Coldwell Banker 2017 Real Estate Market Report |North Lake Tahoe-Truckee | May 1 – May 15
Residential Sales Summary 2017
Total Residential Sales: Through May 15, residential sales are down almost 8% from 2016 sales for the same period. Year-to-date, there have been 389 residential properties sold in the market as compared to 422 sales in 2016 for the same period. Of the total sales in the market this year, 270 have been single-family homes, while 119 have been condominium sales. Condominiums represent a little over 30% of total sales. In 2016 for the same period, there were 327 single-family homes sold and 95 condominium sales. Condominiums represented over 22% of the sales in 2016.
May 1 to May 15 Sales: The first two weeks of sales in May was the second largest two weeks of sales thus far in 2017. There were 52 properties sold in the market these past two weeks. Of the 52 properties sold this period, nine 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 192 total sales and #1 in total sales volume of $106 million.
REO & Short Sales: Thus far this year, short sales and REO property sales represent a little over 1% of total sales with seven closed REO properties and one short sale for the year. In 2016 for the same period, short sales and REO properties represented a little over 2% of total sales with five closed REO properties and five closed short sale.
Median and Average Sales Prices: The median sales price for residential properties through May 15 was $600,000 which is up almost 7% as compared to the same period in 2016 where the median sales price was $562,000. The average sales price is down almost 6% to $849,150 in 2017 as compared to last year’s average price of $902,280 for the same period.
Sales by Price Range or Market Segment: Year-to-date, there have been 136 residential properties sold at a price below $500,000; 178 properties sold between $500,000 and $1,000,000 and 75 properties sold over $1,000,000.
Sales Under $500,000: The lower end of the market, homes priced under $500,000, had produced 35% of the sales or 136 properties sold in 2017 for this price range. In 2016 for the same period, there were 180 properties sold in this price range which represented 43% of the sales.
Mid-Range Market Sales $500,000 to $999,999: Mid-range sales for 2017 are up almost 19% from 2016 in this price range. There have been 178 properties sold at a price between $500,000 and $1,000,000 representing 46% of total sales. For the same period in 2016, there were 150 properties sold in this price range which represented 35% of total sales.
Luxury Home Sales Over $1 Million: Luxury sales for properties priced above $1,000,000 are down 18% from 2016 luxury sales. For 2017, there have been 75 luxury properties sold as compared to 92 sold last year for the same period. The median sales price for luxury properties in 2017 thus far is $1,425,000 which is down 5% from the median sales price of $1,500,000 in 2016. The average sale price of luxury homes in year-to-date stands at $2,127,811 as compared to $2,317,671 in 2016 and is down 8%.
Pending Sales: The pending sales through May 15 were at 160 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 May 15 went up 15% from the previous two-week period for the first time this year which is exciting news. There are currently 514 residential properties for sale; 337 single-family homes and 177 condominiums for sale. Overall, active inventory is down 17% from last year at this time when there were 620 residential properties actively listed for sale. There is over 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 are three properties listed as an REO, and one property listed as a short sale.
Spring Has Sprung… Act Now
Spring has arrived in the area and the snow is melting, the rivers are rushing and homes are coming on the market. There continues to be 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, more and more homes will be coming on the market in the next few weeks but there is pent up demand for homes. 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