It’s a New Kind of Market
The search for a peaceful mountain home to quell the effects of a worldwide shutdown fueled the desire for Tahoe Truckee properties, many attracted to modern architecture.
My sales stats for 2020 reflect this drive for high-end mountain properties:}
- $40M in sales volume
- 27 total sales
- $1.48M – Average price of sold properties
I would like to extend my utmost gratitude to all my sellers and buyers for the trust they put in me, as well as those realtors I had the pleasure to work with. Thank you!
2020 Market Snapshot
To be blunt – Lake Tahoe’s 2020 market was nothing near normal… sales were up 80% from 2019!
2020 By the Numbers:
- $2.7 billion in sales – a nearly 80% increase from the previous year.
- $1.1+ million average sales price
- 2,352 listings sold
- ~40% were cash sales transactions
- ~200 listings on the market this January, whereas a normal January sees 600-700 listings.
- 50% – Truckee sales are up as buyers shift to the town in search of new construction and modern amenities.
- New construction demand
Buyers are shifting from Tahoe to Truckee, as they seek out modern amenities, architecture, and proximity to the Bay Area and airport. Inventory is slim, while demand is at its height, making this a seller’s market. The question is, will we see new inventory come on the market to satisfy buyer demand? We expect to see upward pressure on pricing through the fall. If you own property in Tahoe Truckee, your home value has gone up.
This is almost two times the volume of 2019 when there were a total of 34 custom homes and 24 homesites totaling $221M in volume.
The average sales price in Martis Camp currently sits at $5.6M with 28% sold above or at asking price in 2020.
Browse Current Martis Listings.
I am pleased to share that I had the highest sale in Martis Camp in 2020, representing my buyer at $11M for this purchase on Valhalla Drive
Gray’s Crossing properties continue to be in high demand with sleek modern architecture, luxury amenities, and proximity to town and Reno. Unfortunately, there is only ONE home (currently under construction) on the market priced at $2.3M.
Browse Current Gray’s Crossing Listings.
I am thrilled for my buyer who purchased this gorgeous, modern townhome on Annie’s Loop in Gray’s Crossing.
NORTHSTAR RESORT COMMUNITIES
Median home prices in Northstar are at $1.27M and sales volume is up 146%!
Squaw Valley sales volume is up 113% with a median home price of $1.46M. Village condominiums are moving at a pace we’ve never seen before.
The demand for new construction and resort living is exemplified by the 8 new townhomes in Northstar at Village Walk Skyline. After launching the community, homes pre-sold for an average of $2M.
The community that offers proximity to downtown Truckee and Reno saw 91 home sales at an average price of $733K, up from $617K the previous year. Glenshire also saw a record home sale, with one notable home bringing in $1.7M.
Spec builders have focused in on the community and buyers will have more options with more construction planned this year.
DONNER LAKE LAKEFRONTS
The average sales price is $2.88M, a 56% jump from 2019, when the average was $1.63M.
The resort community showcasing a wide range of exclusive amenities saw a 76% jump in sales, with an average sales price of $892K and 23% of homes sold closing at an average of 8% over asking price.
A home in Juniper Hills closed for $6.9M, reflecting home prices never before seen in these quiet areas that are set back from town.
I represented the seller of 11194 Coldwater Road. The buyers sought this 20 acre estate to escape the fast pace of Silicon Valley.
Prop 19 states that anyone over 55, severely disabled, or the victim of wildfires is allowed to move into a new home and be taxed based on their old assessment. Prior to the law passing, homes in California had their values reassessed after purchase.
The crew at Drink Coffee Do Stuff announced their new downtown Truckee location scheduled to open on February 5th. The popular coffee shop is located in the old Marty’s Diner space. I can’t wait to stop by and check out their new digs!
February Event Calendar
- February 4 | Alpenglow Winter Speaker Series: Ingrid Backstrom
- February 5 | Drink Coffee Do Stuff Opens in Truckee
- February 6 | Disco Snow Tubing at Squaw Valley
- February 8 | Mountain Minds Monday
- February 9 | Good Morning Truckee
- February 11 | Wellness: Why Can’t I Sleep?
- February 12 | Sunset Snowshoe Tour
- February 14 | Valentine’s Dinner To-Go – Squaw
- February 20 | Disco Snow Tubing at Squaw Valley
- February 25 | Alpenglow Winter Speaker Series: Vasu Sojitra