As I was saying in the last quarter of 2012, the Tahoe-Truckee Market has bottomed. The clear evidence of this is the strongest 1st quarter of the year that we have seen in several years. According to Chase International Realty, Median Home Prices showed the greatest increase in lakeside communities around Lake Tahoe; 34% increase over the 1st qtr. of 2012. If you combine the three major ski areas; Alpine Meadows, Squaw Valley and Northstar, Median Home Prices increased by an amazing 128% compared to 2012’s 1st qtr..
Number of units sold is showing a moderate increase but it is homes priced over $1,000,000 that is showing the greatest increase, double the number sold in the 1st qtr last year said Chase.
In Truckee the Median Home Price has increased 23% ($91,000) over the same time last year. However in that market the vast majority of 1st qtr. sales was under $1,000,000.
We are also seeing low levels of inventory and a much smaller number of Distressed Properties (Bank Owned and Short Sales) throughout the entire Tahoe-Truckee market. The result of all of this is, we are now in a sellers market. Listings priced under $500,000 are often getting multiple offers and are off the market in a very short time.
However there are still some bargains available for qualified buyers who are ready to act; they have researched the area, they can make a quick decision and they have been pr-qualified with a lender.
Click here to read Moonshine Ink article “Tahoe Real Estate: Nowhere to Go But Up”
Leave a Reply