North Lake Tahoe-Truckee Real Estate Market Report: May 16th – 31st
2018 Real Estate Market Report
North Lake Tahoe-Truckee
Residential Properties – Single Family Homes and Condominiums
Period: May 16th to May 31st
Residential Sales Summary 2018
Total Residential Sales: Through the first five months of the year, residential sales are just slightly ahead of sales for the same period last year. To date, there have been 449 residential properties sold in the market as compared to 446 sales in 2017. Of the total sales in the market this year, 334 have been single family homes, while 115 have been condominium sales. Condominiums represent just over 25% of total sales. In 2017 for the same period, there were 317 single family homes sold and 129 condominium sales. Condominiums represented almost 29% of the sales in 2017.
May 16th to May 31st Sales: For the last two weeks in May, there were 47 properties sold and closed in the market which was up slightly from the previous two-week period. Of the 47 properties sold this period, nine (9) 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 227 total sales units representing a total sales volume of $144 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 less than 1% of total sales. In 2017, there were eight (8) closed REO sales and one (1) closed short sale which represented 2% of total sales.
Median and Average Sales Prices: The median sales price for residential properties through the end of May, was $655,000 which is up over 7% as compared to the same period in 2017 where the median sales price was $609,000. The average sales price is up just over 34% to $1,150,884 in 2018 as compared to last year’s average price of $858,104 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 121 residential properties sold at a price below $500,000; 202 properties sold between $500,000 and $1,000,000 and 126 properties sold over $1,000,000.
Sales Under $500,000: The lower end of the market, homes priced under $500,000, represented almost 27% of the sales or 121 properties sold in 2018. In 2017 for the same period, there were 152 properties sold in this price range which represented just over 34% of total sales.
Mid-Range Market Sales $500,000 to $999,999: Mid-Range sales for 2018 are down slightly from 2017 in this price range. There have been 202 properties sold at a price between $500,000 and $1,000,000 representing 45% of total sales. For the same period in 2017, there were 207 properties sold in this price range which represented over 46% 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 44% from 2017 luxury sales. For 2018, there have been 126 luxury properties sold as compared to 87 sold last year for the same period. The median sales price for luxury properties through the end of May was $1,577,500 which is up over 10% from the median sales price of $1,431,875 in 2017. Similarly, the average sales price of luxury homes for the period was at $2,647,226 as compared to $2,142,504 in 2017 which is up over 23%.
Pending Sales: The pending sales for the period was 144 residential sales and is up over 13% from the previous two-week period.
Active Residential Inventory Summary:
Active Listings: The current inventory of residential properties through the end of May almost 14% from the previous two-week period. There are currently 484 residential properties for sale; 316 single family homes and 168 condominiums for sale.
For the first time in twelve months, active inventory is up almost 11% from the same time last year at this time when there were 437 residential properties actively listed for sale. There is roughly 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 2 REO properties for sale, and only 1 property listed as a short sale.
Summer is Upon Us and Inventory is on the Rise: As is typically the case at the beginning of summer, home inventory is rising in the market. We anticipate this trend to continue over the coming months. This inventory growth 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 still relatively 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.