The Truckee – Tahoe market continues to evolve, as both Buyers and Sellers continue to grapple with the effects of interest rates that remain stubbornly at uncomfortable levels.
The month of July finished with 89 transactions, a 12% decrease in sales from the month prior and a 7% decrease from the year prior. Of interest, July 2022 also represented a dip in sales from the month prior, only to rebound heavily in August and September. It will be interesting to see if the remainder of the summer performs in the same way. With 126 properties currently pending sale, August may not only exceed but surpass previous years’ results.
Month-over-Month Total Sales Transactions
Median sold price decreased 4% down to $1,020,000 and homes closed ~2.5% below asking. For context, the previous 4 months was a far tighter average of .04%. Median days on market dropped a pinch down to just a lightning fast 8 days.
Month-over-Month Sales Price Comparison
Median Days on Market
Inventory now sits at its highest level of the year and the highest since even before the pandemic at 4.5 months of inventory. This surge in available inventory is helping to create a more relaxed shopping experience that’s much more familiar and aligned with traditional, pre-pandemic activity.
The luxury market had a strong showing in July, with 2 homes closing over eight figures (both within Martis Camp and the only 2 transactions in the community for the month). Lahontan remains quiet, with the last sale having occurred back in mid-May and now homes currently pending. Schaffer’s Mill racked up a single sale with the closing of mountain lodge 10100 Sagebrush Court.
Gray’s Crossing had the strongest showing of the month with a massive 5 closings in the month of July. On interest, with the exception of 11611 Ghirard Road closing at full asking price, the remaining four sales capitulated greatly on price having closed, on average, $197K under asking. Old Greenwood and Mountainside both reported no new sales.
Northstar saw movement in both the Village and out in the community, both tallying up 3 sales in their respective areas. Of note, 2 of the sales in the Village were brand new Village Walk Skyline homes who’s contracts were initiated way back in December 2020. Despite each selling slightly over asking, these units now could fetch ~$3M on the open market. 50% appreciation in just 2 years? Not bad at all.
The Truckee – Tahoe market continues to remain in a state of stable pricing that, despite interest rates, is showcasing a market that is humming along with activity. Demand remains high and quality inventory continues to get snatched up quickly. As we hurtle towards Labor Day, which historically represents peak transaction period for the year, it’s looking like the Summer is going to end with a bang.
