Q1, 2017 Tahoe-Truckee Market UpdateTMR Team, April 4, 2017 in Market Update, Q1, Real Estate, Tahoe, Truckee
Real estate in the Truckee-Tahoe region continues to exude optimism with posting a very strong opening quarter to 2017 despite challenges from road closures, power outages and other events created by prolific winter snowfall.
Results from Q1 were remarkably similar to those of the same period in 2016; a year that would become arguably the best ever for property in this region. Median price leapt 14% year over year while total sales trailed by 7% indicative of tight inventory. Year-to-date sales volume totaled nearly $250,000,000 foretelling a 5th consecutive $1 billion year.
Luxury sales followed a predictable course as ski resort properties experienced the immediate dividends of near historic snowfall. The Village at Northstar doubled the number of transactions during Q1, 2016 and has nearly equaled the total for the preceding 12 months in just the first quarter of this year. Northstar Mountainside saw explosive growth as its Stellar Townhomes have sold through nearly all available residences with momentum building around other slopeside properties.
Martis Camp sold the last of its 671 developer homesites completed among the more remarkable runs of luxury sales throughout the country in recent times. An additional 9 homes have transacted in Martis Camp during Q1 at an average price of $3,864,642.
A seasonal outlier during this period was the sale of two lakefront sales on Tahoe’s West Shore. At $13,975,000 and $15,000,000 these represent two of the top ten sales ever recorded on the California side and, but for a $17,500,000 sale in September, 2016, the highest individual transactions since 2014. In addition to the rare 8-digit pricing of these transaction, completed such transactions, for which land value is paramount, amidst head-height walls of snow is extraordinary. Despite the pendulum having swung dramatically toward newer, amenitized communities in recent years, lakefront property remains the pinnacle of Tahoe homeownership.