Just like the month of March, 1st quarter 2018 has blasted in with a roar in the Tahoe-Truckee housing market, upending the typical pattern of flatline prices in winter sales. For the first time in 12 years, the average sale price of single family homes and condos in the region overall has exceeded peak figures in 2006. Luxury construction has fueled a surge at the top end of the market, skewing the average, so the median price has just a little further to go before catching up. With a few localized exceptions, however, it’s safe to say that at long last, the recession of 2008-2012 is finally–let’s hope completely–behind us!
With jaw-dropping numbers in many areas of our market, it’s hard to decide which are the most impressive. I think I have to go with Incline Village, which saw an 87% increase in total dollar volume from 1st quarter 2017 to 1st quarter 2018. Both Truckee and Incline also posted major upticks in unit sales, which is notable because higher prices often come with lower unit sales. Not this quarter! Finally, all the ski area homeowners should be excited to see that while they may not have had a blockbuster early season on the slopes, they saw a 64% increase in average sale price over Q1 2017.