The Patience Lewis Group Market Update: August 16th to August 31st
Residential Sales Summary 2016
Total Residential Sales: Through the end of August 2016, residential sales continue to significantly outpace sales for the same period in 2015. Sales through August 31st are up 19% from the previous year with a total of 909 residential properties sold in the market as compared to 762 sales in 2015 for the same period. Of the total sales in the market this year, 709 have been single family homes, while 200 have been condominium sales. Condominiums represent 22% of total sales. In 2015 for the same period, there were 598 single family homes sold and 164 condominium sales. Condominiums represented 21% of the sales in 2015.
August 16th to August 31st Sales: The last two weeks of August had 96 properties sold in the market which is almost double from the first two weeks of August. The sales for the last two weeks of August was the single largest two weeks of sale this year. Of the 96 properties sold this period, nineteen (19) 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 at 471 with a total sales volume, $261 million. Coldwell Banker is #2 in luxury sales with 50 units sold and $78 million in sales volume.
REO & Short Sales: For 2016, short sales and REO property sales are almost non-existent with 8 closed short sales and 10 closed REO properties for the year. Overall, distressed property sales, (REO and Short Sales) represent roughly 2% of the sales in 2016 which is down slightly from 4% in 2015 where 15 REO properties and 15 Short Sales sold.
Median and Average Sales Prices: The median sales price for residential properties through August 31st was $565,000 which is up almost 8% as compared to the same period in 2015 where the median sales price was $525,000. Similarly, the average sales price is up over 17% to $898,609 in 2016 as compared to last year’s average price of $765,668 for the same period.
Sales by Price Range or Market Segment: Year to date, there have been 377 residential properties sold at a price below $500,000; 335 properties sold between $500,000 and $1,000,000 and 197 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 42% of the sales or 377 properties have sold in this price range. In 2015 for the same period, there were 352 properties sold in this price range which represented over 46% of the sales.
Mid-Range Market Sales $500,000 to $999,999: Mid-Range sales for 2016 are up from 2015 in this price range. There have been 335 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 309 properties sold in this price range which represented over 40% of total sales.
Luxury Home Sales Over $1.0 Million: Luxury sales for properties priced above $1,000,000 are up a whopping 95% from 2015 luxury sales. For 2016, there have been 197 luxury properties sold as compared to 101 sold last year for the same period. The median sales price for luxury properties in 2016 thus far is $1,650,000 which is down (8%) from the median sales price of $1,800,000 in 2015. Similarly, the average sale price of luxury homes in 2016 stands at $2,277,753 as compared to $2,450,668 in 2015 and is down almost (7%).
Pending Sales: The pending sales through the end of August are at 257 residential sales in the market which is up slightly from the previous two-week period.
Active Residential Inventory Summary:
Active Listings: The current inventory of residential properties has gone down 6% from the previous two weeks in part due to the brisk sales volume in August. There are currently 774 residential properties for sale; 525 single family homes and 249 condominiums for sale. Overall, active inventory is down (15%) from last year at this time which had 906 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 11% of the active listings in the market and continues to be the market leader for listings. Of the active listings, there are only 2 properties listed as an REO, and 4 properties listed as a short sale.
AS FALL IS APPROACHING NOW 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