March 15, 2017
2016 is almost over, which means now is a great time to reflect on how the Tahoe-Truckee real estate market has changed in the past year.
There are many great Truckee area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (530) 582-6900 for a FREE home buying consultation to answer any of your real estate questions.
What happened in our 2016 real estate market?
Overall, more homes sold in 2016 than in 2015 and home sales went up by 15%. The average sales price is up 11%, and the median sales price is up 5% over the last year.
These numbers can be deceiving because each neighborhood has its own dynamic. For example, in our more popular neighborhoods like Donner, Glenshire, Donner Lake, North Shore, and West Shore, we saw minimal growth of 1% to 3% in the median and average sales price.
There were some interesting anomalies in our 2016 real estate market.
2016 saw some interesting real estate anomalies.”
In Martis Camp, home sales doubled in 2016. However, the average sales price is actually down by 6%, and the median sales price is down 14%. In Squaw Valley, sales also doubled but the average sales price went up 7%. On the other hand, the median sales price went down by 4%.
So, who were the winners in 2016? The neighborhood of Brockway Vista saw a 4% increase in the average sales price and a 14% increase in the median sales price. That’s the result of new streets and redevelopment in the downtown area. Brockway Vista also went down the most during the economic downturn; now, they have made a full recovery.
Northstar also saw a significant increase in the average sales price—the average is actually up 46%! The median sales price jumped up even further, increasing by 63%. Why the huge increase? You can thank the new Mountainside development for that.
If you haven’t been to Northstar lately, there are some incredible new homes out there that are definitely worth taking a look at. The question is, will Northstar overshadow Martis Camp? Only time will tell.
If you are interested in the specific numbers for your neighborhood, click here for a full report. You can also search all local real estate on my website. As always, if you have any real estate questions, please don’t hesitate to reach out to me. I would be happy to help you!