Coldwell Banker 2017 Real Estate Market Report | North Lake Tahoe-Truckee | September 16-September 30
Residential Sales Summary 2017
Total Residential Sales: Through the first nine months of the year, residential sales are down almost 3% from 2016 sales for the same period. To date, there have been 1,061 residential properties sold in the market as compared to 1,093 sales in 2016. Of the total sales in the market this year, 782 have been single-family homes, while 279 have been condominium sales. Condominiums represent a little over 26% of total sales. In 2016 for the same period, there were 847 single-family homes sold and 246 condominium sales. Condominiums represented over 22% of the sales in 2016.
September 16 to September 30 Sales: For the last two weeks in September, there were 87 properties sold in the market which is the third highest two-week period of sale this year. Of the 87 properties sold this period, 28 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 533 total sales and total sales volume of $307 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 closed short sales for the year. In 2016 for the same period, short sales and REO properties represented 2% of total sales with 12 closed REO properties and 10 closed short sales.
Median and Average Sales Prices: The median sales price for residential properties through the end of September was $603,000 which is up over 7% as compared to the same period in 2016 where the median sales price was $560,000. The average sales price is down almost 2% to $896,911 in 2017 as compared to last year’s average price of $910,458 for the same period.
Sales by Price Range or Market Segment: Year-to-date, there have been 353 residential properties sold at a price below $500,000; 491 properties sold between $500,000 and $1,000,000 and 217 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 353 properties sold in 2017. In 2016 for the same period, there were 455 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 20% from 2016 in this price range. There have been 491 properties sold at a price between $500,000 and $1,000,000 representing over 46% of total sales. For the same period in 2016, there were 407 properties sold in this price range which represented just over 37% of total sales.
Luxury Home Sales Over $1 Million: Luxury sales for properties priced above $1,000,000 are down just over 6% from 2016 luxury sales. For 2017, there have been 217 luxury properties sold as compared to 231 sold last year for the same period. The median sales price for luxury properties through September 30 is $1,525,000 which is down almost 8% from the median sales price of $1,650,000 in 2016. The average sales price of luxury homes year to date stands at $2,262,092 as compared to $2,375,008 in 2016 and is down just under 5%.
Pending Sales: The pending sales through September 30 were at 260 residential sales in the market which is up 4% from the previous two-week period.
Active Residential Inventory Summary:
Active Listings: The current inventory of residential properties at the end of September was down 18% from the end of August. There are currently 604 residential properties for sale; 428 single-family homes and 176 condominiums for sale. Overall, active inventory is down almost 4% from last year at this time when there were 706 residential properties actively listed for sale. There is roughly three 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 are no REO properties for sale, and only two properties listed as a short sale.
Winter Is Approaching – Act Now
With fall under way and winter approaching, there remains strong buyer interest as evidence by brisk sales over the last 45 days. Inventory is dropping and yet 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