The month of August was hot, both from a temperature and real estate sales stand point. For my July 2023 market update I predicted “With 126 properties currently pending sale, August may not only exceed but surpass previous years’ results.” That prediction came to pass when this past August tallied up 133 transactions, an 11% increase from the month prior. And with 154 homes pending, summer 2023 will end with a bang, representing the highest September totals since the unrivaled September 2020 pandemic season.
Month-over-Month Total Sales Transactions
Indeed, August proved that regardless of macro and micro economic conditions, Truckee – Tahoe real estate continues to be in high demand with elevated summer time interest pushing median sales prices up 19% from the prior month to $1,210,000.
Month-over-Month Sales Price Comparison
Despite inventory ticking up slighting to the new highest level of the year (4.59 months supply), average days on market remain mostly unchanged from the previous month and year prior at 33 days on average.
Average Days on Market
As for the luxury market, transaction totals were quite impressive, with 6 homes closing over $5M; one of which was an epic Dollar Point lakefront (3216 Edgewater Drive) closing over the $10M mark at $16.5M (13.8% over asking!).
Martis Camp had a strong showing with 4 closings, comprised of 2 cabins and 2 estates. Of note, 8006 Fleur Du Lac finally sold after spending 222 DOM, closing 4.5% under asking at $4.3M. Meanwhile, 9630 Dunsmuir sold quickly, after only spending 48 hours on market, closing .6% above asking at $8.65M.
Lahontan closed out with 2 transactions both around the $5M mark (265 Laura Knight and 7750 Lahontan). Of note, both homes were built within the last 5 years, demonstrating a steady demand for newer, more contemporary designs in the community.
Schaffer’s Mill gathered up 3 sales, with two estates and one mountain lodge closing. 9083 Horned Lark closed 7.3% under asking at $3.72M. Currently 9320 Nine Bark is in contract and if it closes anywhere north of $5M it will take the record as highest priced home to ever sell in the community (per MLS records).
Gray’s Crossing and Old Greenwood also had strong showings with 3 and 2 transactions respectively. The two highest August sales from each community are 11687 Henness and 13006 Lookout Loop, which both negotiated down from their list prices.
Northstar saw a flurry of activity out in the neighborhood, with 5 homes closing. These homes averaged $1.4M showing a strong demand for single family homes around this price point. The Village at Northstar posted two transactions with One Village Place 508 being the first OVP unit to sell in 2 years, a nod to just how rare the opportunity comes around to own in the prestigious gondola house. Mountainside remains quite with the last transaction occurring way back on May 5th. With ambitious pricing on homes like Home Run 14 and Trailside 14 it may be an opportunity for some substantial negotiations.
Incline Village and Crystal Bay closed the month with 44 sales, five of which over $5M. Of interest, 61 Somers Loop closed at $19M after spending 756 DOM. The lot is one of the last great sizable pieces of Tahoe lakefront land available to the public and it closed 40% under asking from its original launch price of $32M.
As summer comes to a close, post Labor Day market conditions in the Truckee – Tahoe area tend to get a little sleepy. Year after year, Labor Day marks peak transaction period for our market. Savvy Buyers and Seller know this and tend to adjust their strategies accordingly. If you’re thinking about buying or selling it’s imperative that we chat so that we can capitalize on seasonal opportunities.
