Truckee, CA Metro Area Housing Market Analysis - November 2024
The Truckee, CA metro area housing market in November 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price has decreased by 3.2% year-over-year, settling at $590,750. This decline contrasts with the Median List Price, which has risen by 12.1% to $695,000, indicating a potential gap between seller expectations and buyer willingness.
In terms of Price Per Square Foot, the Median Sales Price per square foot has dropped by 7.6% to $334.80, while the Median List Price per square foot has increased by 10.6% to $351.67. This divergence suggests that while sellers are listing properties at higher prices, buyers are negotiating lower prices, possibly due to market conditions or property-specific factors.
The number of Homes Sold has seen a significant increase of 21.1% year-over-year, with 132 Homes Sold in November 2024. Pending Sales have also risen by 7.2%, reaching 149. This uptick in sales activity could be attributed to buyers taking advantage of lower sales prices or other favorable market conditions.
New Listings have decreased by 4.2% year-over-year, with 113 new properties entering the market. Despite this decline, inventory has grown by 10.3% to 461 homes, suggesting that properties are staying on the market longer. This is further supported by the Median Days on Market, which has increased by 6.0% to 57 days.
The Months of Supply have decreased significantly by 30.0% to 3.5 months, indicating a tighter market compared to the previous year. This reduction in supply could be driving the increase in list prices as sellers anticipate higher demand.
The average sale to list ratio has slightly decreased by 0.3% to 97.4%, suggesting that homes are selling closer to their list prices. The percentage of Homes Sold above list price has increased by 0.8% to 18.2%, indicating that competitive bidding may still be occurring for certain properties.
Price Drops have decreased by 11.1% to 19.1%, which could imply that sellers are adjusting their pricing strategies to align more closely with market conditions. Additionally, the percentage of homes going off the market in two weeks has remained relatively stable, with a slight decrease of 0.3% to 23.5%.
Overall, the Truckee, CA metro area housing market in November 2024 is characterized by a mix of declining sales prices, rising list prices, and increased sales activity. Buyers and sellers alike are navigating a market with reduced supply and varying pricing dynamics, leading to a competitive yet cautious environment.
