The Lake Tahoe and Truckee Real Estate Market finished another strong year in 2017. After a record setting 2016, it almost seemed inevitable that 2017 might be a plateau year, but that was far from the case. With record snow fall last winter, skiing into July and a full lake all summer, the region has been buzzing and we even saw some new records. Home Sales beat 2016 sales with 1,872 homes selling in 2017 versus 1,742 in 2016. There was more available inventory in 2016, but that helped drive prices up with Average price up 3% Year Over Year, however the real strength number is the Median Price, which jumped 9% from $525,000 to $571,500. There are still 175 pending sales in the market, which should lead to the start of a solid winter offseason. Sales may take a bit of a hit with the lack of snow, however, if last year was any indication, people are up here to play when there is good snow, so we may not see a big impact in either direction and we start the slow build into the summer season. I would love to discuss with you the purchase of a home, or the sale of your home. The winter season is an interesting time to do either. With less competition on the market, selling your home may be a great option, but it may take a little longer. As a buyer, inventory is low, but there are less buyers to compete with and after this year, there was plenty of competition with multiple offers and bidding wars happening all over the region. There does not appear to be any slow down in the near future. The economy is strong, housing has been strong and our region is looking very strong with the Reno Effect being a real factor.
A great sign of growth and strength in the region is the new developments currently about to launch in Squaw Valley: The Palisades at Squaw – A brand new development featuring 30 town homes and 33 custom home sites. The Plumpjack Redevelopment will feature a complete renovation of the well known hotel at the base of Squaw Valley, but it will also offer 34 condo units for a very exclusive opportunity for luxury, proximity and privacy in the valley. For more information, please let me know.
Have you ever wanted to build a custom home in Truckee? Check out The Sierra Bluffs! I’m very excited to represent this development with nice sized lots for custom homes with views of the Sierras on both sides and plenty of sunshine! There are only 7 lots left!
Here are the New Listings in the last week.
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