It is both obvious and correct to assume that snowfall creates demand for mountain, and specifically, ski properties. Less obvious are the near and long term economic impacts. The volume with which snow has fallen this year has disrupted the normal rhythm of the Tahoe-Truckee real estate market.
A typical winter will see a gradual progression of transactions at the start of the calendar year surging upward toward the end of February and continuing through the traditional end of ski season in mid-April. Travel restrictions, power outages, and managing copious amounts of snow delayed the shopping process for many consumers through January resulting in somewhat lackluster closings in February. The abundance of snow will likely prolong the spring selling season into a smooth transition with summer visitation.
While the overall volume of transactions was limited, the composition of these sales provides insight into the overall demand for Tahoe real estate. lagging sales should not be taken as a negative indicator of market demand. Rather, environmental conditions including prolific volumes of snow have deferred much of the transaction activity until further into the winter and spring. Of the 69 sales, 15 were in the “luxury” category (over $1,000,000) representing 21% of all sales. This number exceeds the 18% for luxury sales in all of 2016 and a major premium over the 14% in 2015.
Further economic benefit from the amazing snowfall of 2017 will be realized as the year progresses. In addition to the obvious surge in demand for skier visits, lake and river recreation will flow, summer will have reduced water restrictions with minimized fire risk. The region promises to have a look of full health for the remainder of 2017.
||Active/Total community inventory
New Listings over the past 7 days
Gray’s Crossing (3)
Old Greenwood Fractional (3)
Martis Camp (1)
Alpine Meadows (1)
|Thank you for taking the time read my update, I hope it was intriguing. Please do not hesitate to reach out if you would like more information on any of the local Tahoe communities or properties. As always, please feel free to pass this update along to friends and family as I greatly appreciate your referrals. I look forward to hearing from you.