I would like to extend my utmost gratitude to all my sellers and buyers for the trust they put in me, as well as those realtors I had the pleasure to work with.
2020 Market Snapshot
To be blunt – Lake Tahoe’s 2020 market was nothing near normal… sales were up 80% from 2019!
2020 By the Numbers:
● $2.7 billion in sales – a nearly 80% increase from the previous year.
● $1.1+ million average sales price
● 2,352 listings sold
● ~40% were cash sales transactions
● ~200 listings on the market this January, where a
normal January sees 600-700 listings.
● 50% – Truckee sales are up as buyers shift to the town in search of new construction and modern amenities.
● New construction demand
Buyers are shifting from Tahoe to Truckee, as they seek out modern amenities, architecture, and proximity to the Bay Area and airport. Inventory is slim, while demand is at its height, making this a seller’s market. The question is, will we see new inventory come on the market to satisfy buyer demand? We expect to see upward pressure on pricing through the fall. If you own property in Tahoe Truckee, your home value has gone up.
Find out what your home is worth
Sales volume in the luxury mountain community was up 53% with a combination of
61 custom homes and 55 homesites to a total of more than $418M in volume.
This is almost two times the volume of 2019 when there were a total of 34 custom homes and 24 homesites totaling $221M in volume.
The average sales price in Martis Camp currently sits at $5.6M with 28% sold above or at asking price in 2020.
I am pleased to share that I had the highest sale in Martis Camp in 2020, representing my buyer at $11M for this purchase on Valhalla Drive.
8286 Valhalla Drive
5 Bed | 5.5 Bath
Gray’s crossing, situated neatly between Prosser Reservoir and downtown Truckee saw sales volume increase 16%, a figure that would be higher if there was supporting inventory. The modern golf community saw 49 homes sell for an average of $1.6M, totaling $80M in sales volume, while reporting the highest sale ever in the community at 3M.
Gray’s Crossing properties continue to be in high demand with sleek modern architecture, luxury amenities, and proximity to town and Reno. Unfortunately, there is only ONE home (currently under construction) on the market priced at $2.3M.
I am thrilled for my buyer who purchased this gorgeous, modern townhome on Annie’s Loop in Gray’s Crossing.
10215 Annies Loop
3 Bed | 3.5 Bath
Northstar and Squaw Resort Communities
Local ski resort communities weren’t left out of the push for mountain real estate. With Bay Area transplants seeking an improved work/life balance, new construction, and modern amenities, Northstar and Squaw Valley enjoyed unprecedented sales volume.
Median home prices in Northstar are at $1.27M and sales volume is up 146%!
Squaw Valley sales volume is up 113% with a median home price of $1.46M. Village condominiums are
moving at a pace we’ve never seen before.
The demand for new construction and resort living is exemplified by the 8 new townhomes in Northstar at Village Walk Skyline. After launching the community, homes pre-sold for an average of $2M.
Sought after for its school, amenities, and local family- based population, sales volume was up
66%, with most homes closing well over asking price.
The community that offers proximity to downtown Truckee and Reno saw 91 home sales at an average price of $733K, up from $617K the previous year. Glenshire also saw a record home sale, with one notable home bringing in $1.7M.
Spec builders have focused in on the community and buyers will have more options with more construction planned this year.
Due to low inventory and a buyer thirst for quality homes with modern amenities, lot sales doubled over the previous year! 2020 saw ~473 lot sales, compared to normal years which see 200-250.
With new flex-working opportunities, buyers are seeking more space and acreage. This trend has put smaller, rural areas like Juniper Hills, Juniper Creek, Russell Valley and Sierra Valley in the spotlight.
A home in Juniper Hills closed for $6.9M, reflecting home prices never before seen in these quiet areas that are set back from town.
I represented the seller of 11194 Coldwater Road. The buyers sought this 20 acre estate to escape the fast pace of Silicon Valley.
16284 Tewksbury Drive
7 Bed | 7 Bath
11194 Coldwater Road
3 Bed | 4.5 Bath
CA PROP 19 IN A NUTSHELL
Prop 19 states that anyone over 55, severely disabled, or the victim of wildfires is allowed to move into a new home and be taxed based on their old assessment. Prior to the law passing, homes in California had their values reassessed after purchase.
The crew at Drink Coffee Do Stuff announced their new downtown Truckee location scheduled to open on February 5th. The popular coffee shop is located in the old Marty’s Diner space. I can’t wait to stop by and check out their new digs!
Compass is a licensed real estate broker. All material is intended for informational
purposes only and is compiled from sources deemed reliable but is subject to errors,
omissions, changes in price, condition, sale, or withdrawal without notice. No statement
is made as to the accuracy of any description or measurements (including square footage).
This is not intended to solicit property already listed. No financial or legal advice provided.
Equal Housing Opportunity.