{"id":370,"date":"2020-01-09T23:24:03","date_gmt":"2020-01-10T04:24:03","guid":{"rendered":"https:\/\/sierrasothebysrealty.blog\/2020\/01\/09\/year-end-report\/"},"modified":"2020-01-09T23:24:03","modified_gmt":"2020-01-10T04:24:03","slug":"year-end-report","status":"publish","type":"post","link":"https:\/\/www.sothebysrealty.com\/sierrasir\/blog\/2020\/01\/09\/year-end-report\/","title":{"rendered":"Lake Tahoe&#8217;s CA &#038; NV Resort Markets Thrived in 2019"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong><em>Sierra Sotheby\u2019s International Releases Year\nEnd Market Report<\/em><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2019 was another good year for Lake Tahoe, Truckee and the surrounding area real estate markets with Northern California and Nevada resort properties continuing to be a popular investment.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The allure of\nthe lake, California\u2019s outdoor lifestyle and Nevada\u2019s tax friendly climate\ncontinued to attract buyers and second homeowners across all price points while\ndemand remained high for quality, move-in-ready homes.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.sierrasothebysrealty.com\/blog\/wp-content\/uploads\/2020\/01\/115-Creekview-1024x730.jpg\" alt=\"\" class=\"wp-image-8060\" width=\"580\" height=\"413\"\/><figcaption><em>Single Family Homes in Squaw Valley saw a 23 percent gain in average sold price over last year.<\/em><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The year ended strong with a robust winter\nkick-off. \u201cAgents are busy showing which tells us buyers are out looking,\u201d said\nCamille Duvall, Vice President, Sierra Sotheby\u2019s International Realty. \u201cWe saw\na lull at the beginning of Q3. Now buyers are taking a serious look at the\ninventory that hasn\u2019t sold. The caveat? The price must be right.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Katherina Haug, North Lake\nTahoe-based realtor with Sierra Sotheby\u2019s International Realty echoed that\nsentiment. \u201cI\u2019m seeing more active listings this winter than I&#8217;ve seen in\nprevious years. Active buyers are coming up, regardless of snow. People tend to\nhibernate during the winter, but the market seems to be very active still for\nwinter.&#8221; With the continued activity, Haug anticipates heading into Q1 with\nmore single-family sales than past years. \u201cCondo sales always excel in the\nwinter, but single-family should keep on pace,\u201d she said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Looking back the overall market revealed\na mixed bag with slight ups and downs depending on the neighborhood of interest,\nhowever, total volume sold and sale prices were fairly on par with numbers from\n2018.&nbsp; With a new decade comes an active and\nbalanced market for both buyers and for sellers who price their homes according\nto what the market will bear.&nbsp; <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Incline Village<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It was a banner year for the Incline\nVillage lakefront and luxury real estate market. Four lakefront homes and one\nmountainside estate sold for more than $10 million in 2019 compared to just three\nsales over $10 million in 2018. \u201cThere is very limited lakefront inventory, and\nthe ultra-high-end buyers rely on agents to find these niche properties before\nthey come to market,\u201d&nbsp;said Lexi Cerretti, an Incline Village-based agent\nwith Sierra Sotheby\u2019s International Realty.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.sierrasothebysrealty.com\/blog\/wp-content\/uploads\/2020\/01\/1550-Debra-CMYK-1024x683.jpg\" alt=\"\" class=\"wp-image-8058\"\/><figcaption><em>With a selling price of $11,600,000, this Incline Village home, complete with an indoor pool and basketball court, was one of the highest priced sales of the year for Incline Village.\u00a0<\/em><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The 2019 lakefront condo market was\nespecially robust with a 23 percent increase in the total dollar volume sold.\nOn average, lakefront condos spent nearly half as many days on market compared\nto last year. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Incline Village and Crystal Bay home\nsales below $2 million took a hit in 2019 with 39 fewer sales and $37 million\nless in sales volume. \u201cThe other price ranges were consistent from year to\nyear, both in sales volume and number of sales, telling us some buyers have\nbeen priced out of the market,\u201d said Cerretti.