June Sees Near-Record Amount of Home Sales in the Tahoe-Truckee Region
FOR IMMEDIATE RELEASE: Northstar, CA (July 27, 2020): Despite a global pandemic, or perhaps, as a result of it, real estate sales in the Tahoe-Truckee area are more than steady, with the month of June experiencing one of the highest rates of closed escrows ever.
According to Tahoe Mountain Realty, the numbers of homes sold in January and February were nearly identical to last year; 98 homes sold in January 2019, 94 in 2020, and 87 in February for both years. March saw an increase of 22 homes sold this year totaling 93, while April saw a significant drop in sales at 67, likely related to stay-at-home orders throughout the state. Sales continued to be lower in May with a 25% decrease over last year; 79 homes were sold in 2020 while 104 homes sold in the same period in 2019.
June, however, exploded with a near-record 201 residential transactions that closed escrow, dwarfing last year’s 132. In fact, there have only been two previous years in Tahoe-Truckee real estate history that home sales have been over 200.
“As Northern California consumers face the realities of a ‘new normal,’ many have taken the acceptance of remote work and distance learning as an opportunity to enhance their quality of life,” said Jeff Brown, broker at Tahoe Mountain Real Estate. “A remarkable number of homebuyers have determined that the mountain setting of Tahoe-Truckee will provide the quality of life they are seeking.”
While the net result of sales in 2020 so far matches the year prior as measured by transaction volume and median price, the market continues to heat up. As more and more school districts move to virtual learning and businesses are encouraging remote work, homeowners are seeing the value of a permanent mountain home.
There are 435 homes currently pending sale in the Tahoe-Truckee area, signaling an even higher month of sales come July and August. Since the housing inventory is relatively scarce, buyers are finding themselves contending with multiple bids, some well above asking price.
This is also driving incentive for new homes in Lake Tahoe, which developments like Village Walk Skyline fulfills. Village Walk Skyline will be comprised of eight new homes at the base of the Northstar ski resort, sustainably-built, and truly representing the mountain lifestyle.
Village Walk Skyline homes will feature on and off-site construction to minimize the impact on the surrounding environment. Luxuriously-built in a mountain-modern design, Village Walk Skyline homes will be two stories with four bedrooms and three-and-a-half bathrooms and 2,980-square-feet of living space.
The first homes will be ready for move-in by Christmas 2020, just in time for the 2021 ski season. And considering the current state of the real estate market and families eager for the mountain lifestyle, Village Walk Skyline is ready to meet the needs of homebuyers in the Tahoe-Truckee region.
Village Walk Skyline is a new development at the base of the Northstar ski resort featuring eight sustainably-built luxury homes with eco-friendly features. For more information, virtual tours, floor plans, and more visit https://villagewalkskyline.com/.