2016 Year-to-Date Forecast Strong and StableJeff Brown, July 16, 2016 in Market Updates, Real Estate
Strength and stability best define the performance of the Tahoe-Truckee real estate market through the first half of 2016. Every discernable metric demonstrates growth ranging from 6% (median price) to 13% (average price; total transactions) to 29% (total sales volume) when measured against the same period a year prior.
The combination of economic prosperity within the Northern California feeder market and the foundational values inherent to the mountain lifestyle merge into increasing demand for our region. More and more the call of Lake Tahoe is becoming embedded in the culture of young families for whom time spent in pursuit of family and fitness is the antidote to the plugged in frenzy of everyday life. As the Bay Area workforce trends younger and more prosperous, demand for Tahoe has surged.
Among this evolving demographic of consumer, new trends have taken shape. A deluge of construction throughout the region indicates a desire for modern detail evident in a dramatic swing toward contemporary architecture. As well, time spent maintaining older homes or those in outlying areas is seen as dilutive to the pursuit of activities for which the home was purchased. As such, property within well organized, resort communities with functional, if not lavish, common amenities are performing well.
Communities embodying the values core to the current values of Lake Tahoe consumers including Northstar Mountainside, Martis Camp, Lahontan, Gray’s Crossing and Old Greenwood will continue to thrive. Each has new and exciting offerings coming on line this year.
The second half of 2016 promises to be an exciting and dynamic time. We look forward to keeping you on the forefront of the market.