The Patience Lewis Group Real Estate Market Update: 2016 Year End Summary
2016 Real Estate Market Report
North Lake Tahoe-Truckee
Residential Properties – Single Family Homes and Condominiums
2016 Year End Summary
Residential Sales Summary 2016
Total Residential Sales: 2016 was a great year for real estate sales in the North Lake Tahoe and Truckee region. For 2016, a total of 1,459 residential properties sold as compared to 1,267 in calendar year 2015 which is a year over year increase in sales of over 15%. Of the total sales in the market this year, 1,103 were single family homes, while 356 or 24% of the sales were condominiums. In 2015 there were 1,002 single family homes sold and 265 condominiums sold which represented 21% of the sales.
Coldwell Banker Ranked #1 Among All Brokerages: Coldwell Banker Residential Brokerage ended 2016 as the market leader in overall units sold with 725 sales sides closed with a total sales volume of $398 million. This is the sixth year in a row where Coldwell Banker finished as the #1 real estate brokerage in the North Lake Tahoe and Truckee market. For luxury sales over $1.0 million, Coldwell Banker was #2 in luxury sales with 66 units sold and $103 million in sales volume, second only to Martis Camp Realty.
REO and Short Sales: Distressed properties, REO’s and Short Sales, completely reversed the trend from their peak in 2012. For 2016, short sale properties closed went down (42%) with only 12 closed short sales in 2016 as compared to 21 closed short sales in 2015. Similarly, REO properties closed in 2016 went down (26%) with 14 properties closed in 2016 as compared to 19 properties closed in 2015. Overall, distressed property sales, (REO and Short Sales) represented less than 2% of the sales in 2016 which is slightly less than the 3% in 2015.
Median and Average Sales Prices: The median sales price for residential properties ended the year at $565,000 which was up over 7% from 2015 where the median sales price was $525,000. Similarly, for 2016, the average sales price went up over 11% to $867,392 as compared to last year’s average price of $775,773.
Sales by Price Range or Market Segment: For the year, there were 602 residential properties sold at a price below $500,000, 577 properties sold between $500,000 and $1,000,000 and 280 properties sold over $1,000,000.
Sales Under $500,000: The lower end of the market, homes priced under $500,000, as is typical, had the highest level of sales activity as over 41% of the sales or 602 properties sold in this price range. In 2015 for the same period, there were 577 properties sold in this price range which represented over 45% of the sales.
Mid-Range Market Sales $500,000 to $999,999: For 2016, this segment of the market had a 15% increase in sales from 2015 to 2016 and was a very active price point for the year. There were a total of 577 properties sold at a price between $500,000 and $1,000,000 representing almost 40% of total sales. For the same period in 2015, there were 503 properties sold in this price range which represented 39% of total sales.
Luxury Home Sales Over $1.0 Million: Luxury sales for properties priced above $1,000,000 showed a significant increase in total sales of over 49%. For 2016, there were 280 luxury properties sold as compared to 187 sold in 2015. The median sales price for luxury properties in 2016 ended at $1,536,875 as compared to a median sales price of $1,622,500 in 2015 which is an overall decrease of (5%). The average sales price of luxury homes in 2016 ended at $2,317,255 as compared to $2,337,763 in 2015 which is an overall slight decrease of (1%).
Active Residential Inventory Summary:
Active Listings: For 2016, residential inventory began the year with 544 properties listed for sale, reached the high point for the year in late June at 840 properties and ended the year with 514 properties for sale. Inventory for 2016 roughly (10%) lower than the inventory levels in 2015. Coldwell Banker consistently was the leader in homes listed with an average 14% of the active listings in the market and continues to be the market leader for listings and sales.
2017 Opportunities Await: Inventory levels for 2017 are starting out at their traditionally low levels for the winter months with 514 residential properties. With the current inventory of available homes coupled with still favorable interest rates, 2017 should be another good year for savvy real estate investors looking to 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