Coldwell Banker 2017 Real Estate Market Report | North Lake Tahoe-Truckee | August 16-August 31
Residential Sales Summary 2017
Total Residential Sales: Through the first eight months of the year, residential sales are down almost 5% from 2016 sales for the same period. To date, there have been 871 residential properties sold in the market as compared to 914 sales in 2016 for the same period. Of the total sales in the market this year, 638 have been single-family homes, while 233 have been condominium sales. Condominiums represent a little over 26% of total sales. In 2016 for the same period, there were 714 single-family homes sold and 200 condominium sales. Condominiums represented over 21% of the sales in 2016.
August 16 to August 31 Sales: For the last two weeks in August, there were 90 properties sold in the market which is 17% higher than the previous two-week period. The 90 properties sold in this period was the largest two-week sales period for the entire year thus far. Of the 90 properties sold this period, 18 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 441 total sales and total sales volume of $245 million.
REO & Short Sales: Thus far this year, short sales and REO property sales represent a little over 1% of total sales with 17 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 11 closed REO properties and eight closed short sale.
Median and Average Sales Prices: The median sales price for residential properties through August 31 was $605,000 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 3% to $870,425 in 2017 as compared to last year’s average price of $898,584 for the same period.
Sales by Price Range or Market Segment: Year-to-date, there have been 292 residential properties sold at a price below $500,000; 416 properties sold between $500,000 and $1,000,000 and 163 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 292 properties sold in 2017. In 2016 for the same period, there were 378 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 416 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 338 properties sold in this price range which represented 37% of total sales.
Luxury Home Sales Over $1 Million: Luxury sales for properties priced above $1,000,000 are down almost 18% from 2016 luxury sales. For 2017, there have been 163 luxury properties sold as compared to 198 sold last year for the same period. The median sales price for luxury properties in 2017 as of August 31 is $1,525,000 which is down 9% from the median sales price of $1,675,000 in 2016. The average sales price of luxury homes year-to-date stands at $2,266,296 as compared to $2,278,623 in 2016 and is down just under 1%.
Pending Sales: The pending sales through August 31 were at 242 residential sales in the market which is down almost 2% from the previous two-week period.
Active Residential Inventory Summary:
Active Listings: The current inventory of residential properties as of August 31 is identical to the previous two-week period. There are currently 736 residential properties for sale; 529 single-family homes and 207 condominiums for sale. Overall, active inventory is down almost 6% from last year at this time when there were 774 residential properties actively listed for sale. There is roughly four months of available inventory on the market relative to the past 30-day sales volume. Coldwell Banker has over 14% 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.
Fall Is Approaching and Sales Are Brisk
With the end of summer and onset of fall, there remains strong buyer interest as evidence by brisk sales. Inventory is holding stable and there is considerable interest in the market as many buyers and savvy investors are actively looking for homes.
With continued favorable mortgage interest rates and current inventory, 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