North Lake Tahoe-Truckee Real Estate Market Report
2018 Real Estate Market Report
North Lake Tahoe -Truckee
Residential Properties – Single Family Homes and Condominiums
Residential Sales Summary 2018
Total Residential Sales: So far, residential sales in 2018 are trending closely with 2017 in the Lake Tahoe/Truckee region. Through the first eight months of the year, residential sales are slightly ahead of sales for the same period last year. To date, there have been 895 residential properties sold in the market as compared to 876 sales in 2017. Of the total sales in the market this year, 692 have been single family homes, while 203 have been condominium sales. Condominiums represent just under 23% of total sales. In 2017 for the same period, there were 642 single family homes sold and 234 condominium sales. Condominiums represented almost 27% of the sales in 2017.
Coldwell Banker Ranks #1: Among all brokerages in North Lake Tahoe and Truckee, Coldwell Banker ranks #1 in units sold thus far with 436 total sales, representing a total sales volume of nearly $271 million. By units sold, this represents 61% more sales than our next closest competitor.
REO & Short Sales: In this robust economy, distressed sales are rare. There have been no closed short sales and only four (4) closed REO properties which represents less than 1% of total sales. In the same period in 2017, there were seventeen (17) closed REO sales and two (2) closed short sale which represented just over 2% of total sales.
Median and Average Sales Prices: The median sales price for residential properties through the end of August, was $662,000 which is up just less than 9% as compared to the same period in 2017 when the median sales price was $609,000. The average sales price is up just over 30% to $1,132,701 in 2018 as compared to last year’s average price of $869,976 for the same period due to the large number of luxury homes sold thus far in 2018.
Sales Under $500,000: The lower end of the market, homes priced under $500,000, has represented almost 26% of the sales or 231 properties sold in 2018. In 2017 for the same period, there were 297 properties sold in this price range which represented 34% of total sales.
Mid-Range Market Sales $500,000 to $999,999: There have been 443 properties sold at a price between $500,000 and $1,000,000 representing 49.5% of total sales. For the same period in 2017, there were 421 properties sold in this price range which represented over 48% 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 39% from 2017 luxury sales. For 2018, there have been 228 luxury properties sold as compared to 164 sold last year for the same period. The median sales price for luxury properties through the end of August was $1,600,000 which is up 5% from the median sales price of $1,525,000 in 2017. Similarly, the average sales price of luxury homes for the period was at $2,742,706 as compared to $2,260,581 in 2017 which is up over 21%.
Active Residential Inventory Summary:
Active Listings: Currently there are 603 residences for sale (427 homes and 176 condos). There are 198 residences in contract. It’s worth noting that 197 residences went into contract in August 2017, compared to 154 in August 2018. That’s a decrease of 22%.
Relative to the past 30 days activity, there is about 4 months of inventory on the market.
The Fall season has begun. In a good year, Fall is every bit as busy as Summer. I like to call it the perfect storm . . . many sellers are motivated to sell before the snow starts to fly, and many buyers are motivated to be in a home before ski season starts. The inventory of homes for sale will dwindle dramatically over the next 3 months.
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.