The Patience Lewis Group Real Estate Market Report: February 16th to February 28th
2018 Real Estate Market Report
North Lake Tahoe-Truckee
Residential Properties – Single Family Homes and Condominiums
Period: February 16th to February 28th
Residential Sales Summary 2018
Total Residential Sales: Through the first two months of the year, residential sales are up almost 7% from 2017 sales for the same period. To date, there have been 160 residential properties sold in the market as compared to 150 sales in 2017. Of the total sales in the market this year, 117 have been single family homes, while 43 have been condominium sales. Condominiums represent almost 27% of total sales. In 2017 for the same period, there were 112 single family homes sold and 38 condominium sales. Condominiums represented over 25% of the sales in 2017.
February 16th to February 28th Sales: For the last two weeks in February, there were 36 properties sold and closed in the market which is almost identical from the previous two-week period. Of the 36 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 87 total sales with a total sales volume of $58 million.
REO & Short Sales: On a year to date basis, there has been no closed short sales sold in the market and only two (2) closed REO properties which is identical for the same period in 2017.
Median and Average Sales Prices: The median sales price for residential properties through February of 2018 was $607,500 which is up 1% as compared to the same period in 2017 where the median sales price was $602,000. The average sales price is up just over 25% to $1,047,869 in 2018 as compared to last year’s average price of $834,105 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 53 residential properties sold at a price below $500,000; 60 properties sold between $500,000 and $1,000,000 and 47 properties sold over $1,000,000.
Sales Under $500,000: The lower end of the market, homes priced under $500,000, represented over 33% of the sales or 53 properties sold in 2018. In 2017 for the same period, there were also 53 properties sold in this price range which represented just over 35% of total sales.
Mid-Range Market Sales $500,000 to $999,999: Mid-Range sales for 2018 are down just over (6%) from 2017 in this price range. There have been 60 properties sold at a price between $500,000 and $1,000,000 representing over 37% of total sales. For the same period in 2017, there were 64 properties sold in this price range which represented over 42% of total sales.
Luxury Home Sales Over $1.0 Million: Luxury sales for properties priced above $1,000,000 have gotten off to a remarkable start and are up over 42% from 2017 luxury sales. For 2018, there have been 47 luxury properties sold as compared to 33 sold last year for the same period. The median sales price for luxury properties through February 28thwas $1,525,000 which is down a slight (1%) from the median sales price of $1,540,000 in 2017. However, the average sales price of luxury homes in 2018 was at $2,322,178 as compared to $1,862,768 in 2017 which is up over 24%.
Pending Sales: The pending sales for the period was 129 residential sales in the market which is identical from the previous two-week period.
Active Residential Inventory Summary:
Active Listings: The current inventory of residential properties through the end of February was down almost (3%) from the previous two-week period. There are currently 341 residential properties for sale; 202 single family homes and 139 condominiums for sale. The current inventory for residential properties is at its lowest point in 18-months.
Overall, active inventory is down almost (18%) from last year when there were 451 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 no REO properties for sale, and only 2 properties listed as a short sale.
Winter Has Finally Arrived and Opportunities Abound:While the 2017-2018 winter is a stark contrast to the 2016-2017 winter, there remains strong Buyer interest in Tahoe-Truckee real estate as evidence by solid sales over the past 60-days. Inventory remains very low and yet there is 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 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