Truckee, CA Metro Area Housing Market Analysis - July 2024
The Truckee, CA metro area housing market in July 2024 presents a nuanced picture with several key indicators showing varied trends. The median sales price for homes in the area stands at $712,500, reflecting a year-over-year (YoY) decrease of 2.1%. Similarly, the median list price is $717,000, which is down by 0.7% YoY. These declines suggest a slight cooling in the market compared to the previous year.
Conversely, the median price per square foot has seen a modest increase of 0.9% YoY, now at $355.18. The median list price per square foot has experienced a more significant rise, up 9.7% YoY to $383.80. This indicates that while overall prices have dipped, the value per square foot has appreciated, suggesting a demand for quality over quantity in the current market.
In terms of sales activity, the number of homes sold has surged by 29.7% YoY, reaching 192 units. However, pending sales have dropped by 11.5% YoY, now at 200 units. New listings have seen a slight decline of 0.9% YoY, totaling 210 units. Inventory levels have increased by 15.4% YoY, now at 576 units, which could be contributing to the downward pressure on prices.
The months of supply, a critical indicator of market balance, has decreased significantly by 40.0% YoY, now standing at 3.0 months. This sharp decline suggests a tighter market with fewer homes available relative to demand. The median days on market have increased by 11.0% YoY, now at 36 days, indicating that homes are taking slightly longer to sell compared to last year.
The average sale to list ratio is 99.0%, down by 0.6% YoY, showing that homes are selling very close to their listing prices. The percentage of homes sold above list price has decreased by 10.4% YoY, now at 26.0%, suggesting that bidding wars are less common than they were a year ago. Price drops have seen a minor decrease of 0.8% YoY, now at 33.5%, indicating that sellers are making fewer concessions on their asking prices. Additionally, the percentage of homes going off the market within two weeks has declined by 5.4% YoY, now at 34.0%, reflecting a slower pace in the market.
Overall, the Truckee, CA metro area housing market in July 2024 shows a mix of declining prices and increased sales activity, with a tighter supply and longer selling times. These trends suggest a market in transition, with potential opportunities for both buyers and sellers depending on their specific circumstances and goals.
