Prior year comparisons would indicate that year-to-date production for the local real estate market has been sluggish. Indeed, 6% fewer residential sales have transacted year-to-date leading to an 8% reduction in total real estate volume when compared to the first seven months of 2017.
A deeper examination reveals that, while certain pockets of the market have hit saturation, the majority of the region continues to thrive. While average price has dropped slightly over this period from $849,000 to $827,000, median price has surged ahead by 10% from $539,000 to $595,750.
Rising median price contrasted with a slightly diminished average price indicates more homes selling in lower price points. Translated, primary neighborhoods have outperformed resort communities showing strong demand for full-time homes, investment properties and perhaps, a more modest lifestyle.
For example, Tahoe Donner, the common denominator community combining primary and second homes, has sold 6% more homes at 5% higher prices than the same period last year. Martis Camp, a phenomenon that has driven the local market to new heights in recent years, has sold 36% fewer homes taking almost $50 million in sales volume out of the market compared to last year.
The combined performance of Gray’s Crossing, Old Greenwood and Lahontan show an identical performance to last year at the same time having sold 28 homes at an average price just above $1,500,000.
Reasons for this shifting dynamic are many; tight inventory creating fewer selections for consumers, a general shift toward more conservative second home purchases or, perhaps, saturation of qualified purchasers for the most expensive local offerings.
July, 2016 began what may have been the most prolific 90 day period for real estate sales ever in the Tahoe Truckee region. While 2017 may not live up to these lofty standards, we are undoubtedly headed toward another sensational Q3 by historical standards.
With beautiful weather in the forecast the Concours ‘d Elegance Wooden Boat Show is the perfect event to attend this weekend. The beautifully restored wooden boats will be on display at Obexer’s Boat Company in Homewood on Friday and Saturday, August 11th and 12th. The Concours Wine Village is a favorite among attendees to the boat show with over 40 wines to taste from Northern California and Italy. The Tahoe Maritime museum offers free admission to Concours ticket holders and has hands on activities for the younger set in the children’s area. Enjoy the beauty of the elegant boats, Lake Tahoe and the gorgeous weekend weather.
The worlds oldest paddle festival returns to the shores of Kings Beach with the Ta-Hoe Nalu this coming Saturday and Sunday. You can still sign up and there is competition for all ages. There will be food, music and a raffle to make for a great day at the beach.
PICK OF THE WEEK
Located within town limits, you will experience the ultimate compromise between privacy and proximity to the downtown Truckee corridor. With over 15 acres of land and incredible mountain views, this craftsman home offers the idyllic mountain lifestyle many are searching for. At over 5,000 sq. ft. with 4 beds 4.5 baths and a 3 car garage, you have plenty of room to entertain and store all of those Tahoe Toys for mountain adventures. This is a must see if you are searching for that unique property that is hard to find. It is a bonus that the price is well below replacement value. Here is a link to the listing:Click Here to View Listings
TAHOE MOUNTAIN REALTY
M. 530.448.5141| O. 530.550.2021