The Patience Lewis Group Market Update: October 16th to October 31st
2016 Real Estate Market Report
North Lake Tahoe-Truckee
Residential Properties – Single Family Homes and Condominiums
Period: October 16th to October 31st (Areas 1-9)
Residential Sales Summary 2016
Total Residential Sales: Through the end of October 2016, residential sales continue to outpace sales for the same period in 2015. Sales are up almost 16% from the previous year with a total of 1,228 residential properties sold in the market as compared to 1041 sales in 2015 for the same period. Of the total sales in the market this year, 948 have been single family homes, while 280 have been condominium sales. Condominiums represent over 22% of total sales. In 2015 for the same period, there were 818 single family homes sold and 223 condominium sales. Condominiums represented over 21% of the sales in 2015.
October 16th to October 31st Sales: The last two weeks of October sales tapered off from the four previous two-week period of brisk sales with 57 properties sold in the market. Of the 57 properties sold this period, seven (7) 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 with 617 total sales with total sales volume of $342 million. Coldwell Banker is #2 in luxury sales with 60 units sold and $94 million in sales volume.
REO & Short Sales: For 2016, short sales and REO property sales are almost non-existent with 12 closed short sales and 11 closed REO properties for the year. Overall, distressed property sales, (REO and Short Sales) represent only 2% of the sales in 2016 which is down slightly from 4% in 2015 where 18 REO properties and 18 Short Sales sold.
Median and Average Sales Prices: The median sales price for residential properties through October 31st was $565,000 which is up over 7% as compared to the same period in 2015 where the median sales price was $525,000. Similarly, the average sales price is up almost 16% to $904,527 in 2016 as compared to last year’s average price of $780,882 for the same period.
Sales by Price Range or Market Segment: Year to date, there have been 508 residential properties sold at a price below $500,000; 466 properties sold between $500,000 and $1,000,000 and 254 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 41% of the sales or 508 properties have sold in this price range. In 2015 for the same period, there were 471 properties sold in this price range which represented over 45% of the sales.
Mid-Range Market Sales $500,000 to $999,999: Mid-Range sales for 2016 are up 13% from 2015 in this price range. There have been 466 properties sold at a price between $500,000 and $1,000,000 representing 37% of total sales. For the same period in 2015, there were 411 properties sold in this price range which represented almost 40% of total sales.
Luxury Home Sales Over $1.0 Million: Luxury sales for properties priced above $1,000,000 are up a whopping 60% from 2015 luxury sales. For 2016, there have been 254 luxury properties sold as compared to 159 sold last year for the same period. The median sales price for luxury properties in 2016 thus far is $1,647,500 which is up almost 2% from the median sales price of $1,622,500 in 2015. The average sale price of luxury homes in 2016 stands at $2,380,052 as compared to $2,312,685 in 2015 and is up almost 3%.
Pending Sales: The pending sales through the end of October are at 189 residential sales in the market which is down slightly from the previous two-week period.
Active Residential Inventory Summary:
Active Listings: The current inventory of residential properties has gone down (8%) from the previous two weeks. There are currently 619 residential properties for sale; 406 single family homes and 213 condominiums for sale. Overall, active inventory is down (16%) from last year at this time which had 736 residential properties actively listed for sale. There is almost 5-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 only 3 properties listed as an REO, and 3 properties listed as a short sale.
ACT NOW BEFORE WINTER SETS IN AS THIS MAY BE A GREAT TIME TO SELL OR BUY: The 2016 real estate market in North Lake Tahoe and Truckee has been a remarkable year for both sellers and buyers. There continues to be 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 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