October 2017 saw a substantial increase in real estate sales compared to the same month in 2016. The number of units sold increased in each micro-region examined. Looking at the Tahoe Sierra MLS which we define as single-family homes in California on Lake Tahoe’s North and West shores and in Truckee, Donner Lake, Northstar, Olympic Valley, and Alpine Meadows, sales volume rose 49% with 152 homes sold in October 2017 compared to 102 homes sold in October 2016. Additionally, in October 2017, we have 158 homes in pending status, compared to 132 homes in pending status in October 2016, a 20% increase.
Looking at the Lake Tahoe basin on the California side which we define as single-family homes in the Lake Tahoe Basin in California including Tahoe’s North and West Shores, as well as Alpine Meadows and Squaw Valley, we see a 120% increase in sales volume with 55 homes sold in October 2017 compared to 25 homes sold in October 2016.
Truckee sales volume increased 25% year over year with 96 homes sold in October 2017 compared to 77 homes sold in October 2016. Notice the 42% increase in homes currently in the pending status: 109 this year compared to 77 last year.
The strong October numbers signal the Tahoe real estate is not pulling back as some have suggested. The first three quarters this year have shown a general decrease in units sold compared to last year, yet an overall increase in the median price. The meaningful increase in unit sales for October shows an active buyer pool with confidence in the Lake Tahoe market. Expect this trend of high sales volume to continue through the fourth quarter, coupled with a modest increase in median price.
Source: Tahoe Sierra MLS and Incline Village MLS