The Patience Lewis Group Real Estate Market Report: March 16th To March 31st
2018 Real Estate Market Report
North Lake Tahoe-Truckee
Residential Properties – Single Family Homes and Condominiums
Period: March 16th to March 31st (Areas 1-9)
Residential Sales Summary 2018
Total Residential Sales: Through the first full quarter of the year, residential sales are up almost 5% from 2017 sales for the same period. To date, there have been 264 residential properties sold in the market as compared to 252 sales in 2017. Of the total sales in the market this year, 194 have been single family homes, while 70 have been condominium sales. Condominiums represent almost 27% of total sales. In 2017 for the same period, there were 181 single family homes sold and 71 condominium sales. Condominiums represented over 28% of the sales in 2017.
March 16th to March 31st Sales: For the last two weeks in March, there were 45 properties sold and closed in the market which is down almost (20%) from the previous two-week period. Of the 45 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 139 total sales units with a total sales volume of $89 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 is identical for the same period in 2017.
Median and Average Sales Prices: The median sales price for residential properties through the end of March 2018 was $619,00 which is up almost 1% as compared to the same period in 2017 where the median sales price was $615,000. The average sales price is up almost 14%% to $1,024,797 in 2018 as compared to last year’s average price of $899,687 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 79 residential properties sold at a price below $500,000; 109 properties sold between $500,000 and $1,000,000 and 76 properties sold over $1,000,000.
Sales Under $500,000: The lower end of the market, homes priced under $500,000, represented almost 30% of the sales or 79 properties sold in 2018. In 2017 for the same period, there were 88 properties sold in this price range which represented almost 35% 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 109 properties sold at a price between $500,000 and $1,000,000 representing over 41% of total sales. For the same period in 2017, there were 112 properties sold in this price range which represented over 44% 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 46% from 2017 luxury sales. For 2018, there have been 75 luxury properties sold as compared to 52 sold last year for the same period. The median sales price for luxury properties through the end of March was $1,512,450 which is up almost 3% from the median sales price of $1,472,500 in 2017. However, the average sales price of luxury homes at the end of March was at $2,232,382 as compared to $2,272,795 in 2017 which is down almost (2%).
Pending Sales: The pending sales for the period was 115 residential sales in the market which is down (10%) from the previous two-week period.
Active Residential Inventory Summary:
Active Listings: The current inventory of residential properties through the end of March was up a slight 1% from the previous two-week period. There are currently 345 residential properties for sale; 200 single family homes and 145 condominiums for sale. The current inventory for residential properties is hovering around its lowest point in 18-months.
Overall, active inventory is down almost (16%) from last year when there were 437 residential properties actively listed for sale. There is roughly 3-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 3 properties listed as a short sale.
Spring Has Arrived and Inventory Should be on the Rise: With the wonderful “Miracle March” snow which was welcomed, we still had robust sales and strong Buyer interest in Tahoe-Truckee Real Estate. As is typically the case in the Spring, home inventory will begin to rise 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 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