Sierra Sotheby’s: Lake Tahoe resort markets thrived in 2019
The year 2019 was another good one for Lake Tahoe, Truckee and the surrounding area real estate markets with Northern California and Nevada resort properties continuing to be a popular investment, according to a news release.
“I’m seeing more active listings this winter than I’ve seen in previous years,” Katherina Haug, North Lake Tahoe-based realtor with Sierra Sotheby’s International Realty said in the release. “Active buyers are coming up, regardless of snow. People tend to hibernate during the winter, but the market seems to be very active still for winter.” With the continued activity, Haug anticipates heading into Q1 with more single-family sales than past years.
The overall market revealed a mixed bag with slight ups and downs depending on the neighborhood of interest, however, total volume sold and sale prices were fairly on par with numbers from 2018. With a new decade comes an active and balanced market for both buyers and for sellers who price their homes according to what the market will bear.
Overall single-family home sales in Truckee were down slightly in terms of the number of properties sold and the total dollar volume sold. A $13.6 million dollar sale helped bring the median price up 2% to $752,900 while the average price fell four percent to $1,201,520.
Kaili Sanchez, a Truckee-based realtor with Sierra Sotheby’s International Realty is experiencing multiple offers on homes for people wanting to relocate to the area due to the low inventory.
“Many people are considering increasing their purchase price due to lower interest rates and the option to work remotely,” Sanchez said in the release. “Whereas three bedrooms used to be the magic number, I’m now finding more people require four bedrooms or a bonus or flex space.”
Sam Swigard, a Northstar-based realtor with Sierra Sotheby’s International Realty has also seen higher demand for four-bedroom homes, especially in Glenshire. Additionally, he says buyers are acting on homes that are updated and turn-key versus those needing work.
“Homes that need work experience more days on market, even in the $500,000 range,” Swigard said.
Glenshire saw a 40% increase in the number of properties sold and a 23 percent increase in the total dollar volume sold.
Buyers are acting quickly on newer and more modern inventory in the Village at Northstar.
“Overall, modern architecture and modern remodels are outpacing mountain lodge style homes,” said Swigard.
It was a banner year for the Incline Village lakefront and luxury real estate market. Four lakefront homes and one mountainside estate sold for more than $10 million in 2019 compared to just three sales over $10 million in 2018.
The 2019 lakefront condo market was especially robust with a 23% increase in the total dollar volume sold. On average, lakefront condos spent nearly half as many days on market compared to last year.
Incline Village and Crystal Bay home sales below $2 million took a hit in 2019 with 39 fewer sales and $37 million less in sales volume. Overall, the Incline Village market ended the year with an average sale price of $1,825,513 and a median sales price of $1,295,000 with the highest sold price of $24.5 million
Located just 40 minutes west of Truckee along Highway 20, the Sierra Foothills market remained steady with modest gains overall in the number of transactions (up five percent) and the median sales price (up three percent). The biggest percent change was seen in the High Country/Washington area with a 73 percent increase in total dollar volume sold and increases across the board in terms of the number of transactions (up 26 percent), median price (up 22 percent to $440,000), average sales price (up 37 percent to $559,276) and highest price sold (up 67 percent to $1,650,000).
“With winter off to a healthy start in the Sierra, we can anticipate another prosperous real estate climate in 2020 with a bustling and balanced market that benefits everyone,” said Duvall.
Plumas & Sierra Counties
Plumas and Sierra counties 12% decrease in the number of sales but an increase in both the average sales price ($381,292) and the median sales price ($305,000).
“We’re seeing a trend in buyers relocating from Truckee to Sierra County,” says Barb Hartley, a Truckee-based realtor with Sierra Sotheby’s International Realty. “The area offers more open space at better entry level prices, less snow and a quieter lifestyle, all coupled with a 25-minute commute to the town of Truckee.”
South Lake Tahoe
South Lake Tahoe single family lakefronts saw a massive increase this year. The two properties sold last year totaled $1,715,000 while the 11 properties sold this year totaled $32,141,500.
Total non-lakefront sales volume in South Lake Tahoe was up by 7%, however, several niche markets such as the Tahoe Keys outpaced 2018 sales despite much ambiguity surrounding the short-term rental market.
Overall, there was an 8% decrease in the number of sales but a 9% increase in the average sales price to just under $600,000.
The data in this report was collected via six regional multiple listings services. To see all pricing and sales volume for Reno, Lake Tahoe or surrounding areas broken down by a specific resort community or neighborhoods visit tahoemicroreports.com. For more information, visit http://www.sierrasothebysrealty.com.
Source: Sierra Sotheby’s International Realty
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