North Lake Tahoe-Truckee Real Estate Market Report: April 1st to April 15th
2018 Real Estate Market Report
North Lake Tahoe-Truckee
Residential Properties – Single Family Homes and Condominiums
Period: April 1st to April 15th
Residential Sales Summary 2018
Total Residential Sales: Through April 15th of 2018, residential sales are up 7% from 2017 sales for the same period. To date, there have been 305 residential properties sold in the market as compared to 285 sales in 2017. Of the total sales in the market this year, 224 have been single family homes, while 81 have been condominium sales. Condominiums represent almost 27% of total sales. In 2017 for the same period, there were 199 single family homes sold and 86 condominium sales. Condominiums represented over 30% of the sales in 2017.
April 1st to April 15th Sales: For the first two weeks in April, there were 36 properties sold and closed in the market which is down (20%) from the previous two-week period. Of the 36 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 thus far with 152 total sales units with a total sales volume of $99 million.
REO & Short Sales: On a year to date basis, there has been no closed short sales sold in the market and only three (3) closed REO properties which represents only 1% of total sales. In 2017, there were three (3) closed REO sales and one (1) closed short sale which is similar to 2018 and only represented 1.5% of total sales.
Median and Average Sales Prices: The median sales price for residential properties through April 15th, was $625,500 which is up 5% as compared to the same period in 2017 where the median sales price was $595,000. The average sales price is up almost 20% to $1,027,672 in 2018 as compared to last year’s average price of $857,816 for the same period due to the large number of luxury homes sold thus far in 2018.
Sales by Price Range or Market Segment: Year to date, there have been 89 residential properties sold at a price below $500,000; 131 properties sold between $500,000 and $1,000,000 and 85 properties sold over $1,000,000.
Sales Under $500,000: The lower end of the market, homes priced under $500,000, represented almost 30% of the sales or 89 properties sold in 2018. In 2017 for the same period, there were 105 properties sold in this price range which represented almost 37% of total sales.
Mid-Range Market Sales $500,000 to $999,999: Mid-Range sales for 2018 are up slightly from 2017 in this price range. There have been 131 properties sold at a price between $500,000 and $1,000,000 representing 43% of total sales. For the same period in 2017, there were 126 properties sold in this price range which represented over 44% of total sales.
Luxury Home Sales Over $1.0 Million: Luxury sales for properties priced above $1,000,000 have continued to be robust and are up over 57% from 2017 luxury sales. For 2018, there have been 85 luxury properties sold as compared to 54 sold last year for the same period. The median sales price for luxury properties through Mid-April was $1,499,900 which is up almost 2% from the median sales price of $1,475,500 in 2017. Similarly, the average sales price of luxury homes for the period was at $2,254,918 as compared to $2,239,321 in 2017 which is up almost 1%.
Pending Sales: The pending sales for the period was 116 residential sales and is up slightly from the previous two-week period.
Active Residential Inventory Summary:
Active Listings: The current inventory of residential properties through mid-April was up 7% from the previous two-week period. There are currently 368 residential properties for sale; 214 single family homes and 154 condominiums for sale. The current inventory for residential properties continues to hover around its lowest point in 18-months.
Overall, active inventory is down almost (17%) from last year at this time when there were 446 residential properties actively listed for sale. There is roughly 4-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 no REO properties for sale, and only 2 properties listed as a short sale.
Spring Has Arrived and Inventory Should be on the Rise: As is typically the case in the Spring, home inventory has begun to rise in the market. Homeowners interested in Selling are getting their homes ready for listing in the coming 30-60 days. This trend will bode well for interested Buyers who continue to show considerable interest in the market as many Buyers and savvy investors are actively looking for homes.
For Sellers, now may be a great time to list your home given the interest in the market. For Buyer’s, while inventory is low, there are still opportunities for well-priced homes in today’s market. While interest rates are rising slightly, real estate investors can take still take advantage of this market and acquire homes in many of the Lake Tahoe and Truckee resort communities.
Contact Us 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