1.) Winter has returned!
Truckee got more than a foot of snow today, and was only forecast to get around half off that. There is a bigger storm coming on Thursday, so the skiing and riding is about to get much better.
2.) available home inventory has hit the lowest level I have seen in the 12 years I have been in Truckee real estate!
Today in Tahoe Donner, a bellwether for the Truckee and North Tahoe market, the number of single family homes for sale is 18. Eighteen homes, out of over 5000 homes, are for sale. This represents around 1/3rd of 1% of the existing homes in Tahoe Donner. This is a very strong seller's market. I should mention a couple of caveats. One, we usually hit our low inventory level for the year in February or March, and inventory will start climbing in the spring, as it does every year. Secondly, with rates starting to climb and the possibility of an inflationary environment creeping in, buyer demand may even strengthen this year. For current owners, this is a great situation to be in. And for those looking to purchase property here, there will be a reasonable time this summer when inventory starts to creep up. Being patient will be the key to finding a good home at a fair market price. If you are looking to buy or sell this year, let's check in and talk about your timing. In the mean time, let's ski!
What to do in Truckee when winter doesn't come
As I'm sure you know by now, snow in the Sierra has been hard to come by this year. The skiers, riders and resorts are not having a great year. So as a local or devoted Truckee/North Tahoe visitor, what do you do? The answer is get outside! There is so much to do here right now. In the last week, I've hiked, rode my mountain bike and fished! There is a tremendous opportunity to enjoy our incredible outdoor playground when winter decides to not show up, or just show up late. Hopefully it is the latter, as we have had too much of the former in the last 6 years. As I write this, we have a very cold front moving in and we are expecting a bit of snow later today, followed by some extreme cold in the early parts of this week. This could also bring some ice skating into play if you are careful and know where to skate, and more importantly, where not to skate. There is a local Facebook Group, Truckee Tahoe Ice Skating, where some discuss ice conditions on our lakes and reservoirs. So if you live here, or are just planning a trip this winter, thing creatively. If the skiing is scarce, find something else to do. Need suggestions? Give me a call!
a nice rainbow taken 2/17/18 at boca reservoir
Greetings and happy February! I hope that winter is going well for you and that you only had to live through Groundhog Day once. Lets have a look at the January sales numbers. In Tahoe Donner, our bellwether for Truckee, there were 15 sales in January compared to 14 the previous year. The average sale price was $812,500 compared with $743,000 the previous January. There are currently 28 single family homes active in Tahoe Donner, which is around one half of one percent of available homes actively for sale, meaning supply is scarce! Demand continues to be high for homes and condos here, despite the weak snow fall we have seen so far this year. This could be a result of many things, not the least of which are:
1.) The expected rise of interest rates this year and for the foreseeable future
2.) The possible resurgence of an inflationary environment - which may bode well for real estate across the board
3.) The finite number of homes and homesites available in our market
Right now the sellers are holding all the cards, and if you are considering selling your home in Truckee or North Tahoe, right now may be your best time. If you are looking to buy here, waiting until summer may offer the luxury or more choices of properties and relatively lower competition for each listing.
Let me know if you have any questions, I'm here to help!
Contact Dave Donnelly
Allison James Estates and Homes
Truckee, CA 96161 USA
Phone: (530) 414-4072
License: BRE 01723953
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