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Tahoe Update

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January 15, 2023

Tahoe Update

Greetings Fellow Life Travelers:

Dumping again! Challenging for travel over MLK weekend, but skiers are happy with all the new snow as we are for the watershed. Fortunately, we haven’t been severely impacted with the damage sustained in other parts of California. Good time for the snow-shoveling business. Now to look are real estate action this past week.

  • Residential Real Estate – week 1/7-1/13
  • Tahoe Sierra MLS – North/West Shores & Truckee. New Listings – 8; Escrows – 9; Solds – 12
  • Incline Village/Crystal Bay MLS. New Listings – 2; Escrows – 2; Solds – 2
  • East Shore, NV MLS. New Listings – 1; Escrows – 3; Solds – 1
  • Reno/Sparks MLS. New Listings – 65; Escrows – 79; Solds – 55

Highest escrow was a Martis Camp home at $7.495M; 4 of the solds in the TSMLS were timeshares in Northstar. One sale in Incline Village/Crystal Bay was a Stillwater Cove condo at $4M. In Reno/Sparks, only 3 of the 55 solds were over $1M. Activity exists; we have increased showings on two listings in the Truckee area, one in Tahoe Donner, the other in Ponderosa Palisades.

Message from David Stevens, former Assistant Secretary of Housing: “Be advised…this may be the one and only window for the next few years to get into a buyer’s market. Remember – as the Federal Reserve data shows – home prices only go up and always recover from recessions no matter how mild or severe. Long term homeowners should view this market – right now – as a unique buying opportunity.” KCM – Keeping Current Matters

  • Local/Real Estate/Luxe
  • San Francisco’s median home price fell for the first time in a decade in 2022. Manion Global
  • Median Prices: In the Lake Tahoe region in 2017, the median household price was $585,000 compared to $935,000 in 2022 which represents a 59.8% increase in value. In the Reno/Sparks region, the 2017 median price was $336,950 which showed a 53.3% increase in 2022 with median home values at $515.000.  Today in the Tahoe Sierra MLS, the median price is just over $1M. Property on lake Tahoe’s West and North Shore mirrored the region’s activity with a 40% drop in volume in 2022, but had a 2% increase in median home price and a 9% increase in median price for condominiums. 
  • Chris Watkins, Chef with Christy Hill for 12 years, has become head chef at Stella in Truckee.
  • Humane Society of Truckee Tahoe has wonderful pups and cats for adoption. If you’re missing a furry member of your household, check it out.
  • Housing inventory in our area is still below what it was in 2019, another factor keeping prices pretty stable.
  • Interest rates over the last 50 years show an average of 7.5%. We are not going to see those 3+% rates probably ever again as they were fueled by the Feds. Now they’ve gone the other way but appear to be settling down from the 7% range we saw recently. Predictions suggest ending up in the 6% range this year. And, there are opportunities in the 5% range with points.
  • Seller financing: Starting to see evidence of sellers willing to carry paper for a short time for buyers resisting the current rates. Point buy-downs by sellers are also prevalent.  
  • Home design for 2023: Show-stopping kitchens, striking colors, and design to enhance well-being defined home design in 2022. While this past year’s trends will likely linger, exciting themes will emerge as designers and homeowners prioritize personal style and details that make life easier, happier and more fulfilling. Mansion Global
  • TidBits
  • “The fishermen know that the sea is dangerous and the storm terrible, but they have never found these dangers sufficient reason for remaining ashore.” Vincent van Gogh
  • As I was getting into bed, she said, “You’re drunk”. I said, “How do you know?” She said, “You live next door.”
  • “Life is 10% what happens to you and 90% how you react.”  Charles Swindoll
  • ME: I’m still tired from all the CrossFit this morning.” MY CO-WORKER: It’s pronounced ‘croissant’ and you ate 3 of them.”
  • “Old people shouldn’t eat health foods. They need all the preservatives they can get.” Robert Orben
  • My doctor asked if anyone in my family suffered from mental illness. I said, “No, we all seem to enjoy it.”
  • Camping: where you spend a small fortune to live like a homeless person.
  • People who wonder if the glass is half empty or half full miss the point. The glass is refillable.
  • Be the kind of woman who, when your feet hit the floor first thing in the morning, the devil says: “Oh, oh, here she comes.”
  • Never laugh at your spouse’s choices. You are one of them.

We’re in for more snow in the next few days with clearing on the horizon after Monday for a dry spell. Stay safe while traveling and come back up for some good skiing! See you next time! 

Best wishes,