Real Estate Market

Truckee Real Estate Update

Buried in Snow!!
 
Unless you've been hiding under a rock, you've no doubt heard about the record breaking snowfall we've been experiencing here in Truckee and Lake Tahoe.  Many ski resorts, including Squaw Valley, are reporting it as their largest winter ever (Squaw has been open 60 years).  According to the California Department of Transportation, 61 feet of snow has fallen in the high sierra's, second only to the winter of 1950-51.  Some scientific "snow labs" are reporting it as 1 of the top 5 winters ever, and at worst a few have it in the top 10 for the last 150 years.  Many local ski resorts reported 250 inches of snowfall during a 15 day stretch in the middle of March (see some other ski area stats here).  Regardless of your point of observation the snowfall numbers are staggering.
  
This is obviously great news for the ski industry, and also for Tahoe's general recreational industry.  Not only are skiers basking in the powder, but this spring and summer rivers will be flowing and lakes will be full of water and people.  If you haven't been able to visit lately, we highly recommend you come up and enjoy. 
  
Unfortunately, along with good news comes some need for caution.  If you own a home in Truckee/Tahoe, particularly at an elevation of 6500 feet or higher, we urge you to get up here and check on it.  Massive amounts of snow like this strain your home in many ways, and just because the snow has stopped falling (at least temporarily) doesn't mean there aren't threats to come.  You want to check your roof for ice dams and uneven snow loads.  You want to check all of your windows to make sure there isn't snow built up against them or snow approaching them.  You want to check exterior decks and railings for signs of stress.  Check that appliance vents and flues are clear of snow.  You'll also want to check to make sure power lines are clear of snow.  Even if nothing is damaged yet, damage could occur as the snow settles and condenses.  With temperatures expected to reach the mid 50's this week, the snow will condense quickly.  If you haven't been to your home in the last couple weeks, you need to take a look at it now.  If you can't make it to the area, give us a call, and we'll either take a look for you or make arrangements to have someone do it.
  
If you want to read some brief highlights of sierra snow stories, check out todays article in the Sierra Sun:  Near Record Snow Good News.   

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Has the intense weather helped or hurt the real estate market?  It's hard to tell.  It certainly is more difficult to show houses with all this snow on the ground, but the snow also attracts more visitors to the area.  Regardless of cause and effect, numbers in January were strong, followed by weak numbers in February as the snow returned.  However, as the snow continued and intensified in March, the market seemed to strengthen.
 


Tahoe Donner:  22 homes went into contract in January, but that number dipped to 11 in February.  Overall, there is still a very small number of homes for sale and the homes which are priced well are moving quickly.  In light of the regularity with which clients ask questions about activity and values in the neighborhood, we will be posting weekly Tahoe Donner real estate activity on our blog each Monday.  Here are the pictures and details for the new escrows in January and February:  Tahoe Donner Real Estate Activity .
 
Martis Camp:  As other newer developments around the country struggle, Martis Camp continues to carry great momentum. 57 homesites and 5 custom homes  sold in 2010 which, according to the Martis Camp press release, marks a 36% increase in transactions over 2009.   This article, by Jay Stuller of the A Position, is a great overview of the community and all the things which have made Martis Camp so successful. 
 
Old Greenwood/Gray's Crossing:  3 homes went into contract in January and 1 in February.  Interestingly, all of the homes had asking prices under $1 million.    Gray's Crossing and Old Greenwood Real Estate Activity.

 
Northstar:   6 properties went into contract in January and 7 in February.  5 of the poperties were single family homes: Northstar Real Estate Activity .

 
Donner Summit and Serene Lakes:  Activity in this area has been pretty consistent since the beginning of summer.  Another 5 homes went into escrow in January and 3 in February.  Here are the details:  Serene Lakes and Donner Summit Real Estate Activity.
 
Lahontan:  Finally!  After 6 straight months without a home going into contract, 1 home did in February:  Lahontan Real Estate Activity.

Glenshire/Sierra Meadows/Prosser/Donner Lake:  There certainly seems to be strength in the traditioinally full time neighborhoods.  23 homes went into contract in Januray, and 18 in February:  Truckee Real Estate Activity.

Squaw Valley/Alpine Meadows:  Combined, Squaw and Alpine are averaging over 10 properties going into contract per month for the last 5 months. In January it was 10 properties, in February it was 8.  The focus was on condos, but there were 3 high end homes which went into contract:  Squaw Valley and Alpine Meadows Real Estate Activity .

 

North Lake Tahoe:  Strong activity continues with another 15 single family homes going into contract in January, followed by 24 in February:  North Lake Tahoe Real Estate Activity.

 

 

All Statistics provided by the Tahoe Sierra MLS, with the exception of the Martis Camp subdivision which are provided by the Martis Camp sales team.  All statistics assumed to be accurate, but not guaranteed.

 

 

 

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