Truckee, Calif. (Oct. 22, 2018) – The Reno-Tahoe real estate market continued its upward trend during the third quarter of 2018 with sales volume and average sales prices capping the all time peaks of 2006 in some markets and hitting near all-time highs in others.
“The Tahoe market actually feels very balanced right now,” says Ron Hemig, a Truckee-based associate with Sierra Sotheby’s International Realty. This sentiment is shared by Bob Colquhoun, a real estate professional specializing in Truckee’s Tahoe Donner market. “There’s good equilibrium in the Lake Tahoe market with engaged buyers and new inventory coming to market.”
Lakefront home and condo sales in South Lake Tahoe experienced impressive growth in average price sold compared to last year while the tax- friendly Nevada side of the Lake outpaced the California side, as buyers seek out residency as a tax-haven. In Truckee, median home prices reached an all-time high.
Steady growth was reported across all Reno-Tahoe markets with increases in both median price and sales volume and fresh, updated homes driving buyer interest.
“Five years ago people were buying fixers, now those fixers with modern upgrades are trending with today’s buyers,” said Trudi Lee, a Tahoe City-based real estate associate. On the flip side, sellers with aggressively priced homes and properties that require extensive updates and repairs can expect to collect days on market.
The market was strong for single-family homes situated near resorts such as Alpine Meadows, Squaw Valley and Northstar. As demand continues to outpace sensibly priced inventory and interest rates remain at healthy lows, a robust year-end market activity is anticipated as buyers shift their interest to ski homes for the coming winter.
Carson Valley, Sierra Valley and Plumas County welcomed an upward trend in the third quarter as buyers become increasingly drawn toward spacious properties, ranches and a rural lifestyle.
As for Reno, the housing market continued to sizzle through third quarter. Most neighborhoods showed double-digit growth year over year, and the buzz around the marketplace was very encouraging. Old South Suburban continued to dominate in activity and price growth.
“Larger parcels and ‘elbow room’ seem to be in constant demand as Reno-Sparks keeps growing from the edges out,” said Phil Reed, managing broker for Sierra Sotheby’s International Realty.
Sparks, South Meadows and Fernley also saw significant growth as these value-priced areas become the favored places to live as they offer shorter commutes to the Tahoe Reno Industrial Center (TRIC). South Meadows in particular was recently buoyed by the opening of the “Southeast Connector” in early third quarter, cutting the commute to Sparks and TRIC by 15 minutes.
To see what’s happening with prices and sales volume in your favorite Reno, Lake Tahoe or surrounding area neighborhood visit tahoemicroreports.com.
Ten Lake Tahoe Real Estate Office Locations:
Incline Village | Northstar Village | South Lake Tahoe | Squaw Valley | Tahoe City Gallery | Tahoe Donner | Downtown Truckee | Tahoe City Lakeside | Stateline/Village at Heavenly | Reno