Lake Tahoe Sales Trends
2017 set new records for sales throughout Lake Tahoe and Truckee. Statistics show that 1,160 single family homes sold with sales totaling over 1 billion dollars. The inventory levels have been at a historic low and days on market are lower in 2017 vs 2016 which means homes are selling faster.
Because home sales are tied to whether or not people can get to the area, the great snowpack in 2017 led to an increase in sales where the dollar volume for December 2017 was up 31% over December 2016.
2018 is shaping up to be another great ski year so we expect sales to remain consistent. This year however, is challenged by a rapid decrease in inventory numbers. The median home price of $671K was 7.6% higher in 2017 over 2016. The sale of higher price point homes over 1 million also increased 15% with homes selling between $1M and $3M at an all time high .
Low inventory continues to drive home values up. For example, Tahoe Donner, which can normally have over 100 properties for sale at any given time, currently has only 24 homes for sale. Because of the low inventory, most of Lake Tahoe is starting the 2018 vacation home buying season as a seller's market. Entry level homes are difficult to find and the $500K - $800K market is also low in inventory.
2018 began with an increase in sales volume of nearly 30%, so we expect inventory to be depleted as we move into the summer. Many second home owners wait until summer to put their home on the market, so we'll see if this has any impact on the currently low inventory.
If you are thinking of selling your home in Lake Tahoe or Truckee, there may not be a better time to list your property. Low inventory always works in the seller's favor. At the same time, your dream of affording a vacation home in Tahoe may be challenged as less and less homes become available. The demand has consistently grown and all signs point to a strong market this summer. Whether you are looking to buy or sell your vacation home in Tahoe and Truckee, I can help you. Contact me today!