The Truckee-Tahoe real estate market was a wild ride in 2020! Prices spiraled upward with shelter at home restrictions and international travel limitations created by Covid-19, inventory proved very tight with property owners wanting to use their homes in lieu of selling; rentals became scarce – and still are – creating more buyer demand. Similar to the very competitive Bay Area real estate market, Truckee-Tahoe is experiencing an aggressive buying environment for key areas and properly priced property. Multiple offers, “as is” purchases and cash in lieu of financing is now the new normal. It’s become a seller’s market.
Check out our statistics below for Truckee-Tahoe Neighborhoods and Corcoran Global Living’s Year End and Q4 reports. You’ll be amazed with the trends and absorption levels!
Elder Group successfully handled record transaction volume in 2020 with $125,000,000+ for our Seller and Buyer Clients with many dual agency escrows. We anticipate a continued trend that consumers realize the benefits of spending quality time in the fresh, mountain air and Covid-19 delivered new lifestyle opportunities. The ability to work and learn from anywhere and continued low interest rates makes our mountain communities very attractive.
Now on the proverbial “map”, Truckee is viewed as a coveted destination with a lifestyle to match – good restaurants and amenities, excellent health care, six major ski resorts nearby, miles of open space for outdoor adventures, all combined with a reasonable driving and/or flying distance from the Bay Area – our mountain community has been discovered!
What does this mean to prices in 2021? Supply and demand indicates a continued uptick, however, with the big gains experienced in 2020, I anticipate more modest increases in 2021 and still limited inventory until vaccines are in place and international travel returns. Then, we will move slowly back into a normalized supply and demand market.
Overpriced listings will not receive the attention that properly listing pricing brings and consumers are indeed savvy. Some reductions are occurring now on overpriced properties. Compared to many areas, the Truckee-Tahoe market remains an excellent value and brings a breath of fresh air to those who have flexibility in their geographic location. And, as our world normalizes, the quality of life in the mountains will remain, as will the beautiful snow we are experiencing now and in the future!
Our Elder Group team of professionals and I are at your continued service. Whether you are considering a Truckee-Tahoe purchase or anticipate selling your property in the coming months and would like a market evaluation, we are happy to share our deep expertise. Contact our office anytime!
Wishing you the best in 2021 – stay healthy and come on up and enjoy the winter wonderland!
Click on the reports below to view in full screen.