Truckee-Tahoe’s real estate market TURNED ON – literally on July 10th – and delivered robust summer results with overall stable prices, consistent sales volume and unexpected property “days on market” swings for Q3, 2023 as compared to the same period in 2022. Following a quiet first two quarters and the long winter, activity took off with a later than normal summer start and recovered with a very strong third quarter performance despite increased interest rates and stock market volatility.
Here are KEY MARKET TAKEAWAYS FOR Q3, 2023:
- PRICING | Median and average sales prices varied significantly by neighborhood. For example, Tahoe Donner’s median sales price decreased by only 4.8%. Lahontan’s luxury neighborhood reduced only 2.1% while Martis Camp increased by 37.3%. Old Greenwood did not experience any closings. Schaffer’s Mill prices increased by 31.5%, mainly due to the completion of new construction single family home products coming to market.
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CONDOS\TOWNHOMES | There was a surge in condo and townhome sales volumes in essentially every neighborhood with inconsistent price trending. Tahoe Donner jumped 16.6% in median sales price to $515,967; Northstar saw a whopping 59.5% increase to $1,300,000; Schaffer’s Mill’s luxury townhomes softened by 13.1%.
INVENTORY | Inventory is still tight, meaning there are not as many properties for sale. However, overall, the closed escrows counts are balanced with Q2, 2022 results in most neighborhoods. The market is still below pre-Covid sales volumes. - DAYS ON MARKET | Days on market increased slightly across several key and luxury markets with some surprising results. The biggest swing was the Gray’s Crossing neighborhood, which slowed from 10 to 94 days. Lahontan increased by 10 days to 66. Schaffer’s Mill moved from 29 to 32 days for single family residences and to 59 days from 15 days for townhomes – a big increase of 280.9%. Interestingly, Tahoe Donner decreased from 25 to 23 “days on market”.
Watch ALISON’S Q3 MARKET RECAP VIDEO and check our links to view Q3, 2023 Neighborhood Market Reports below. Always informative and focused on bringing value, Alison is an expert in the Truckee-Tahoe real estate market with over $1,000,000,000 in Truckee-Tahoe sales.
Elder Group Tahoe | Q3 2023 Neighborhood Reports
Alpine Meadows
Donner Lake
Donner Lake-Fronts
Glenshire-Devonshire
Gray’s Crossing
Juniper Hills
Juniper Creek Ranch
Lahontan
Martis Camp
Martis Valley Estates
North Lake Tahoe
North Lake Tahoe Lakefronts
Northstar
Old Greenwood
Palisades Tahoe
Prosser
Shaffer’s Mill
Sugar Bowl
Tahoe City
Tahoe Donner
Truckee
Westshore
Westshore Lakefronts
Winter Creek
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