In 2013 the North Tahoe, Squaw Valley and Truckee residential real estate market increased over 2012 in both units sold (1359) and dollar volume of sales ($931,156,320). This was a continuation of what we have seen over the last three years. 2011 was a good year, 2012 was significantly better than 2011 and 2013 was slightly better than 2012.
However there are some notable changes. By the end of 2012 our market had changed from a buyer’s market to a seller’s market and inventory levels had declined. In 2013 inventory continued to decline (average 23% less than in 2012) and buyers turned more toward higher priced properties. Throughout our entire area the number of residential sold units priced under $500,000 declined while the number sold units priced above $500,000 increased! The total number of residential listings sold went up only 0.7% but the dollar volume of those sales increased by 9.2%. The biggest increases were in condominium sales, most particularly those priced over $500,000, although single family home sales over $500,000 also showed strong gains.
The number of distressed residential property (short sales and bank owned) sales in 2013 were 55% lower than in the previous year due primarily to significantly less distressed property listings. Sellers no longer had to compete with distressed properties, the economy was improving, especially for those who could buy vacation properties, demand was high and inventory was low. It was then and is now, in 2014, a seller’s market!
Truckee had increases in both residential units sold and dollar volume while the Tahoe area had a decline in units sold and dollar volume. The Tahoe area did have a greater increase in Median price than the Truckee area. The growth in sales statistics for Truckee was primarily the result of high sales activity in Tahoe Donner, Martis Valley (Lahontan, Schaffer’s Mill & Martis Camp) and Northstar. Tahoe Donner had the highest number of sales (311) and dollar volume ($172,966,656) but Martis Valley showed the largest percentage change in units sold (123%) and dollar volume (135%).
As I have seen before in my 33 years selling real estate in the North Tahoe – Truckee market, when we have had market down turns, our market has always come back and come back strong! I expect this growth to continue. Although our inventory levels are low, there is still a good selection of very nice well priced properties in all categories and price ranges for buyers to choose from. While interest rates are still low (below 5%) it is a great time for either buyers, or sellers.
Contact me at info@GoSquaw.com or 530-913-6020.
Click here to download 2013 vs. 2012 Market Statistics
2013 Squaw Valley Market Summary
2012 North Tahoe – Truckee Market Summary
Resort Realty Services, Inc. does not guarantee the accuracy of this information. This data was obtained from the Tahoe Sierra Board of Realtors MLS. Not all real estate transactions in our area go through our MLS, therefore, this information may not be completely accurate. CalBRE License #01204227
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