The Patience Lewis Group Real Estate Market Report: January 16th – 31st

Tahoe City Real Estate - The Patience Lewis Group

2018 Real Estate Market Report
North Lake Tahoe-Truckee
Residential Properties – Single Family Homes and Condominiums
Period: January 16th to January 31st

Residential Sales Summary 2018
Total Residential Sales:  Through January 2018, residential sales are up 2.5% from 2017 sales for the same period.  To date, there have been 83 residential properties sold in the market as compared to 81 sales in 2017.  Of the total sales in the market this year, 62 have been single family homes, while 21 have been condominium sales.  Condominiums represent a little over 25% of total sales.  In 2017 for the same period, there were 65 single family homes sold and 16 condominium sales.  Condominiums represented over 19% of the sales in 2017.
January 16th to January 31st Sales:  For the last two weeks in January, there were 53 properties sold and closed in the market which is up 76% from the previous two-week period.  Of the 53 properties sold this period, fifteen (15) 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 46 total sales with a total sales volume of $33 million.

REO & Short Sales:  For the first month of the new year, there were no short sales or REO properties sold which was also the case for January of 2017.

Median and Average Sales Prices:  The median sales price for residential properties through January of 2018 was $579,000 which is down (8%) as compared to the same period in 2017 where the median sales price was $631,047.  The average sales price however, is up just over 40% to $1,149,950 in 2018 as compared to last year’s average price of $820,229 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 28 residential properties sold at a price below $500,000; 30 properties sold between $500,000 and $1,000,000 and 25 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 28 properties sold in 2018.  In 2017 for the same period, there were 27 properties sold in this price range which represented just over 33% of total sales.

Mid-Range Market Sales $500,000 to $999,999:  Mid-Range sales for 2018 are down just over (18%) from 2017 in this price range.   There have been 30 properties sold at a price between $500,000 and $1,000,000 representing over 36% of total sales.  For the same period in 2017, there were 37 properties sold in this price range which represented over 45% 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 47% from 2017 luxury sales.  For 2018, there have been 25 luxury properties sold as compared to 17 sold last year for the same period.  The median sales price for luxury properties through January 31st was $1,766,000 which is up almost 22% from the median sales price of $1,450,000 in 2017.  The average sales price of luxury homes was at $2,654,182 as compared to $1,793,529 in 2017 which is up 48%.

Pending Sales: The pending sales for the period was 122 residential sales in the market which is up almost 9% from the previous two-week period.

Active Residential Inventory Summary:
Active Listings:  The current inventory of residential properties through the end of January was down (4%) from the previous two-week period.  There are currently 353 residential properties for sale; 213 single family homes and 140 condominiums for sale.  The current inventory for residential properties is at its lowest point in 18-months.

Overall, active inventory is down almost (20%) from last year when there were 462 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.

Winter is Waning 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.

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. CalRE#01103208

 

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