The North Lake Tahoe and Truckee real estate market bottomed at the end of 2012. Demand was very strong in 2013 especially in the first quarter. The challenge for buyers was that inventory was tight. Inventory throughout the year has remained at the lowest levesl since record keeeping was commenced.
The 3 minute video below provides a Tahoe Donner real estate market update for the first 3 quarters of 2013. The numbers are very interesting. Certainly different subdivisions and price ranges experienced different rates of appreciation. The subdivisions that had the steepest price declines recovered the most, following the national trend.
Sales over $1 million have rebounded and Tahoe lakefront sales have been very strong. Properties, old family estates that have never been offered to the market place did hit the market in 2013 and sold. There have been a number of sales over $10,000.
Martis Camp has been one of the most successful new subdivisions in the country. The 500th sales was just completed so the number of sales through the downturn is impressive. Lots sales average over $1 million and home sales are over $3 million.
Lot sales have experienced a big bouce back. Prices were down 70% to 90% from the peak and are up 30% to 50% this year. Lahontan and Grays Crossing have experienced the most sales.
The video below highlights home sale statistics for Tahoe Donner which is the largest subdivison in the area with over 6,000 lots. Since the subdivision has the most sales each year, it is the best market to study trends. Prices are definitely up and the inventory is unbelievably low. With only 91 residential properties offered for sale, the number is off 60% from a balanced level. Inventory will continue to tighten this winter and by spring there will be very few offerings. Buyers in the market place should act now especially since loan interest rates have recently retreated about 1/2%. Call us to find a great deal.
Here is the video report (3 minutes)