Truckee and Lake Tahoe area real estate statistics for Q2 2014 are here for your review. As compared to the same period in 2013, market trends continue with increasing prices. Unit volume is UP and sales volume is UP, even though we had a lack of winter snow and saw some slowing in visitor traction. The over $1,000,000 luxury markets grew overall while the equity markets are strong. Indeed, clients purchased homes in the Truckee-Tahoe area and are now enjoying their new second and vacation homes here this summer! Here’s a brief overview by macro market area with links to the Elder Group Tahoe Real Estate site – www.eldergrouptahoerealestate.com – so you can access more information.
Truckee: Overall sales volume increased 5% over 2013’s record year. Unit volume decreased by 20% from 331 units sold to 265 units sold. Prices increased by 19% for median pricing and a BIG 32% for average pricing. Unit sales for the <$1,000,000 market decreased by 27% with the luxury market over $1,000,000 increasing by 26% with excellent and well-priced inventory that is still soft with solid values. Luxury unit counts increased from 43 units to 58 units over 2013. The condo market increased by 5% in unit counts from 97 to 102 units. The median price climbed 13% to $385,000 and the average price increased 14% to $612,902. Certainly the luxury communities have driven up the condo values. Refer to Truckee Q2 Statistics from Alison Elder, Elder Group Tahoe Real Estate for more information. Feel free to give us a call at 530.582.8103 or email Alison for more information at info@eldergrouptahoe.com.
Tahoe Donner: Interesting statistics await over the last year’s same Q2 period. This core Truckee market is still very strong with last year’s flurry of activity and big price jumps leading us into the summer months following a lighter than usual Q2 in overall sales and volume, perhaps due to the snow conditions in this primarily second home market. Overall Tahoe Donner sales volume is down 27% from 71,520,061 to $51,949,350. Units sold decreased from 125 to 83 homes. Prices, however, increased 14% to $595,000 from last year’s $520,000. Average prices climbed 9% from $572,160 to $625,895. Home sale unit counts less than $1,000,000 softened with a 32% decrease; 80 units were sold as compared to 118 units last year, same period. The over $1,000,000 market is down 57% with 3 units sold in Q2 as compared to 7 units in the same period of 2013. Stabilizing prices (versus continuing rising prices) is the expectation. The condo market was very stable with volume and units BOTH up 44%. The average condo/townhome price is $252,063 representing a number of Ski Bowl condo sales and the median price point is $256,000, up a modest 4%. Average prices stayed even to last year. There are some excellent home and condo/townhome products for sale and very nice inventory. Our prediction is that the list to sale prices will soften as buyers and sellers come together to create new escrows. It’s time to buy a second/vacation home in Tahoe Donner, no doubt. Refer to Tahoe Donner Q2 2014 Statistics from Alison Elder, Elder Group Tahoe Real Estate for more information. Feel free to give us a call at 530.582.8103 or email Alison for more information at info@eldergrouptahoe.com.
Tahoe City: Tahoe City’s real estate market grew Q2 2014 as compared to Q2 2013 in key categories – sales volume, median price, average price. Sales volume was a whopping $122,913,426 – up 31% – from last year’s $93,822,398. The median price grew 19% to $525,000 form $441,500 and the average price was up a BIG 44% from $684,836 to nearly $1MM at $983,451. Unit sales declined 9% from 137 to 125 sales in Q2 2014 as compared to Q2 2013 – probably due to inventory, or lack thereof. Condo sales decreased 34% from $23.7MM to $15.7MM, units were down 5% and the median price grew 9% from $302,000 to $330,000. Interestingly, the average price was down 30% – albeit the median price point up – from $641,833 to A2 2014’s $448,896. Condo unit sales remained flat with 25 units sold in both periods and a decrease of 17% in units sold over $500,000, ten in Q2 2014 as compared to 12 in Q2 2013 It’s great to see Tahoe City recovering and sale volume moving right along – the lifestyle, location and Lake environment are fantastic and there are some fantastic homes on the market. Refer to Tahoe City Q2 2014 Statistics from Alison Elder, Elder Group Tahoe Real Estate for more information. Feel free to give us a call at 530.582.8103 or email Alison for more information at info@eldergrouptahoe.com.
