What a difference a light snow year makes in the Truckee-Tahoe real estate market compared to 2023’s winter conditions! A light snow year typically leads to increased accessibility and a more active real estate market.
Skiing and snowboarding were a comparative breeze! Yes, the resorts were open (with minor exception due to a BIG blizzard!); accessing Highway 80 was relatively easy and our winter lifestyle took off with a BIG bang! We’ve surely had a respite from the 100+ year snow conditions and “Miracle March” delivered — it’s still snowing this weekend! Great for Lake Tahoe, our aquifers, wildlife and pure enjoyment of the mountain lifestyle, we’re off to a GREAT start for 2024!
Here’s Alison’s Takeaways for Elder Group’s Q1, 2024 Market Statistics:
- The Truckee-Tahoe real estate market is not just stable but also showing an increase in prices in key neighborhoods, providing a sense of reassurance to all stakeholders.
- A few areas have experienced a decline in median sales price, albeit inconsistent by neighborhood. For instance, Tahoe Donner, Lahontan, and Truckee area condos have seen an increase in median sales prices. However, most luxury areas have seen a decrease in median sales price, with Martis Camp homes having the largest swing. The luxury markets of Schaffer’s Mill, Gray’s Crossing, and Northstar have softened.
- Days on Market were all over the board! In some areas like Northstar, Lahontan and the greater Truckee area properties were selling faster, indicating a more active market. However, in areas like Tahoe Donner, Martis Camp, Schaffer’s Mill, Donner Lake, and Gray’s Crossing, properties were staying on the market longer, suggesting a slower market pace.
- Price per Square Foot was DOWN in all markets except Martis Camp and Lahontan;
- More properties were conveyed in Tahoe Donner, Schaffer’s Mill, Donner Lake, Martis Camp and greater Truckee compared to 2023. There were fewer properties conveyed in Northstar and Lahontan. There was no change in Gray’s Crossing or Martis Camp compared to Q1, 2023.
Check out each Neighborhood that intrigues you (or where you own property!) to see specific market insights. Review the Key Market Summary below for a macro overview and watch Alison’s videos to learn more about for preferred neighborhood(s)!
Here’s Alison’s Takeaways #2 – What’s Coming Ahead:
- Expect a much more balanced supply and demand through summer. Given the stable market conditions, this is a solid time for both buyers and sellers;
- Anticipate a plethora of listings this summer – inventory is currently tight due to ski leases and will be released shortly. For example, Tahoe Donner currently has presently only 13 properties for sale;
- Given the positive stock market results, consumers are paying cash in over 50% of offers Elder Group writes or receives. Buyers are bidding competitively on properties;
- Homes appraising at value are and have been a non-issue. Why? Building costs are so high, and the resale product is a good value. Buying is much less expensive than building, and replacement costs are high;
Our team at elder Group continues to lead the Truckee-Tahoe market and maintains a large listing inventory. Whether you are selling a property or purchasing one, our expertise ensures you can proceed with confidence and get the RESULTS you want!
The links below provide data and Alison’s videos about eight key Neighborhoods in the Truckee market and 16 micro-markets delivering all the financial data you need! Our Elder Group website provides a plethora of information, retro-statistics, properties and oodles of information. Check out your preferred Neighborhood below!
Elder Group Tahoe | Q1 2024 | 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
Shaffer’s Mill
Sugar Bowl
Tahoe City
Tahoe Donner
Truckee
Westshore
Westshore Lakefronts
Winter Creek
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