2023 Tahoe Mountain Report | Year End Edition (12MO)

TAHOE MOUNTAIN REPORT TAHOE – TRUCKEE MARKET OVERVIEW

THE HUB & OFFICE LOCATIONS

Free Public Coworking & Industry-Leading Real Estate Resources 530.550.2000

info@tahoemountainrealty.com

NORTHSTAR

OLD GREENWOOD

GRAY’S CROSSING

DOWNTOWN

3001 Northstar Drive

12915 Fairway Drive

11406 Henness Road

10396 Donner Pass Road

Open Daily | 10am – 4pm

Contact for Info

Contact for Info

Monday – Friday | 10am – 4pm

tahoemountainrealty.com

BRE 01995145

TAHOE – TRUCKEE 12M TRANSACTION VOLUME COMPARISON 2000

2,322

1800

1,848

1,746 1600 1400

1,620

1,634 1,488

1,578

1,412 1,377

1200

1,297

1000

1,134

800 600 400 0

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

AVERAGE SALES PRICE $1,602,715

$2,000,000 $1,000,000

$1,520,695

$1,489,861

$900,000

$832,540

$821,430

$800,000

$907,330 $854,649

$759,693

$700,000 $600,000

$1,133,663

$1,047,342

$685,247

$500,000 $0 2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

530.550.2000 | info@tahoemountainrealty.com | tahoemountainrealty.com | DRE 01995145 | PO Box 3757, Truckee, CA 96160

O M A R K E T OV E R V I E W RESIDENTIAL TRANSACTION BY PRICE POINT SUMMARY

2011

> $1MM 101

> $2MM 33

> $5MM 4

> $10MM 0

2012

134

54

8

4

2013

178

63

10

2

2014

249

107

13

3

2015

202

73

17

1

2016

299

111

22

2

2017

346

105

23

2

2018

386

147

34

7

2019

348

94

25

5

2020

723

257

57

5

2021

875

284

76

20

2022

702

236

49

17

2023

567

189

47

8

ACTIVE LISTING INVENTORY 2000 1500 1,803 1000

1,075

500 0

766

683 2013

2014

640

2015

2016

2017

495 2018

516

231

2019

2020

137

617 264

2021

2022

2023

MARTIS CAMP VS TAHOE LAKEFRONTS MEDIAN SALES PRICE MARTIS CAMP

LAKEFRONTS

$3,297,500

$3,450,000

2014

$3,333,140

$3,025,000

2015

$4,650,000

$3,651,774

2016

$4,325,000

$4,176,000

2017

$4,466,000

$4,176,000

2018

$4,675,000

$3,747,000

2019

$5,100,000

$4,287,500

2020

$5,626,000

$4,388,000

2021

$6,522,000

$8,574,143

2022

$8,557,000

$9,482,000

2023

$7,275,000

$7,750,000

2013

$10,000,000

MARTIS CAMP

LAKEFRONTS

$8,000,000

$6,000,00

$4,000,000

$2,000,000 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Data collected January - December 2023. Data contained in this report is from the Tahoe Sierra Board of Realtors.

Information is deemed reliable but not guaranteed. Consult your Tahoe Mountain Realty Broker for more information.

MARKET NEWS

Viewing the 2023 performance of real estate in the Tahoe Truckee region through a 12-month lens, the narrative can be summarized as a stubborn market in which record few properties transacted while prices remained largely static.

This dynamic challenges many closely held assumptions of supply and demand whereby prices should diminish with extended days on market if sales are not prolific. Instead, sellers unmotivated by liquidity, chose to hold firm on price and opt out of continuing with sales efforts in circumstances when peak value was not offered. Buyers, in turn, took this opportunity to be exceptionally judicious about their selections, opting for purchases on only the most exceptional homes within any given neighborhood or price range rather than sniff out deals for product that is discounted but doesn’t otherwise match their needs.

When viewing the performance of the market over a 24-month lens, a period of stagnation from Fall, 2022 through early Summer, 2023 is apparent, after which the second half of 2023 showed energy toward a return to historical averages for transaction volume.

We head into 2024 with a sense of cautious optimism for a return to more ‘normal’ conditions. The year begins with seasonally adjusted balance of about 3 months’ supply.

While election year precedence typically signals a year of paralysis, the growing anticipation of a rate cut seems to have demand primed for acceleration should mortgages return to a more tolerable level. Any such acceleration is likely to unlock greater inventory among those sellers that have waited on greater affordability for their next purchase which is likely to keep values balanced; perhaps even giving back some of the ample gains realized over the last several years.

With a fascinating year ahead, we look forward to keeping you updated of the market and the many of wonders of Tahoe.

Best regards, Jeff Brown

General Manager Tahoe Mountain Realty 530.550.2000 | info@tahoemountainrealty.com | tahoemountainrealty.com | DRE 01995145