The Patience Lewis Group Market Update: July 16th to July 31st
Residential Sales Summary 2016
Total Residential Sales: Through the first seven-months of 2016, residential sales continue to significantly outpace sales for the same period in 2015. Sales through July 31st are up 15% from the previous year with a total of 744 residential properties sold in the market as compared to 644 sales in 2015 for the same period. Of the total sales in the market this year, 583 have been single family homes, while 161 have been condominium sales. Condominiums represent 22% of total sales. In 2015 for the same period, there were 511 single family homes sold and 133 condominium sales. Condominiums represented 21% of the sales in 2015.
July 16th through July 31st Sales: The last two weeks of July saw 72 properties sold in the market which is the single highest two week period of sales this year. Of the 72 properties sold this period, sixteen (16) were sold at a price above $1.0 million.
Coldwell Banker Ranks #1: Among all brokerages in the north Lake Tahoe and Truckee markets Coldwell Banker ranks #1 in units sold at 404 with a total sales volume, $228 million. Coldwell Banker is #2 in luxury sales with 46 units sold and $72 million in sales volume.
REO & Short Sales: For 2016, short sales and REO property sales are almost non-existent with 7 closed short sales and 9 closed REO properties for the year. Overall, distressed property sales, (REO and Short Sales) represent roughly 2% of the sales in 2016 which is down slightly from 4% in 2015 where 13 REO properties and 13 Short Sales sold.
Median and Average Sales Prices: The median sales price for residential properties through July 31st was $557,000 which is up 6% as compared to the same period in 2015 where the median sales price was $525,000. Similarly, the average sales price is up over 14% to $886,295 in 2016 as compared to last year’s average price of $777,064 for the same period.
Sales by Price Range or Market Segment: Year to date, there have been 317 residential properties sold at a price below $500,000; 267 properties sold between $500,000 and $1,000,000 and 160 properties sold over $1,000,000.
Sales Under $500,000 Sales: The lower end of the market, homes priced under $500,000, continuously has the highest level of sales activity as 43% of the sales or 317 properties have sold in this price range. In 2015 for the same period, there were 297 properties sold in this price range which represented over 46% of the sales.
Mid-Range Market Sales $500,000 to $999,999: Mid-Range sales for 2016 are up slightly from 2015 in this price range. There have been 267 properties sold at a price between $500,000 and $1,000,000 representing 36% of total sales. For the same period in 2015, there were 261 properties sold in this price range which represented over 40% of total sales.
Luxury Home Sales Over $1.0 Million: Luxury sales for properties priced above $1,000,000 are up a whopping 86% from 2015 luxury sales. For 2016, there have been 160 luxury properties sold as compared to 86 sold last year for the same period. The median sales price for luxury properties in 2016 thus far is $1,500,000 which is down (15%) from the median sales price of $1,775,000 in 2015. Similarly, the average sale price of luxury homes in 2016 stands at $2,253,384 as compared to $2,499,761 in 2015 and is down (10%).
Pending Sales: The pending sales through the end of July were 237 residential sales in the market which is up slightly from the previous two week period.
Active Residential Inventory Summary:
Active Listings: The current inventory of residential properties has gone down (2%) from the previous two weeks as sales have increased. There are currently 809 residential properties for sale; 540 single family homes and 269 condominiums for sale. Overall, active inventory is down (9%) from last year at this time which had 882 residential properties actively listed for sale. There is almost 6-months of available inventory on the market relative to the past 30-day sales volume. Coldwell Banker has over 11% of the active listings in the market and continues to be the market leader for listings. Of the active listings, there are only 2 properties listed as an REO, and 7 properties listed as a short sale.
WITH SUMMER UNDERWAY NOW MAY BE A GREAT TIME TO SELL OR BUY: The 2016 real estate market in North Lake Tahoe and Truckee in terms of sales is off to a great start and is way ahead of 2015. There is considerable activity in the market as many Buyers and savvy investors are actively looking for homes.
For Seller’s there is demand for properties in the market with inventory down. For Buyer’s, even though inventory is down from last year, there are quality properties to choose from throughout the north Lake Tahoe and Truckee areas. With homes current home prices and favorable mortgage interest rates, real estate investors are taking advantage of this market and acquiring homes in many of the Lake Tahoe and Truckee resort communities.
Contact The Patience Lewis Group Today to Find Out More about the Opportunities Available in the Tahoe-Truckee Market.
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 #01103208