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Overall, the Incline Village market\nended the year with an average sale price of $1,825,513 and a median sales\nprice of $1,295,000 with the highest sold price of $24.5 million<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>East Shore: Glenbrook, Zephyr Cove,\nStateline<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The East Shore market was down slightly overall from last year in terms\nof the number of transactions and both the median and average sale prices. The biggest decrease was seen in the lakefront\nmarket with a 60 percent decrease in the number of properties sold and a 69\npercent decrease in the total dollar volume sold. Properties spent 225 less\ndays on the market on average indicating that lakefront inventory is low. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The micro\nmarkets of Skyland and Glenbrook were bright spots, each seeing sales above $5\nmillion. Zephyr Cove\/Round Hill also saw big increases with 50 percent more\nhomes sold in 2019 compared to 2018 and a 79 percent increase in the total\ndollar volume sold. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Truckee<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Overall single-family home sales in\nTruckee were down slightly in terms of the number of properties sold and the\ntotal dollar volume sold. A $13.6 million dollar sale helped bring the median\nprice up two percent to $752,900 while the average price fell four percent to\n$1,201,520. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Kaili Sanchez, a Truckee-based\nrealtor with Sierra Sotheby\u2019s International Realty is experiencing multiple\noffers on homes for people wanting to relocate to the area due to the low\ninventory.&nbsp;\u201cMany people are considering increasing their purchase price\ndue to lower interest rates and the option to work remotely. Whereas three\nbedrooms used to be the magic number, I\u2019m now finding more people require four\nbedrooms or a bonus or flex space.\u201d <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sam Swigard, a Northstar-based\nrealtor with Sierra Sotheby\u2019s International Realty has also seen higher demand\nfor four-bedroom homes, especially in Glenshire. Additionally, he says buyers are\nacting on homes that are updated and turn-key versus those needing work. \u201cHomes\nthat need work experience more days on market even in the $500,000 range.\u201d <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Glenshire saw a 40 percent increase\nin the number of properties sold and a 23 percent increase in the total dollar\nvolume sold. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Buyers are acting quickly on newer\nand more modern inventory in the Village at Northstar.&nbsp;\u201cOverall, modern\narchitecture and modern remodels are outpacing mountain lodge style homes,\u201d\nsaid Swigard.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>South Lake Tahoe<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">South Lake\nTahoe single family lakefronts saw a massive increase this year. The two\nproperties sold last year totaled $1,715,000 while the 11 properties sold this\nyear totaled $32,141,500. <\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.sierrasothebysrealty.com\/blog\/wp-content\/uploads\/2020\/01\/1639-sherman-sunset1.png\" alt=\"\" class=\"wp-image-8059\"\/><figcaption><em>This stunning 17-bedroom estate sold for $12,100,000 representing the highest priced sale of the year for South Lake Tahoe.\u00a0<\/em><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Total\nnon-lakefront sales volume in South Lake Tahoe was up by seven percent,\nhowever, several niche markets such as the Tahoe Keys outpaced 2018 sales\ndespite much ambiguity surrounding the short-term rental market. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Overall, we saw an eight percent\ndecrease in the number of sales but a nine percent increase in the average\nsales price to just under $600,000.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Reno-Sparks\/Carson Valley<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">According to Phil Reed, a Reno-based\nreal estate professional and broker with Sierra Sotheby\u2019s International Realty,\nthe greater Reno-Sparks market continued to hum along in the fourth quarter,\nalbeit at a more \u201cnormalized\u201d pace.&nbsp;\u201cThe lower price points in Reno\u2019s northwest\nand southern neighborhoods have experience longer than usual days on market,\nbut that could also be more representative of this time of year,\u201d said Reed.&nbsp;\u201cOur\nmid-range, which could be considered anything priced in the $500,000-$800,000\nprice range has remained strong, with&nbsp;four to six percent price increases\nin the higher end West Southwest, South Suburban and Southwest Suburban\nneighborhoods<strong>.