Matty’s Minute - An April Market Update
April Showers Bring May Flowers...
The most prolific first quarter to any year in Tahoe Truckee real estate was capped by the month of March in which multiple records were toppled. Driven by a remarkable $31,000,000 sales of a lakefront estate on Tahoe’s West Shore, $258,000,000 in transaction volume would have been the most for any month ever prior to 2020; let alone a month that is typically in the lowest third for seasonal productivity.
An astounding 62 properties sold for prices greater than $1,000,000: 42% of all residential sales in the local market. This metric is equally indicative of soaring prices and a dearth of available supply at the most achievable price points within the marketplace. Of these, 23 traded above $2,000,000 and 4 reached pricing above $10,000,000; the most ever above that threshold in a single month.
For the quarter, $606 million transacted equaling the 12-month total in the not-too-distant past. This is 233% more than Q1, 2020 in the moments before quarantine stalled then ignited Tahoe Truckee real estate. 376 residential sales, also a new Q1 benchmark, is 37% higher than the same period a year ago while an average price of $1,615,000 is 77% higher.
In addition to three lakefront estates above $20,000,000, 16 Martis Camp homes transacted in the first quarter between $4,500,000 and $12,795,000. Northstar has quietly experienced a meaningful spike in activity at the highest reaches including sales in Big Springs for $3,000,000 and $5,000,000. New developments within Village Walk and Mountainside’s Boulders community set benchmarks for new development near or above $1,000 per square foot.
While available inventory remains slight at just 5 weeks supply, new listings have been reliably dripping onto the market at a pace sufficient to drive record setting sales volume. The end of ski season typically prompts a wave of new supply as homeowners evaluate the ongoing utility value derived from their home.
The wave of new homes brought to market from Memorial Day through July 4 typically provides a reliable stock of listings that lasts through the busy summer and fall months. In a year far from typical, and following a mild winter, the number of people interested in divesting of a Tahoe holding is likely to be diminished. That being the case, demand is likely to continue outpacing supply for the foreseeable future.
Nevertheless, spring is delivering optimal Tahoe conditions wherein morning skiing gives way to afternoon bike rides and trail openings. A beautiful season is now upon us.
Please contact me to continue the market conversation and/or to schedule a tour or a listing consultation today.
Make it a great week.
-Matty