How is the Market in Tahoe and Truckee? 2019 Q2 Real Estate Market Reports

How’s the market doing? Great! We’ve seen a very needed increase in inventory starting in late June. After an incredibly low inventory this winter and into spring, the increase in inventory has been very welcome. Buyer demand continues to be high with multiple offers being seen on many homes under $1 mil. In Truckee Quarter 2 2019 was a lower performing quarter than the same period in 2018. The average sold price for this quarter was down 18% from Q2 2018. However Q1 had a 7.7% increase in averages over 2018 on paper currently we’re still at a negative though market activity certainly doesn’t make it feel that way. The current average list price in Truckee is $1,781,045 and median list price is $1,025,000. To compare with 2018 Q3 there was an average list price of $1,198,962 and a median list price of $748,250. Sellers are definitely feeling optimistic about the market. I do believe the market will show a growth in Q3 2019 though it might not be as large of an increase as we’ve seen in past years.

The Lake numbers are similar in trend as the Truckee numbers, though some of this can be attributed to a $40 mil sale in Q2 2018 which skews the average. The median sold price for Q2 2019 is actually up 15.9% though the average sold price is down 38%.  Currently the average list price is $1,435,751 and the median list price is $845,000.  The average list price for Q3 2018 was $1,338,765 and the median list price was $719,000. Again, the numbers are showing Seller confidence and Q3 will be very telling as to whether the Buyers are biting or not. As the weather has really been heating up I anticipate  continued demand outpacing the inventory.