2023 was certainly a wild real estate year in Truckee-Tahoe! Record setting snow level conditions, reduced inventory, increasing interest rates and consumer inflation impacted our market. However, it’s very clear: Truckee-Tahoe is truly a coveted destination, particularly for Bay Area residents. While various economic conditions affected the U.S. and world economies, our mountain communities held strong with overall minor price adjustments and very similar product absorption as compared to 2022. Days on market increased, understandably, due to corporate return to work policies and heavy winter snow conditions. Highway 80 snow closures affected weekend ski traffic and access to properties. However, the benefits of a harsh winter delivered a gorgeous summer, a “full to-the-rim” Lake Tahoe, amazing wildflowers plus spectacular hiking and biking conditions. The mountains burst alive with color!
Here’s the key takeaways for Truckee-Tahoe’s real estate market for 2023 – be sure to check out your preferred neighborhood(s) below!
List Price to Sold Price – The uniqueness of our various neighborhoods makes a blanket statement about “list to sold” percentages challenging. Overall, “list to sold” pricing dropped 3.6% from 2022 in the greater Truckee market. This generally demonstrates the market is overall a stable one. Sellers have and continue to align with more normalized market conditions and are still experiencing significant gain from the Covid 19 purchase frenzy. Luxury market Martis Camp experienced an average list price of $8,346,034 and an average sold price of $7,851,293 – a differential of 6%. The Martis Camp resale market is still relatively new and will establish itself over the next several years. Overall, the consumer speaks clearly and demonstrates correct pricing must be aligned to their perception of product value. While the market has softened slightly and is now providing some room for price negotiations, it is neither a buyer’s or seller’s market; I would consider the market balanced.
Product/Units Sold – Limited inventory impacted and mostly decreased units conveyed in 2023. The greater Truckee area showed a 20.1% decline in single family home sales. Tahoe Donner experienced a whopping reduction of 30.4%. Inventory demand was clearly ahead of supply throughout 2023 in essentially all neighborhoods.
Product Days on Market (DOM) – With the exception of Schaffer’s Mill – which decreased by only one day to 61 days on market – and Donner Lake with a mere 25 days on market, DOM for single family homes increased across all neighborhoods. Lahontan moved from 59 to 102 DOM. Martis Camp more than doubled from 44 to 91 days – a big increase of 104.8%. Tahoe Donner remained very stable with only 28 DOM as compared to 27 in 2022. Ski resort, Northstar, increased by 51.4% to 85 DOM. Please note that DOM are impacted by inventory, new construction releases, pricing strategy, location and consumer demand.
What’s ahead in 2024? Lower interest rates, most likely a lighter snow year, new construction releases and consumer demand! Whether you are considering selling your property or purchasing the mountain vacation home you’ve always dreamed about, our Elder Group team is at your service!
Read on and take a deep dive into the Truckee-Tahoe real estate market information provided and call Alison anytime for a personal consultation. And, if you would like to receive our lifestyle publication, E-News, sign up here.
From our family to yours, we wish you a happy, healthy, prosperous and spectacular 2024!
Elder Group Tahoe | Year-End 2023 Neighborhood Reports
Alpine Meadows
Donner Lake
Donner Lake-Fronts
Glenshire-Devonshire
Gray’s Crossing
Juniper Hills
Juniper Creek Ranch
Lahontan
Martis Camp
Martiswoods Estates
North Lake Tahoe
North Lake Tahoe Lakefronts
Northstar
Old Greenwood
Palisades Tahoe
Prosser
Schaffer’s Mill
Sugar Bowl
Tahoe City
Tahoe Donner
Truckee
Westshore
Westshore Lakefronts
Winter Creek
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