Tahoe real estate: Luxury market continues growth through 3 quarters in 2016
Tahoe Luxury Properties recently released its Q3 (third quarter) Tahoe Truckee Real Estate Market Analysis.
Compiled from data provided by both the Tahoe Sierra MLS and the Incline Village MLS, the report graphs sales volume and median price by Tahoe’s unique micro-regions with Q1-Q3 (the first three quarters of 2016) year-over-year data from 2006 through 2016.
The report shows that the Tahoe real estate market is still showing signs of health and recovery. Median price and sales volume both posted strong gains throughout the North Lake Tahoe and Truckee area.
“In 2015, we saw a slight dip in median price, so this is encouraging sales data, and should allay fears of a possible downward slide in the market,” Bill Dietz, principal broker at Tahoe Luxury Properties,” said in a statement.
In particular, Martis Camp has been a standout in 2016, with 44 single-family home sales posted as of the end of September, for a total dollar volume of nearly $200 million.
Per the report, the median home price for single-family homes on the North and West shores in California (down to Rubicon Bay), as well as in Incline Village/Crystal Bay in Nevada, is $4.388 million for the first 9 months of 2016, up from $3.851 million from a year ago (a 14 percent increase).
Meanwhile, for single-family homes in California on Tahoe’s North and West shores, and in Truckee, Donner Lake, Northstar, Olympic Valley and Alpine Meadows, the median Q1-Q3 price this year was $615,000, up from $555,000 a year ago (11 percent increase).
The entire Truckee market, meanwhile, which includes higher-end locations like Martis Camp, Old Greenwood and Lahontan, saw a median single-gamily home Q1-Q3 price of $620,000 this year, up from $553,000 last year (12 percent increase).
“Expect the fourth quarter to remain steady as we get through this election year and a possible interest rate hike,” according to Tahoe Luxury Properties.
To learn more, visit http://www.tluxp.com and click on “Market Reports” under the Real Estate tab.