Truckee, CA Housing Market: September 2024 Analysis
The Truckee, CA metro area housing market in September 2024 presents a complex scenario with varying trends across different metrics. The Median Sales Price stands at $689,000, reflecting a slight decrease of 1.4% year-over-year. Similarly, the Median List Price has declined by 2.2% to $635,000. This downward trend in pricing suggests a cooling in the market, potentially offering opportunities for buyers.
Despite the decrease in median prices, the median Price Per Square Foot has shown resilience, with a minor decline of 0.7% year-over-year, now at $357.14. Interestingly, the Median List Price per square foot has increased by 2.7%, reaching $342.48. This divergence indicates a potential shift in seller expectations or a focus on higher-quality listings.
The volume of Homes Sold has experienced a significant drop, with a 20.6% decrease year-over-year, totaling 135 Homes Sold. Pending Sales have also decreased by 3.4%, with 173 transactions awaiting closure. New Listings have fallen by 7.8%, amounting to 165, while inventory has increased by 14.1% to 582 homes. The Months of Supply have surged by 130% to 4.3 months, indicating a shift towards a more balanced market.
The Median Days on Market have increased by 5% to 40 days, suggesting that homes are taking longer to sell. The average sale to list ratio remains unchanged at 97.9%, while the percentage of Homes Sold above list price has risen by 3.7% to 26.7%. This indicates that while the market is cooling, competitive bidding is still present for certain properties.
Price Drops have become more common, with a 3.2% increase year-over-year, now at 37.1%. Additionally, the percentage of homes going off the market within two weeks has slightly decreased by 1.1% to 32.4%, reflecting a more cautious buyer sentiment.
Overall, the Truckee housing market in September 2024 is characterized by declining sales and listing prices, increased inventory, and longer selling times. However, the rise in the sold above list ratio and Price Per Square Foot list price suggests that demand remains strong for desirable properties. Buyers and sellers should navigate this market with careful consideration of these mixed signals.
