Coldwell Banker 2017 Real Estate Market Report | North Lake Tahoe-Truckee | November 1-November 15
Residential Sales Summary 2017
Total Residential Sales: Through November 15 of this year, residential sales are up by 3% from 2016 sales for the same period. To date, there have been 1,343 residential properties sold in the market as compared to 1,304 sales in 2016. Of the total sales in the market this year, 1,008 have been single-family homes, while 335 have been condominium sales. Condominiums represent almost 25% of total sales. In 2016 for the same period, there were 1,003 single-family homes sold and 301 condominium sales. Condominiums represented just over 23% of the sales in 2016.
November 1 to November 15 Sales: For the first two weeks in November, there were 78 properties sold and closed in the market which is down 32% from the previous two-week period which was the highest in sales this year. Of the 78 properties sold this period, 15 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 661 total sales and #1 in total sales volume of $380 million.
REO & Short Sales: For the year-to0date, short sales and REO property sales represent a little over 1% of total sales with 18 closed REO property and two closed short sales for the year. In 2016 for the same period, short sales and REO properties represented just under 2% of total sales with 12 closed REO properties and 11 closed short sales.
Median and Average Sales Prices: The median sales price for residential properties through the middle of November was $601,500 which is up over 7% as compared to the same period in 2016 where the median sales price was $561,250. The average sales price is down almost 2% to $878,739 in 2017 as compared to last year’s average price of $891,055 for the same period.
Sales by Price Range or Market Segment: Year-to-date, there have been 446 residential properties sold at a price below $500,000; 628 properties sold between $500,000 and $1,000,000 and 269 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 446 properties sold in 2017. In 2016 for the same period, there were 541 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 26% from 2016 in this price range. There have been 628 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 496 properties sold in this price range which represented 38% of total sales.
Luxury Home Sales Over $1 Million: Luxury sales for properties priced above $1,000,000 are up for this first time this year by almost 1% from 2016 luxury sales. For 2017, there have been 269 luxury properties sold as compared to 267 sold last year for the same period. The median sales price for luxury properties through November 15 is $1,500,000 which is down almost 4% from the median sales price of $1,560,000 in 2016. The average sales price of luxury homes year to date stands at $2,196,310 as compared to $2,334,453 in 2016 and is down just under 6%.
Pending Sales: The pending sales through November 15 were at 193 residential sales in the market which is down 10% from the previous two-week period.
Active Residential Inventory Summary:
Active Listings: The current inventory of residential properties in mid-November was down almost 9% from the end of October. There are currently 462 residential properties for sale; 322 single-family homes and 140 condominiums for sale. Overall, active inventory is down almost 16% from last year at this time when there were 601 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 13% of the active listings in the market and continues to be the market leader for listings. Of the active listings, there is only one REO property for sale, and two properties listed as a short sale.
Winter Is Approaching – Act Now
With winter upon us, there remains strong buyer interest as evidence by brisk sales over the last 60-90 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