Tahoe Mountain Report

Coming off the most prolific year ever for property in the Tahoe – Truckee region, inventory held at a remarkably low but steady supply at 6 weeks, with transaction volume restrained only by available options. Ultimately, just shy of 1900 residential properties transacted over the course of the year, the most ever but for the previous year.

Predictably, as demand overwhelms supply, prices surged higher. Despite 20% fewer transactions, the total dollar volume was nearly equivalent compared to the previous year. Both average and median price moved in unison showing appreciation of approximately 30% year over year. Compounding the gains of 2020, the market has accelerated by over 50% in the span of two years. This surge in pricing drove nearly 50% of all residential transactions to prices over $1,000,000. This benchmark, previously the threshold for luxury property, has become the median value throughout the region.

In addition to Martis Camp, well amenitized resort communities including Lahontan, Old Greenwood, Schaffer’s Mill, and Clear Creek have been particularly appealing to the consumer seeking modern design, simple living, and easy access to nature. Properties within winter resorts, most notably Northstar’s Mountainside and Village Walk Skyline communities have sold through new development in record time. These communities as well as Sugar Bowl and Olympic Valley are equally starved for quality inventory at the outset of 2022.

If no other lessons have been learned over the last two years, any attempt at predicting what may come is a fool’s errand. Nevertheless, from the perspective of a brand-new year, historically tight supply combined with a captive audience of would-be purchasers would seem to indicate that robust market conditions will be here for some time to come.