Coldwell Banker 2017 Real Estate Market Report | North Lake Tahoe-Truckee | August 1-August 15
Residential Sales Summary 2017
Total Residential Sales: Through August 15, residential sales are down almost 6% from 2016 sales for the same period. To date, there have been 771 residential properties sold in the market as compared to 816 sales in 2016 for the same period. Of the total sales in the market this year, 567 have been single-family homes, while 204 have been condominium sales. Condominiums represent a little over 26% of total sales. In 2016 for the same period, there were 640 single-family homes sold and 176 condominium sales. Condominiums represented over 21% of the sales in 2016.
August 1 to August 15 Sales: For the first two weeks in August, there were 77 properties sold in the market which is 30% higher than the previous two-week period. The 77 properties sold in this period were the largest two-week sales period for the entire year thus far. Of the 77 properties sold this period, 14 were sold at a price above $1 million.
Coldwell Banker Ranks #1: Among all brokerages in the north Lake Tahoe and Truckee markets, Coldwell Banker ranks #1 in units sold with 388 total sales and total sales volume of $212 million.
REO & Short Sales: Thus far this year, short sales and REO property sales represent a little over 1% of total sales with 15 closed REO property and two short sale for the year. In 2016 for the same period, short sales and REO properties represented 2% of total sales with nine closed REO properties and seven closed short sale.
Median and Average Sales Prices: The median sales price for residential properties through August 15 was $608,000 which is up over 7% as compared to the same period in 2016 where the median sales price was $565,000. The average sales price is down almost 3% to $870,097 in 2017 as compared to last year’s average price of $896,802 for the same period.
Sales by Price Range or Market Segment: Year-to-date, there have been 261 residential properties sold at a price below $500,000; 366 properties sold between $500,000 and $1,000,000 and 144 properties sold over $1,000,000.
Sales Under $500,000: The lower end of the market, homes priced under $500,000 have produced 33% of the sales or 261 properties sold in 2017. In 2016 for the same period, there were 340 properties sold in this price range which represented a little over 41% of the sales.
Mid-Range Market Sales $500,000 to $999,999: Mid-range sales for 2017 are up over 23% from 2016 in this price range. There have been 366 properties sold at a price between $500,000 and $1,000,000 representing over 47% of total sales. For the same period in 2016, there were 297 properties sold in this price range which represented just over 36% of total sales.
Luxury Home Sales Over $1 Million: Luxury sales for properties priced above $1,000,000 are down almost 20% from 2016 luxury sales. For 2017, there have been 144 luxury properties sold as compared to 179 sold last year for the same period. The median sales price for luxury properties in 2017 thus far is $1,500,000 which is down almost 2% from the median sales price of $1,525,000 in 2016. The average sales price of luxury homes year-to-date stands at $2,277,113 as compared to $2,248,678 in 2016 and is up just over 1%.
Pending Sales: The pending sales through August 15 were at 245 residential sales in the market which is up 7% from the previous two-week period.
Active Residential Inventory Summary:
Active Listings: The current inventory of residential properties as of August 15 went up 1% from the previous two-week period. There are currently 737 residential properties for sale; 535 single-family homes and 202 condominiums for sale. Overall, active inventory is down 11% from last year at this time when there were 824 residential properties actively listed for sale. There is roughly five months of available inventory on the market relative to the past 30-day sales volume. Coldwell Banker has over 12% of the active listings in the market and continues to be the market leader for listings. Of the active listings, there is only one property listed as an REO, and one property listed as a short sale.
Summer Is in High Gear
Summer is in high gear with many visitors and interested buyers in the area. With the available inventory on the market. there is considerable interest in the market as many buyers and savvy investors are actively looking for homes.
For sellers, there is demand for properties in the market as inventory is still off from over a year ago. For buyers, inventory has grown over the past month and it is likely that more homes will be coming on the market in the next few weeks. With continued favorable mortgage interest rates and inventory coming, real estate investors can take advantage of this market and acquire 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. CA-BRE License # 1908304