Happy October, I hope this update finds you well! The Truckee/North Tahoe real estate market continues its upward trend. Here are some stats for the year so far. These stats are all from Tahoe Donner, and courtesy of David Hipkins, Realtor, and good friend.
Tahoe Donner has about 5100 completed single family homes. There are currently 55 on the market, or just over 1%. Nationally, this is a very low number, but not uncommon for TD and Truckee in general. It is definitely indicative of a strong market. On this date last year, there were 67 on the market. Today there are 33 homes in escrow, and 44 this time last year. For single family homes sold year to date, we are at 206, compared with 199 on this date last year. The average and median home sold prices in Tahoe Donner this year are $771k and $715k respectively, compared with $706k and $660k for this time last year. This is a big bump, but I should mention that this is for all price ranges in Tahoe Donner. This doesn't mean that a similar home is up this much year after year. While comparable properties are certainly up year after year, this rise in average home prices also reflects buyers purchasing nicer homes at a faster rate than previous years. Our market is largely tied to the Bay Area economy, which is still running full steam.
Condo sales are telling a different story. There are currently 14 active, with 9 active last year. There are 3 under contract, compared with 13 last year. And as far as total sales year to date, we are at 41 compared with 58 last year. We see buyers putting more emphasis on picking up homes than condos this year, which is not uncommon for a year that trends upward.
Vacant lots are in very high demand. We have sold 40 in TD this year compared with 28 on this date last year. The spec builders are definitely at it and are scooping up good vacant lots quickly. Despite this, the prices for vacant lots are flat in the last 12 months, which is surprising.
Interest rates are definitely on the rise now, with conforming loans now breaching 5%. It is hard to know if this will continue in a significant way, stay flat or drop again. But with both the national, and Bay Area economies roaring, we may see rates continue to rise, and possibly slowing down the market at some point.
If you have any questions for me regarding the local real estate market, feel free to leave a comment for me here or contact me directly, my information in all on the website. Thanks, and enjoy the fall!