The North Lake Tahoe 2017 real estate market was marked by strong sales volume and a general rise in median prices. All micro-regions showed growth in sales of single-family homes, with both Truckee and Incline Village reaching their highest sales volume in 12 years.
The median price for single-family homes in Truckee is now above the high-water mark set back in 2006. This is the first micro-market in North Tahoe to reach above the peak set 12 years ago.
Sales continue to trend up. December sales, which can typically be slow, saw a 54% increase in single-family home sales year-over-year across the Tahoe Sierra MLS. Tahoe Luxury Properties sold the most homes in 2017 in company history.
While sales were up, sales above $2 million across the Tahoe Sierra MLS were down 6% year over year. This can be attributed to the inevitable slowdown in Martis Camp sales as the community starts to sell out. Sales in Martis Camp went from 49 single-family home sales in 2016 down to 42 sales in 2017.
Incline Village/Crystal Bay saw the opposite effect. Sales above $2 million grew 86% year over year, going from 22 single-family homes in 2016 up to 41 homes in 2017.
Expect 2018 to be another strong year for the Lake Tahoe real estate market. Four spectacular west shore estates on the market sit in the range of $20-$45 million. With the likelihood that two or more of these properties trade in 2018, we expect to see consistent growth trends.
Keep an eye on the Incline Village market. As Californians are faced with another tax blow from the recently passed federal tax bill, look for Nevada real estate to catch fire as Californians look east for shelter.
Source: Tahoe Sierra MLS and Incline Village MLS
