November, 2016 Tahoe-Truckee Market UpdateJeff Brown, November 2, 2016 in Market Update, Real Estate, TMR
October, 2016 offered the most balanced period for Tahoe-Truckee real estate in some time. While the market has performed spectacularly for much of 2016, the activity has been concentrated in certain, high-performing communities.
Martis Camp has taken an overwhelming share of the luxury segment year-to-date; though 2 sales in October at $4,560,000 and $5,545,000 is more sustainable. Similarly, lakefront property saw the $10,000,000 barrier broken for the second time in 2016 with an $11,000,000 transaction on the West Shore. Other activity in the luxury segment included a Squaw Valley home ($3,250,000); two homes in Lahontan ($2,400,000, $2,550,000), a premium Great Bear condominium in Northstar Village ($1,780,000) and a Gray’s Crossing home at ($1,440,000) in addition to several others scattered throughout the region.
Median price remained steady at $552,000 while average price dropped slightly from recent months to $823,895. The latter statistic represents the more balanced performance whereby sales are more evenly dispersed among price ranges.
$500,000 – $1,000,000 63
< $500,000 60
While this metric lacks the pizazz of recent months, it is ultimately far more sustainable.
The total number of real estate transactions in October is quite robust by any objective standard, however it does represent a slightly earlier-than-normal beginning to the year-end taper typical of this market. Coming out of the busiest 3rd quarter on record for the region, particularly in an election year, a small pull back was to be expected.
Nevertheless, early snow has piqued interest in winter accommodations and pending transactions remain strong with over 180 residential sales pending with November close dates. While the last quarter of any year is often calm, steady demand appears to offer a promising finish to 2016.