Late Fall Tahoe/Truckee MarketColleen Loiseau, December 2, 2017 in Market Update. Real Estate, TMR, Tahoe Favorites, Tahoe/Tuckee
As we round out the 2017 fiscal year, the supply of active inventory in the North Tahoe/Truckee region is limited. A slight reduction is typical as we head into the winter months, however the current shortage in residential listings is unprecedented. This trend is further driving the market in the sellers favor.
There are currently 573 active residences for sale, enough supply for approximately 4 months. Generally a balanced market has enough inventory to satisfy a 6 month demand of sales, and the luxury market is usually balanced at a 1 year supply.
Over the past 12 months, the North Tahoe/Truckee market has seen 1708 residential units change hands. The numbers below detail the inventory history for the last 12 months in our core communities. Although it appears that Lahontan’s market is flooded, note the difference in supply of newly constructed homes compared to the supply of older homes.
Many factors contribute to the present condition of the market. The continued success of Northern California industries has allowed a greater population to afford second homes. In addition, the demand for rentals in the region is also at an all time high, allowing would-be sellers to act as landlords, and monetize unused time in their mountain home.
Historically, real estate sales in our area see a downward shift in the last quarter. This year however the market continues to experience heightened activity as families secure their winter basecamp. A retreat home in the mountains holds its value as a setting to create traditions and lasting memories.