Following the Truckee-Tahoe real estate BOOM in 2021, the operative question is, “will this – can this – market continue in 2022”? Our 2021 Year End Market Report showed tremendous growth, limited inventory and record prices with aggressive financing options and historically low rates. Early indicators show 2022 may well be another record year.
We’re seeing some interesting data as compared to Q1 2021. This may again indicate the calm before the proverbial real estate storm here in Truckee-Tahoe. With increasing interest rates and unsettled equity markets, we’re having many conversations with Buyer Clients evaluating options and seriously considering redistributing portfolio assets to purchase resort oriented property. We anticipate increased inventory this Spring and into the summer as Sellers evaluate and focus on capturing the market in unprecedented times. As I shared in my 2021 Year End Fireside Chat, there is an unusual alignment between Buyers wanting to purchase property and Sellers wanting to sell – for very different reasons. Check it out!
Essentially every neighborhood experienced substantial gains in Q1 2022 as compared to Q1 2021. Price increases ranged from a modest 7.1% increase in Glenshire, Truckee to a whopping 84.7% increase in Martis Camp, recording a $10,435,000 closing in Q1 2022; the top sale in Q1 2021 was $5,650,000 for this luxury neighborhood! The resort communities saw substantial year-over-year increases ranging 35% to 50% as buyers quickly absorbed products in Lahontan, Schaffer’s Mill, Gray’s Crossing, Squaw Valley, Northstar and of course, Martis Camp. Only Donner Lake declined 14% in median sales price within the areas we monitor, noting Donner Lake is a summer market. Tahoe Donner increased 35.4% with median sales prices climbing from $960,000 to $1,300,000 since Q1 2021. The number of homes sold in this core Truckee neighborhood was down 16.7% in Q1 2022 with 40 sales versus 48 sales in Q1 2021.
Multiple offers on properly priced properties are still the norm at Elder Group, however we are seeing about a 50% decline in the number of offers received as compared to mid-summer 2021. However, there are plenty of Buyer Clients searching and waiting amongst limited inventory for their mountain retreat. If the property is positioned correctly, the results speak for themselves, a specialty of Elder Group Tahoe’s listing services; we deliver top value to our Seller clients. We anticipate a wider range of product and more inventory coming late Spring and early Summer which will fuel buying opportunities while interest rates are still lower than anticipated at the end of 2022.
The chart below provides an overview of Q1 2022 Neighborhood Statistics. Click through each Neighborhood data sheet to view more detail on the Truckee-Tahoe market.
If you have questions or would like more information about your preferred Neighborhood, whether you are considering selling your property in 2022 or purchasing your dream retreat, contact Alison anytime!
Elder Group Tahoe | Q1 2022 Neighborhood Reports
If you are interested in purchasing or selling Truckee-Tahoe property, please reach out to Alison Elder. Our Elder Group team is happy to assist you!