As forecast in our most recent update, July, 2015 showed the strongest performance for real estate in the Tahoe-Truckee region across the board. With year-to-date highs for total sales (134), average price ($815,708) and median price ($526,878), as well as the first month this year to crest nine figures for total sales volume ($109,304,945).
Most significantly, the luxury market came alive with 21 total sales topping $1,000,000; nearly double the previous high for any month this year. Somewhat surprisingly, the geography of these luxury sales was distributed more broadly than is typical for heart of summer. Beyond many lakeside sales typical of the season, several acreage properties scattered around the outskirts of Truckee traded along with luxury homes in Gray’s Crossing, Lahontan and Schaffer’s Mill. Perhaps most notably, two properties sold within Northstar’s Mountainside neighborhood breaking from typical seasonal trends and foreshadowing the release of demand pent-up from winters past.
In our recent Tahoe Mountain Report, we discussed the momentum typical of the second half of any given year to bring up to 35% more sales than in the first half. With July clearly bearing this out, we expect the rest of 2015 to be dramatically the same. In just the past 30 days, 150 properties are newly pending sale including 40 at asking prices above $1,000,000. Among these are 11 Martis Camp homes at an average price near $3,500,000, 8 Schaffer’s Mill residences and 3 Lahontan homes.
With the height of the purchasing season still ahead of us, overall market demand appears strong. As we near the start of school for many families, final summer vacations will begin to blend with ambitions for a great ski season. These forces typically combine to bring strong activity to all market segments as we head into fall.
We look forward to keeping up you updated as to the dynamics of the Lake Tahoe real estate market as events unfold.
Tahoe Mountain Realty