September, 2019 Tahoe-Truckee Market UpdateTMR Team, September 3, 2019 in Market Update
August, 2019 brought among the most productive month of real estate activity that the Tahoe Truckee region has ever seen. 185 residential transactions totaling over $188,000,000 at an average price of $1,021,049 show exceptional demand in what has been an otherwise sluggish year.
This period, among the 10 busiest months ever for the region, only pales in comparison to the same 30-day stretch one year ago which saw 210 transactions equaling $222,000,000. A 12% decline in sales activity is proportionate to year-to-date figures for the overall market compared to 2018 though they exceed nearly any other year on record.
August saw a surge in hyper-premium real estate, the market segment most obviously lagging in comparison to last year due to a major scarcity in premiere offerings. The overall market posted 40 sales greater than $1,000,000; a figure that would have been a healthy annual total not long ago. Two lakefront estate properties on Tahoe’s West Shore posting sales prices of $10,500,000 and $16,400,000. These represent just the second and third eight-figure transactions this year, again equaling the market’s high for any year beside 2018. Additionally, five custom homes in Martis Camp transacted between $3,500,000 and $6,700,000.
Other premium transactions throughout the region included four homes in Gray’s Crossing bringing the year-to-date total for that community to a near-record 22. Similarly, Lahontan posted another three sales in an ongoing stellar year. An additional Boulders Residence found Mountainside at Northstar closed for $2,300,000; a nice summer premium for slopeside living.
August is typically the beginning of a 90 day period during which the regional market reaches its peak sales activity. Labor Day and the weeks thereafter are when the summer window shoppers converge with those making winter plans leading to the most productive deal-making season. 235 properties are currently pending sale indicating that the market is, yet again, conforming to this cycle. A well-supplied market with 7-months inventory, should give consumers ample choices during this busy time.
While temperatures remain in the upper-70’s, shorter days and cooler nights reveal that winter is around the corner. If regional activity over Labor Day is any indicator, we appear poised for another tremendous season. In the meantime, Tahoe’s best season is upon us.