Tahoe/Truckee 3rd Quarter 2021 Market Report
Like all areas at Lake Tahoe, Truckee is experiencing an upward climb of median home prices because demand is still strong, while supply has dwindled. Overall sales volume for the 3rd Quarter 2021 showed a decrease year over year. However, this is not because of any change in demand.
The following graph shows the reduction of available listings by area when comparing September of 2021 to September 2020. North Lake Tahoe and Truckee had 393 available listings, with 317 sold in 2020. September of 2021 had only 279 available listings showing a 29% decrease in inventory.
The number of sales for September 2021 was down to only 160. Looking at Truckee, there were 82 listings in 2020 compared to only 66 listings in September 2021. 82 listings sold in 2020 compared to 56 in 2021. Available inventory was down 29%, however sales were only down 20.7%.
Whenever demand exceeds supply, it drives up the median prices. Squaw Valley and Alpine Meadows showed the largest increase in median price at 52%. The North and West shore of Lake Tahoe had a 44% increase in median price.
In Truckee, the median home price was up 41%, while the sales volume was down 13%. The majority of sales in Truckee were priced between 750K and 1 million, showing 32% of all sales. 25% of Truckee sales were between 1 million and 1.5 million.
In 2020, the median price for a Truckee single family residence was $850, 000, compared to $1.2 million in the 3rd Quarter of 2021. This represents a whopping 41% increase in median home prices in Truckee.
The following graph demonstrates how the drop in available inventory affected sales totals when comparing the 3rd Quarter of 2020 to the 3rd Quarter of 2021.
The average days on market in 2020 was at 54, which dropped to only 22 days in the 3rd Quarter of 2021. Also in 2020, the sale to list price was at 98% and this grew to 103% in the 3rd Quarter of 2021.
The median price in Glenshire rose 39%, and 28% in Prosser Lakeview Estates. Grays Crossing and Old Greenwood saw median prices rise upwards of 40%. Tahoe Donner showed a 43% increase year over year.
As available inventory continues to decline, we expect home prices to continue their upward trend. At that point, affordability might decrease demand and kick in to slow down the market. If you are thinking of listing your home for sale, this is an excellent time to get top dollar.
Whether you are thinking of buying your dream home, or would like a free property analysis for an existing Lake Tahoe or Truckee home, contact us today! In this fast paced market, it is important to work with a team of dedicated agents who have access to ‘coming soon’ listings and can negotiate the best possible price on your behalf.