The Patience Lewis Group Real Estate Market Update: November 1st to November 15th
2016 Real Estate Market Report
North Lake Tahoe-Truckee
Residential Properties – Single Family Homes and Condominiums
Period: November 1st to November 15th (Areas 1-9)
Residential Sales Summary 2016
Total Residential Sales: Through November 15th of this year, residential sales continue to outpace sales for the same period in 2015. Sales are up 19% from the previous year with a total of 1,301 residential properties sold in the market as compared to 1,093 sales in 2015 for the same period. Of the total sales in the market this year, 1,001 have been single family homes, while 300 have been condominium sales. Condominiums represent over 23% of total sales. In 2015 for the same period, there were 858 single family homes sold and 235 condominium sales. Condominiums represented over 21% of the sales in 2015.
November 1st to November 15th Sales: The first two weeks of sales in November increased 21% from the previous two-week period with 69 properties sold in the market. Of the 69 properties sold this period, twelve (12) 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 662 total sales with total sales volume of $367 million. Coldwell Banker is #2 in luxury sales with 64 units sold and $100 million in sales volume.
REO & Short Sales: For 2016, short sales and REO property sales are almost non-existent with 11 closed short sales and 12 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 the 4% of distressed sales in 2015 where 18 REO properties and 19 Short Sales sold.
Median and Average Sales Prices: The median sales price for residential properties through November 15th 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 over 15% to $891,766 in 2016 as compared to last year’s average price of $772,207 for the same period.
Sales by Price Range or Market Segment: Year to date, there have been 540 residential properties sold at a price below $500,000; 494 properties sold between $500,000 and $1,000,000 and 267 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 540 properties have sold in this price range. In 2015 for the same period, there were 497 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 14% from 2015 in this price range. There have been 494 properties sold at a price between $500,000 and $1,000,000 representing 38% of total sales. For the same period in 2015, there were 433 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 staggering 63% from 2015 luxury sales. For 2016, there have been 267 luxury properties sold as compared to 163 sold last year for the same period. The median sales price for luxury properties in 2016 thus far is $1,560,000 which is down almost (3%) from the median sales price of $1,600,000 in 2015. The average sale price of luxury homes in 2016 stands at $2,334,453 as compared to $2,301,202 in 2015 and is up almost 2%.
Pending Sales: The pending sales through the middle of November are at 147 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 (3%) from the previous two weeks. There are currently 601 residential properties for sale; 394 single family homes and 207 condominiums for sale. Overall, active inventory is down (16%) from last year at this time which had 712 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 10% of the active listings in the market and continues to be the market leader for listings. Of the active listings, there is only 1 property listed as an REO, and 2 properties listed as a short sale.
ACT NOW BEFORE WINTER: 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