The narrative surrounding real estate in the Tahoe-Truckee resort market this winter has closely mirrored the ski season itself. As the first indications of a strong winter became evident, a flurry of activity beset the region. These transactions were largely consumers having expressed interest in the past who needed a vote of confidence from Mother Nature to make a final purchasing decision.
As the snow continued through the holidays, the region saw a remarkably steady flow of visitors who reengaged with the sport and the region in a way that reinvigorated a curiosity for making a more permanent home in the mountains. This activity begat results for February that built upon an already steady start to the year with 91 total transactions, up 7% from the previous month and 23% year over year. More notably, the constitution of these transactions was decidedly upscale as average price leapt 23% from February, 2015 to $972,000. Notable among these include 5 Martis Camp homes at an average price of $6,860,000 including a transaction over $7 million by Tahoe Mountain Realty, the second largest transaction ever recorded in that community. Additionally, Northstar’s resurgence included the second consecutive month with a transaction from TMR greater than $3,000,000 in Big Springs as well as three other premium sales.
Yet February brought warm temperatures and easy traveling allowing an even greater number of guests to experience an exceptional winter season under ideal weather conditions. Like the winter, now poised to reestablish snow levels through an impending atmospheric river, the real estate market appears ready to launch to even greater heights. With 46 sales currently pending above $1,000,000 communities including Martis Camp with 7 sales currently pending at $4,800,000 average and Northstar Mountainside with 3 sales pending at over $10,000,000 total volume, near term success appears as abundant as snowfall.
In general, the market remains vibrant and optimistic but has not yet hit its full potential. The second wave of winter will come just in time to inspire consumers to visit under the best possible circumstances to inspire a visit to our showroom.
We will be waiting with great enthusiasm.