Coldwell Banker 2017 Real Estate Market Report | North Lake Tahoe-Truckee | November 15-November 30
Residential Sales Summary 2017
Total Residential Sales: Through the first eleven months of this year, residential sales are up by almost 5% from 2016 sales for the same period. To date, there have been 1,425 residential properties sold in the market as compared to 1,360 sales in 2016. Of the total sales in the market this year, 1,063 have been single-family homes, while 362 have been condominium sales. Condominiums represent a little over 25% of total sales. In 2016 for the same period, there were 1,043 single-family homes sold and 317 condominium sales. Condominiums represented just over 23% of the sales in 2016.
November 16 to November 30 Sales: For the last two weeks in November, there were 80 properties sold and closed in the market which is up slightly from the previous two-week period. All in all, November was another strong month for sales in the market. Of the 80 properties sold this period, 19 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 690 total sales and #1 in total sales volume of $413 million.
REO & Short Sales: Year-to-date, short sales and REO property sales represent a little over 1% of total sales with 18 closed REO property and three 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 13 closed REO properties and 12 closed short sales.
Median and Average Sales Prices: The median sales price for residential properties through the end of November was $603,000 which is up over 6% as compared to the same period in 2016 where the median sales price was $565,000. The average sales price is down just under 1% to $879,069 in 2017 as compared to last year’s average price of $883,825 for the same period.
Sales by Price Range or Market Segment: Year-to-date, there have been 475 residential properties sold at a price below $500,000; 662 properties sold between $500,000 and $1,000,000 and 288 properties sold over $1,000,000.
Sales Under $500,000: The lower end of the market, homes priced under $500,000 have been responsible for 33% of the sales or 475 properties sold in 2017. In 2016 for the same period, there were 558 properties sold in this price range which represented 41% of total sales.
Mid-Range Market Sales $500,000 to $999,999: Mid-range sales for 2017 are up over 25% from 2016 in this price range. There have been 662 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 528 properties sold in this price range which represented over 38% of total sales.
Luxury Home Sales Over $1 Million: Luxury sales for properties priced above $1,000,000 are up over 5% from 2016 luxury sales. For 2017, there have been 288 luxury properties sold as compared to 274 sold last year for the same period. The median sales price for luxury properties through the end of November was $1,500,000 which is down almost 4% from the median sales price of $1,554,375 in 2016. The average sales price of luxury homes year-to-date stands at $2,186,040 as compared to $2,319,715 in 2016 and is down just under 6%.
Pending Sales: The pending sales at the end of November was 158 residential sales in the market which is down 17% from the previous two-week period.
Active Residential Inventory Summary:
Active Listings: The current inventory of residential properties at the end of November was down a little over 7% from the middle of November. There are currently 428 residential properties for sale; 293 single-family homes and 135 condominiums for sale. The current inventory for homes is at the lowest point for the entire 2017 year.
Overall, active inventory is down almost 7% from last year when there were 541 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 are no REO properties for sale, and only two properties listed as a short sale.
Winter Is Here – Act Now
With winter upon us, there remains strong buyer interest as evidence by brisk sales over the last 60-90 days. Inventory is very low 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, 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