The Truckee – Tahoe real estate market as a whole has been doing well in 2017. Perhaps it was the great winter with record snow depths we had or a new wave of buyers descended onto Tahoe making this year spectacular to this point. Tahoe is and always will be a destination area. Both seasons bring new travelers and potential owners every month to the area to experience the outdoors. Skiing, snow shoe hikes and sledding to name a few winter activities. Golf, boating and hiking to name a few summer activities. Whatever the narrative is and whatever the draw to the area is the year to date data is painting a picture of the best year for Tahoe real estate in over 10 years. With one quarter to go we will see if 2017 can eclipse previous years, but up to this point it certainly has a chance and that is great news for homeowners in the area.
2017 has had 1195 units of property sell at an average of $866,105. 2016 is the new benchmark as it is the best year of real estate transactions from the last 10 years. Through three quarters in 2016 there was an average price per unit of $868,441. So to see 2017 just about matching that number is a great indicator that our Tahoe market is on steady ground. On top of that 2017 has provided some stellar months. September of 2017 was the first month since March of 2014 to have the average dollar amount per unit eclipse $1,000,000. Seeing this statistic suggests that the higher valued homes are gaining traction once again and value as a whole is holding, if not increasing in the Tahoe market.
Northstar-at-Tahoe is a great community to highlight. It has been a steady climb since 2012 in terms of value. 2012 had a median price of $515,000, 2013 was up to $677,000, 2014 was $710,000, 2015 was $714,688 and 2016 was $737,500. Year to date in 2017 we have seen 73 units sell at a median price of $685,000. Once again we will use 2016 as a benchmark because with 103 units sold at a median price of $737,500 it was the best year since the downturn of 2008-09. If we are comparing 2017 to our benchmark again we find ourselves right on pace. The majority of inventory in Northstar is currently priced north of $1,000,000. History has shown that in the 4th quarter we usually see about 25% of the annual sales. Meaning, Northstar-at-Tahoe should have around 20-25 more sales close before the end of the year. If those sales come from the current inventory we should see 2017 catch or eclipse 2016.
In closing, 2016 was a great year, it was a year that the homeowners of Tahoe would like to build upon. The 2017 year to date data is showcasing that not only is the market trending to keep up with 2016 but it is very likely that it will become the new benchmark.
Visit our Q3 2017 landing page for market updates on all of our core communities.