The first quarter of 2020 started strong, with median price and sales volume increasing in all regions with the exception of Incline Village & Crystal Bay (where median price decreased by 14%) and lakefronts (where sales volume remained flat). In the Tahoe Sierra MLS, median price reached a 14-year high. In Truckee, median price reached a 15-year high. While real estate activity remained strong through Q1, we can certainly expect the COVID-19 pandemic coupled with the Shelter In Place directive to impact the upcoming quarter's market performance. However, any impact to the month of March was not significant enough to affect the first quarter's results. There is a lot of pent up demand from opportunistic buyers who have patiently awaited the next bobble in the economy. It is undeniable that the crisis will ripple into the Tahoe real estate market, although to what extent depends on how soon the shelter curtain is lifted and people are able to move about again. Having access to a resource of 40 million people who are within a day's drive away, Tahoe will be at the forefront of the travel recovery.
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View the graphs of sales volume and median price trends by micro-region by clicking the gallery images below.
Source: Tahoe Sierra MLS and Incline Village MLS
