While the number of active listings dropped, the number of sales went up in July over June; buyers were more compelled to enter into contract this summer than in previous years.
Median price in Truckee/NLT dropped slightly, to $1,187,000, as the competition frenzy cooled in some distinct micro-climates, such as Tahoe Donner. Condo sales went up slightly, to $1,002,000 median.
North and West Lake Tahoe/Truckee regions (not including Incline) enjoyed 45 sales over $2M. With June being a frenzy of activity, sellers of luxury properties enjoyed the buoyant environment, listing their homes at record-high $/sf values, and rode the wave of buyer excitement during the month of July. Urgency did drop by 7%, as days on market increased slightly in July. August will tell a different tale, due to buyer fatigue, back to school, and smoke.
Median pricing in Incline increased by $500k, to $2,550,000, which was a significant increase over June. Ironically, Incline market saw a dip in the number of homes sold over $2M, by 7-8 points. However, Incline is unique in that it has a few home sales much further north than $2M, which skews the median price well above the $2M mark.