TAHOE MOUNTAIN REPORT TRUCKEE/TAHOE MARKET OVERVIEW
OFFICE LOCATIONS
NORTHSTAR 3001 Northstar Drive Truckee, CA 96161
OLD GREENWOOD 12915 Fairway Drive Truckee, CA 96161
GRAY’S CROSSING 11406 Henness Road Truckee, CA 96161
DOWNTOWN 10396 Donner Pass Road Truckee, CA 96161
530.550.2000 | info@tahoemountainrealty.com | tahoemountainrealty.com | BRE 01995145 | PO Box 3757, Truckee, CA 96160
T R U C K E E / T A HO TRANSACTION VOLUME COMPARISON 2000
2,348
1800
1,746
1600
1,620
1,634
1400
1,428
1,488 1,377
1,252
1200
1,578
1,412
1000 857
800 600 400 0
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021*
AVERAGE SALES PRICE $2,000,000 $1,047,342
$1,000,000
$1,133,663
$900,000
$821,430
$800,000
$832,540
$907,330 $854,649
$685,247
$700,000
$601,217
$600,000 $500,000
$759,693
$1,493,054
$513,177
$400,000 $300,000 $200,000 $0
2011
2012
2013
2014
2015
2016
2017
w w w .TAHOEMOU N TAIN REALTY .c om
2018
2019
2020
2021*
E M A R K E T OV E R V I E W LUXURY MARKET OVERVIEW
SUMMARY
> $1MM
> $2MM
> $5MM
> $10MM
2013
178
63
10
2
2014
249
107
13
3
2015
202
73
17
1
2016
299
111
22
2
2017
346
105
23
2
2018
386
147
34
7
2019
348
94
25
5
2020
723
257
57
5
2021*
400
134
38
11
ACTIVE LISTING INVENTORY 4000 3500 3000 2500 2000 1500 1000
1,393
1,598
1,803 1,075
0
766
683
500 2011
2012
2013
2014
2015
2016
640
516
495
2017
2018
2019
231
265
2020
2021*
MARTIS CAMP VS TAHOE LAKEFRONTS MEDIAN SALES PRICE MARTIS CAMP
LAKEFRONTS
2011
$3,412,500
$2,937,500
2012
$3,300,000
$3,200,000
2013
$3,297,500
$3,450,000
2014
$3,333,140
$3,025,000
2015
$4,650,000
$3,651,774
2016
$4,325,000
$4,176,000
2017
$4,466,000
$4,176,000
2018
$4,675,000
$3,747,000
2019
$5,100,000
$4,287,500
2020
$5,626,000
$4,388,000
2021*
$6,575,000
$7,911,818
$8,000,000
$6,000,00
$4,000,000
$2,000,000 0
2010 2012
2013
2014
2015
2016
2017
2018
2019 2020 2021*
D a ta c ollec ted January – June 2 0 2 1. Data c o n tai n ed i n th i s r epo r t is from the T a hoe Sie rra B oa rd of R e a ltors. Infor m a t ion is d e e m e d r e lia ble but n o t g u aran teed . Co n sul t yo u r Tahoe Mounta in R e a lty B rok e r for m ore inform a tion.
MARKET NEWS Greetings – The remarkable momentum gathered by Truckee -Tahoe real estate through 2020 carried over into a record-setting first half of 2021. The opening six months of any given year are typically quieter than the latter, yet this year 875 residential properties have transacted year-to-date, exceeding the same period a year prior by 36%. More notably, price escalation and an increasingly premium buyer profile have driven the cumulative dollar volume of these transactions above $1 billion; the first time this threshold has ever been met in the first half of any year. The local marketplace is as competitive as at any point in time with multiple bids having become commonplace. While the total number of listings brought to market this year is nearly identical to 2020, available supply feels impossibly tight having hovered around a single month of supply for much of the last year. Median time on market is an implausibly low 10 days year-to-date while the average sale is transacting at 104% of asking price. Buyer mentality continues to focus around “what will it take” rather than “what is it worth,” understanding that real value is in the opportunity to gain the non-monetary benefits of owning property in this pristine mountain setting. As we look toward a new normal, a hybrid ‘co-primary’ home concept is emerging. The opportunity to untether from a traditional Monday – Friday office model is allowing for a deeper engagement in the local community in a way that traditional vacation homeownership never allowed for. The current velocity of the real estate market will ultimately prove unsustainable, but few signs of erosion are present. Today’s consumer is well calibrated to the realities; including a keen awareness of buying into a peaking market. Unlike the bubble years preceding the last recession, there is not rampant speculation over future values, nor does there appear to be great sensitivity to the threat of rising interest rates. Rather, these consumers understand the quality-of-life benefit to living in the mountains and recognize that by waiting out a hot market, they are losing time spent in enjoyment. The second half of any given year typically delivers double the transaction volume as summer shoppers merge with those buying in anticipation of winter. From the current vantage, only constrained supply will prevent this trend from continuing.
Best regards, Jeff Brown
General Manager Tahoe Mountain Realty
530.550.2000 | info@tahoemountainrealty.com | tahoemountainrealty.com | BRE 01995145 | PO Box 3757, Truckee, CA 96160