found in Tahoe Donner single family homes at 50%. The biggest decrease in condominium inventory is in the Tahoe Basin at 30% This lack of condominiums for sale could explain why the bulk of sales last month were single family homes. Inventory also declined during September as sellers who did not sell their properties shift from selling to ski leases for the winter. Many of those properties will be back as active inventory in the spring.
Update on Rentals
Our rental department continues to grow under our property manager Lauren Kilbourne. This part of our business started back in 2013, while helping a client find a long-term tenant. We now represent 12 long term rentals, 3 mid-term seasonal ski lease or summer lease properties and 10 vacation short term rentals. Long term rental properties continue to be in highest demand throughout the region. Ski leases have always been strong and summer leases have really gained in popularity over the last few years. For more information on how to generate income from your property contact Lauren Kilbourn at (530) 563-6513 or email Lauren at rentals@tahoetruckeehomes.
-Matt Hanson, Broker
2017 Realtor of the Year
Tahoe Sierra Board of Realtors