Ski Resorts – Squaw Valley, Alpine & Northstar: Regardless of ski conditions, resort based properties are selling – and there are excellent values in the luxury market available and ready for what we all hope will be an El Nino winter! Given Chile’s winter conditions at the present time, if history holds, we’ll have the “big dump” this winter, making up for some lost time and filling up our precious Lake Tahoe. Please note that the following information is representative of all three resorts in aggregate and then detailed by Resort. The attached pdf offers both a roll up of the all three ski areas and then supplies specific information on each resort for both single family home sales and the condo/townhome market.
Ski Resort Overview – Aggregated Data Northstar, Squaw Valley and Alpine offer some of the finest resort living in the world, and it’s here in our backyard. Despite the challenges that the Resorts overcame with grace and commitment, the real estate markets fared well for our light snow season. The following statistis are specific to these three resorts in aggregate. Resort specific information follows below. Overall volume for home sales was up a BIG 39% to $19,548,348. Unit sales were UP 70% to 17 as compared to 10 units in Q2, 2013. The median price of a single family home dropped 28% to $940,000 (from $1,297,750) and the average sales price dropped 18% to just over $1MM – $1,014,834. Units sold under $1MM increased 300% to 9 and homes sold over $1MM increased 14% – to 8 units. The condo/townhome markets were soft in the volume, units and price point catagories. Volume was down 20% to $19,197,750. Units were down 27% from 37 to 27 sales. Both the median and average price points increased by 9%; the average price of a condo is $711,027 while the median price is $418,500 – a significant swing. Seventten units sold under $500,000 (17 count, down 26%) and ten units sold over $1MM as compared to 14 last period, a decline of 29%.
Squaw Valley – Squaw Valley sales volume hit a record $8,910,000 – up 177% – as compared to last year’s $3,2115,000 results in Q2, 2013. Median and average prices were down by 7% and 8% respectively – the median sales price of $1,487,500 and the average sales price almost equal at $1,485,000. Sales over $1,000,000 doubled from 2 units to 4 units. The condo market was down 27% to volume of $4,743,000 from $6,531,000. Condo unit sales increased 33% to 8 units and condo units over $500,000 decreased by 20% to 4 units ($$473,500 median price; $395,250 average price), comparing Q2 2014 to the same period in 2013.
Alpine – Alpine, now a part of the KLA family of ski resorts, is in the midst of change and adaption. This shows in the home sales and offers some excellent opportunities for purchasing in a beautiful, unique setting offering epic ski conditions. Overall volume was down 72% to only $490,000 in sales volume as compared to $1,776,382 in Q2, 2013. Given slow sales, the median and average prices dropped significantly. Zero units sold over $1MM. There were no condo sales.
Northstar – Northstar’s sales volume increased 12% to $10,148,348, units increased 67% (10 sales in the single family home category). Pricing went down by 31% in the same market – from $1,285,250 to $890,000. The average price dereased by 33% from $1,504,666 to $1,104,834. Units under $1MM in price point increased by 200% with units selling over $1MM flat at four sales, consistent with Q2, 2013. Condo sales did not fair as consistent. Condo sales volume dropped 19% to $14,174,750 and a decrease of 46% in unit sales. The median price increased 19% to $385,000 and the average priced increased a whooping 50% to $1,102,482 – mainly due to the luxury condos and townhomes available in the Ritz Carlton, Constellation and Mountainside areas of Northstar. No doubt the luxury buyer has some excellent inventory from which to choose and there are clearly still good opportunities to purchase a fantastic single family residence, condo or shared ownership in the prestigious Village area of Northstar. Refer to the Q2, 2014 Statistics provided by Alison Elder, Elder Group Tahoe Real Estate, proudly affiliated with Chase International for more detailed information. Feel free to give us a call at 530.582.8103 or email Alison for more information at info@eldergrouptahoe.com.
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