Median prices and sales volume for single-family homes continue to trend upward year-over-year throughout the majority of communities in North Lake Tahoe, CA and NV.
“Sales volume is generally up in most segments; but as inventory continues to slim down, we should expect a reduction in that volume,” said Bill Dietz, president of real estate at Tahoe Luxury Properties. “This should continue to put upward pressure on prices,” he said, adding, “rising interest rates on loans may temper the sales activity and price gains, but Tahoe is a big cash market so I don’t expect that to have a major influence. The third quarter saw strong activity in the lakefront segment. While the data sample is relatively small, a 43% increase of the median price year-over-year (from $3 million to $5.3 million) is encouraging.”
Tahoe’s Nevada-side price increases continue to be driven by a favorable tax climate in the state, especially as compared to neighboring California.
The Champagne Estate | Incline Village, NV
“Although Incline Village and Crystal Bay saw a slight decline in median price quarter-over-quarter, the decrease was a result of the meteoric rise in the median price in quarter-two,” Dietz said. “The year-over-year median price still increased 23% (from $679,000 to $880,000) – the largest gain of any segment in the area.”
Heading toward snow season, ski area communities are forecast to remain active with upward pressure on prices. “Although sales volume is down in Squaw Valley and Alpine Meadows, a median price gain of 23% (from $600,000 to $778,000) year-over-year is a solid trend,” Dietz said. Year-over-year, sales volume and median prices in Truckee’s Northstar have remained flat due to competition from surrounding communities such as Martis Camp
Squaw Valley at Sierra Ridge | Olympic Valley, CA
Lahontan, and Shaffer’s Mill. “Those areas have distracted buyers’ attention away from Northstar proper; but Northstar is a sound place for winter sports, and leads the charge for creating a four-season destination, versus solely a ski area,” Dietz said.
The full quarter-three report, year-over-year comparison, and median sales timeline can found at TLUXP.com.