Truckee home sales measure nearly $275M
September 13, 2017
The Truckee housing market cooled off in the first half of the year, amid a backdrop of less demand for houses priced over and under $1 million.
Sales of single-family homes dropped to $274,123,196 in the six-month period ended June 30 from $358,614,950 in the six-month period ended June 30, 2016. That marked a decrease of 23.56 percent in the period.
Demand also waned in the period, as the number of single-family homes sold decreased to 289 from 346. Of those sales in the first half of 2017, a total of 223 were under $1 million, while 66 were over $1 million.
At the same time, the average price of all single-family home sales dropped to $948,523 from $1,045,524 or 9.27 percent. The data includes the Tahoe Donner area, in which sales of single-family homes dipped to $72,072,500 in the first half of 2017 from $77,814,724 in the first half of 2016. Chase International, a Lake Tahoe-based real estate agency, compiled the sales data.
Despite the decrease in dollar volume and sales activity, the Truckee housing market remains appealing to buyers, particularly those hailing from the San Francisco Bay Area.
"For what you can get for a million dollars in Truckee, you get a shack in the Bay Area," said Sue Lowe, corporate vice president for Chase International.
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"It's very attractive to Bay Area clientele."
She said the Truckee market has a different draw as it's outside the Tahoe Basin, so it doesn't have the same restrictions imposed in that region.
"Plus, you have Martis Camp, which has just exploded in the last five years," said Lowe on area located along a stretch of Lodge Trail Drive. "A lot of the high-end sales are in Martis Camp."
Buyers were also on the lookout for more affordable housing in the first half of year, as evidenced by an increase in demand for condominiums in the Truckee market.
Sales of condominiums climbed to $61,177,622 in the six-month period ended June 30 from $58,944,973 in the six-month period ended June 30, 2016. That marked an increase of 3.78 percent.
At the same time, the number of units sold rose to 117 from 109, while the average price of a condominium decreased to $522,885 from $540,779.
While overall sales of single-family residences were lower in the first half of 2017, the Truckee market was stronger than any of the four areas surrounding Lake Tahoe.
The four-pronged sales region is comprised of the East Shore of Lake Tahoe, Incline Village, South Shore of Lake Tahoe, and Tahoe City.
Sales of single-family homes in Incline Village measured $175,924,050 in the six-month period ended June 30. The South Shore market was next up with total sales of $145,112,125
Tahoe City followed with sales of $129,525,684, and East Shore with $60,578,000.
Staff writer Wyatt Haupt Jr. can be reached at 530-550-2652 or email@example.com.