Winter is generally quieter up here than the Summer, but with our outrageous winter so far, and with Interest Rates beginning to climb since the last quarter of 2016, there is more of a sense of urgency to Buyers, and the market has held stronger than normal. Inventory is always lower in the winter.
Sellers pull their homes off the market for guaranteed ski lease income, or due to the hazards and irregularities of marketing a home in the winter, but this winter, Buyers are taking their pick from the properties still on the market, and Agents are working extra hard to make sure any available pocket listings are shown, if possible. Just as shoveling and living in the weather up here takes a little more gnit and grit, so does showing and selling a home at this time. The Buyers and Sellers going through the extra mile right now do end up coming out ahead from those in the Summer due to less competition and and an overall thoroughness to the task at hand.
The Truckee market has been strongest overall with the most single family homes sales in the region. With a higher inventory, and slight ease of marketing a property in the winter in Truckee over the Lake Tahoe neighborhoods, it is understandable this market would hold strong.
Year to Date, 2017 there were 22 homes sold in Truckee.
19 under $1,000,000– Average SOLD price for under $1 Million is $643,863.00.
3 over $1,000,000– Average SOLD price is $2,313,333.00.
Average days on market is 67 days.
Condos in ski areas are at an all-time high for the past few years. With strengthening confident in the winters we have up here again, but Buyer-desire focused on use and not homeownership maintenance, Condos have become very popular up here. As well, with the increased ski-traffic we’ve been seeing up here, Condos offer the avid skier the change to ski and stay exactly where they’d like to be, rather than sitting in an hour of traffic after skiing all day. The Condos in ski resorts have seen an influx of purchases recently.
Squaw Valley market for example shows us the following:
Nov-January 2013-2014 Condo Sales: 9 units, $498,055 average sale price
Nov-January 2014-2015 Condo Sales: 6 units, $848,083 average sale price
Nov-January 2015-2016 Condo Sales: 10 units, $522,400 average sale price
Nov-January 2016-2017 Condo Sales (PRESENT): 20 units, $452,152 average sale price
We are DOUBLE where we were season to date last year. Average sales price has gone down as well, although I attribute that to an increase in smaller units, thus swaying the average sales prices down. The majority of units sold this year were studios or one bedrooms. Owners are purchasing a place to stay when the weather and parking are tough, but perhaps simultaneously do own another single family home in Lake Tahoe. Thus the increase in smaller units as shelters and amenity-use, rather than full-time use.
Conversely in the Northstar Market:
We are seeing a settling of the inventory. While Squaw suffered in the past few years due to lack of snow, and thus a deterioration of their primary amenity (skiing) during the winter, Northstar condo sales boomed in the weak winters of 2013 and 2014. Average condo sales were $1,256,720 in 2013 and $1,048,869 selling 20 and 17 units, respectively. The majority of the units sold in these years were high-end luxury condominiums in the Ritz-Carlton Lake Tahoe.
Average sales in Northstar season to date (November-present) are $574,583 at 12 units sold thus far. The majority of these units sold are 2-3 bedrooms indicating perhaps that more Buyers are purchasing in Northstar as their primary vacation home, with the added amenities Northstar provides year-round. With more for homeowners to do in close proximity to their properties, values stay strong. Added amenities help keep the real estate market strong, and values heightened.