&nbsp;&nbsp; <\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">According to Reed, Californians\nlooking to move their primary residence to Nevada have been forced to slow down\ntheir Nevada home search due to the slower pace of sales in their primary California\nneighborhoods. \u201cMost are families or Baby Boomers and&nbsp;typically they have\nto sell elsewhere before they can buy. Looking ahead we are likely going to see\na big push in the early part of the year from those looking to relocate and\nestablish Nevada residency by June.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In general, Reno price points have\nsteadily ticked up ending in 2019 with a median sales price of $395,000, a five\npercent increase over the 2018 median sales price of $375,000.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Plumas &amp; Sierra County<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We saw a 12 percent decrease in the\nnumber of sales but an increase in both the average sales price ($381,292) and\nthe median sales price ($305,000). \u201cWe\u2019re seeing a trend in buyers relocating\nfrom Truckee to Sierra County,\u201d says Barb Hartley, a Truckee-based realtor with\nSierra Sotheby\u2019s International Realty. \u201cThe area offers more open space at\nbetter entry level prices, less snow and a quieter lifestyle, all coupled with\na 25-minute commute to the town of Truckee.\u201d <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Sierra Foothills<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Located just 40\nminutes west of Truckee along Highway 20, the Sierra Foothills market remained\nsteady with modest gains overall in the number of transactions (up five\npercent) and the median sales price (up three percent). The biggest percent\nchange was seen in the High Country\/Washington area with a 73 percent increase\nin total dollar volume sold and increases across the board in terms of the\nnumber of transactions (up 26 percent), median price (up 22 percent to\n$440,000), average sales price (up 37 percent to $559,276) and highest price\nsold (up 67 percent to $1,650,000). <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWith winter\noff to a healthy start in the Sierra, we can anticipate another prosperous real\nestate climate in 2020 with a bustling and balanced market that benefits\neveryone,\u201d said Duvall. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The\ndata in this report was collected via six regional multiple listings services. To see all pricing and sales volume for Reno, Lake\nTahoe or surrounding areas broken down by a specific resort community or\nneighborhoods visit&nbsp;<a href=\"http:\/\/tahoemicroreports.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">tahoemicroreports.com<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sierra Sotheby\u2019s International Releases Year End Market Report 2019 was another good year for Lake Tahoe, Truckee and the surrounding area real estate markets with Northern California and Nevada resort properties continuing to be a popular investment. The allure of the lake, California\u2019s outdoor lifestyle and Nevada\u2019s tax friendly climate continued to attract buyers and [&hellip;]<\/p>\n","protected":false},"author":248546753,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"{title}\n\n{excerpt}\n\n{url}","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false,"jetpack_post_was_ever_published":false},"categories":[1369],"tags":[],"class_list":["post-370","post","type-post","status-publish","format-standard","hentry","category-tahoe-real-estate-news"],"jetpack_publicize_connections":[],"jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pfNAru-5Y","jetpack-related-posts":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/www.sothebysrealty.com\/sierrasir\/blog\/wp-json\/wp\/v2\/posts\/370","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.sothebysrealty.com\/sierrasir\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sothebysrealty.com\/sierrasir\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sothebysrealty.com\/sierrasir\/blog\/wp-json\/wp\/v2\/users\/248546753"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sothebysrealty.com\/sierrasir\/blog\/wp-json\/wp\/v2\/comments?post=370"}],"version-history":[{"count":0,"href":"https:\/\/www.sothebysrealty.com\/sierrasir\/blog\/wp-json\/wp\/v2\/posts\/370\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.sothebysrealty.com\/sierrasir\/blog\/wp-json\/wp\/v2\/media?parent=370"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sothebysrealty.com\/sierrasir\/blog\/wp-json\/wp\/v2\/categories?post=370"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sothebysrealty.com\/sierrasir\/blog\/wp-json\/wp\/v2\/tags?post=370"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}