Coldwell Banker 2016 Real Estate Market Report | North Lake Tahoe-Truckee | June 16-June 30
RESIDENTIAL SALES SUMMARY
Total Residential Sales: Through the first six months of 2016, residential sales continue to significantly outpace sales for the same period in 2015. Sales through June 30 are up 17% from the previous year with a total of 604 residential properties sold in the market as compared to 516 sales in 2015 for the same period. Of the total sales in the market this year, 471 have been single-family homes, while 133 have been condominium sales. Condominiums represent 22% of total sales. In 2015 for the same period, there were 411 single-family homes sold and 105 condominium sales. Condominiums represented 20% of the sales in 2015.
June 16th through June 30th Sales: The last two weeks of June had 61 properties sold in the market, which is the second highest two-week period of sales this year. Of the 61 properties sold this period, ten (10) were sold at a price above $1.0 million.
Coldwell Banker Ranks #1: Among all brokerages in the north Lake Tahoe and Truckee markets, Coldwell Banker ranks #1 in units sold at 317 with a total sales volume of $179 million. Coldwell Banker is #2 in luxury sales with 37 units sold and $58 million in sales volume.
REO & Short Sales: For 2016, short sales and REO property sales are almost non-existent with six closed short sales and nine closed REO properties for the year. Overall, distressed property sales, REO and short sales, represent roughly 2.5% of the sales in 2016, which is down slightly from 4% in 2015 where 10 REO properties and twelve short sales were sold.
Median and Average Sales Prices: The median sales price for residential properties through June 30 is $559,000, which is up 7% as compared to the same period in 2015 where the median sales price was $520,550. Similarly, the average sales price is up over 17% to $889,385 in 2016, as compared to last year’s average price of $760,249 for the same period.
Sales by Price Range or Market Segment: Year-to-date, there have been 264 residential properties sold at a price below $500,000, 209 properties sold between $500,000 and $1,000,000 and 131 properties sold over $1,000,000.
Sales Under $500,000 Sales: The lower end of the market, homes priced under $500,000, continuously has the highest level of sales activity as 43% of the sales, or 264 properties, have sold in this price range. In 2015 for the same period, there were 243 properties sold in this price range, which represented over 47% of the sales.
Mid-Range Market Sales $500,000 to $999,999: Mid-Range sales for 2016 are almost identical to 2015 in this price range. There have been 209 properties sold at a price between $500,000 and $1,000,000, representing 34% of total sales. For the same period in 2015, there were 208 properties sold in this price range which represented over 40% of total sales.
Luxury Home Sales Over $1.0 Million: Luxury sales for properties priced above $1,000,000 have doubled 2015 luxury sales for the year growing by 101%. For 2016, there have been 131 luxury properties sold as compared to 65 sold last year for the same period. The median sales price for luxury properties in 2016 thus far is $1,500,000, which is down (14%) from the median sales price of $1,750,000 in 2015. Similarly, the average sale price of luxury homes in 2016 stands at $2,260,400, as compared to $2,495,963 in 2015, and is down (9%).
Pending Sales: The pending sales through the end of June are at 194 residential sales in the market which is up slightly from the previous two-week period.
ACTIVE RESIDENTIAL INVENTORY SUMMARY
Active Listings: The current inventory of residential properties has gone up 11% from the previous two weeks and is at its highest level thus far for the year. There are currently 840 residential properties for sale; 557 single-family homes and 283 condominiums for sale. Overall, active inventory is down 8% from last year at this time, which had 910 residential properties actively listed for sale. There is almost eight months of available inventory on the market relative to the past 30-day sales volume. Coldwell Banker has over 11% of the active listings in the market and continues to be the market leader for listings. Of the active listings, there are only four properties listed as an REO, and seven properties listed as a short sale.
WITH SUMMER UNDERWAY NOW MAY BE A GREAT TIME TO SELL OR BUY
The 2016 real estate market in North Lake Tahoe and Truckee, in terms of sales, is off to a great start and is way ahead of 2015. There is considerable activity in the market as many buyers and savvy investors are actively looking for homes.
For sellers, there is demand for properties in the market with inventory down. For buyers, even though inventory is down from last year, there are quality properties to choose from throughout the north Lake Tahoe and Truckee areas. With current home prices and favorable mortgage interest rates, real estate investors are taking advantage of this market and acquiring homes in many of the Lake Tahoe and Truckee resort communities.
Contact Coldwell Banker today to find out more about the opportunities available in the North Lake Tahoe-Truckee Market.
The Coldwell Banker North Lake Tahoe-Truckee Real Estate Market Report is produced by Michael Lombardi, Branch Manager, Coldwell Banker Residential Brokerage Tahoe-Truckee. Click here for past issues.
Note: Data on this page is based on information from the Tahoe Sierra Board of REALTORS®, MLS. Due to MLS reporting methods and allowable reporting policy, this data is only informational and may not be completely accurate. Therefore, Coldwell Banker Residential Brokerage does not guarantee the data’s accuracy. Data maintained by the MLS may not reflect all real estate activity in the market. CalBRE License #1908304