"Goodness Gracious, Great Balls of Fire!"
-Jerry Lee Lewis
The Tahoe - Truckee market remains red hot across its different market segments. Market indicators are often seasonal in nature, with Q2 typically being the period of highest demand, and the mid-winter holiday period being the period of lowest activity. Due to record-low inventory, competition has never been fiercer as we enter into Q2 of 2021.
Average sales prices have jumped 68% YOY at the end of March, 2021, with Q1 of 2021 owning over 20% of that increase. Inventory dropped by 50% over the past year. Average Days on Market slightly increased over January and February, but then experienced a sharp drop to just 36 DOM in March, signaling an abrupt turn in the absorption rate of inventory.
Average house dollar per square foot values additionally enjoyed a mighty boost in Q1, increasing by 50% since December of 2020 to an astonishing $921/square foot.
Inventory levels continue to run historically low, a big factor in market dynamics. January and February saw a sharp drop directly related to virtually no inventory. March is experiencing an uptick due in part to more seller's willing to enter this favorable market.
Bottom line: The Tahoe market continues to be extremely competitive. Our team has a combined total of 65+ years of real estate experience to help you buy or sell on both the CA or NV side of Lake Tahoe and Truckee. Give us a call today to ask questions about the report in your neighborhood of interest: 530-214-9050
Defining Lake Tahoe/Truckee: Our real estate markets in the Lake Tahoe/Truckee region include the communities of: Alpine Meadows, Donner Lake, Donner Summit, Lahontan, Martis Valley, North Shore Lake Tahoe, Northstar, Squaw Valley, Tahoe City, Tahoe Donner, Truckee, and the West Shore of Lake Tahoe. Sales data in the charts includes single family & condo homes in these communities.