Just like Willy Wonka’s Great Glass Elevator smashing through the roof of the chocolate factory, the 2020 Tahoe-Truckee real estate market has shattered records and catapulted itself into uncharted territory in the sky.
Let’s look first at prices, the previous record highs having been set in 2006. Those of us watching Tahoe-Truckee real estate have been waiting for 14 YEARS for the median price across the MLS to get back to its all-time high. Sure, certain sectors and neighborhoods saw untrammeled growth this past decade, but plenty of buyers from the mid-00’s were still looking at a loss.
Meanwhile, unlike the 2005-2006 price boom, unit sales this quarter also exploded through the ceiling. 89% more SFR’s sold in July-Sept of this year than the same period in 2019, despite record-low inventory.
Hold onto your hats, folks! It’s anyone’s guess what 2021 will bring. Good news is, Charlie and the elevator, after a wild ride in space, did eventually make it back to the chocolate factory safely.