…”to boldly go where no one has gone before”… We are in uncharted territory here in the Tahoe-Truckee real estate market, riding the juggernaut of 2020 demand. FULL MARKET REPORT
Our market has been utterly transformed in the wake of the pandemic. Unit sales in the stratosphere: check! Listings as rare as toilet paper in April: check! Bidding wars driving sales over asking price: check! Days on market plummeting: check!
For one: residential lots. Yup, that’s right. Lil’ ol’ lots. Usually a sleeper. Even in the best of years, Tahoe-Truckee lots tend to languish. This is one of the more challenging areas to build in the country, and buying a vacant lot here is not for the faint of heart. But in 2020, lot unit sales are up a whopping 137% over 2019. At Granger Group, we see this as one of the most significant and enduring harbingers of change to the region, indicating permanent growth and more jobs.
Secondly: unit sales. The real story in 2020 was volume. As crazy as they may seem, price increases were not totally without precedent, whereas unit sales and overall volume took us to the far reaches of the galaxy.
Which Tahoe-Truckee neighborhoods have seen the biggest price increases in 2020? Neighborhoods with median closing prices under $800,000, such as Prosser and central Truckee, saw the biggest increases last year.
To find out how much your home is worth in the new market, CLICK HERE or call Linda: 530-581-6927
Did it feel like properties were selling before you could even get through the photos online? They were! Inventory has never vaporized so quickly in the history of the Tahoe-Truckee market.
To find out about Coming Soon listings, CLICK HERE or give us a call: 530-581-6927