|Greetings, through the first snowy 6-weeks of 2017, the North Lake Tahoe region experienced an equal number of transactions to that of 2016. Overall dollar volume dropped 12%, but an impressive median sales increase of almost 20% shows regional market strength.
The decline in dollar volume stems from a lack of purchases in the $5M+ segment of the market so far in 2017. 2016 closed five transactions at $5M+ including two over $7M in the same 6-week period. The other key dynamic of the 2017 YTD market is the shift in sales from entry level of the market to the middle segment of the market. The volume of sales in the $700k -$1M segment of the market has increased roughly 45% from 2016, effectively lowering the sub $700K segment by 25%.
Amidst a vibrant holiday ski weekend for the Tahoe area, the market will again get a heavy dose of traffic from potential buyers. The astronomical amounts of snowfall that have hit the area recently have only heightened the attraction to ownership in the area. While the help from Mother Nature will not immediately impact the sales statistics, we should continue to see steady growth in both volume and median price through the Winter.
I hope you enjoyed this brief market update. Please feel free to contact me with questions or if you would like to take a few runs. I love to talk real estate on the chairlift!
TAHOE MOUNTAIN REALTY
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