The Patience Lewis Group Real Estate Market Update: December 1st to December 15th
2016 Real Estate Market Report
North Lake Tahoe-Truckee
Residential Properties – Single Family Homes and Condominiums
Period: December 1st to December 15th (Areas 1-9)
Residential Sales Summary 2016
Total Residential Sales: Through December 15th, residential sales continued their upward trend compared to the same period in 2015. Sales are up over 17% from the previous year with a total of 1,415 residential properties sold in the market as compared to 1,203 sales in 2015 for the same period. Of the total sales in the market this year, 1,076 have been single family homes, while 339 have been condominium sales. Condominiums represent 24% of total sales. In 2015 for the same period, there were 948 single family homes sold and 255 condominium sales. Condominiums represented over 21% of the sales in 2015.
December 1st through December 15th Sales: The first two weeks of sales in December were identical to the previous two-week period with 55 properties sold in the market. Of the 55 properties sold this period, three (3) 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 with 715 total sales with total sales volume of $393 million. Coldwell Banker is #2 in luxury sales with 66 units sold and $103 million in sales volume.
REO & Short Sales: For 2016, short sales and REO property sales represent only 1.8% of total sales with 12 closed short sales and 14 closed REO properties for the year. Similarly, in 2015 for the same period, short sales and REO properties only represented 3.3% of total sales with 20 closed short sales and 19 closed REO properties.
Median and Average Sales Prices: The median sales price for residential properties through December 15th was $565,000 which is up over 7% as compared to the same period in 2015 where the median sales price was $525,000. Similarly, the average sales price is up over 13% to $875,555 in 2016 as compared to last year’s average price of $773,119 for the same period.
Sales by Price Range or Market Segment: Year to date, there have been 585 residential properties sold at a price below $500,000; 553 properties sold between $500,000 and $1,000,000 and 277 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 41% of the sales or 585 properties have sold in this price range. In 2015 for the same period, there were 547 properties sold in this price range which represented over 45% of the sales.
Mid-Range Market Sales $500,000 to $999,999: Mid-Range sales for 2016 are up 16% from 2015 in this price range. There have been 553 properties sold at a price between $500,000 and $1,000,000 representing 39% of total sales. For the same period in 2015, there were 477 properties sold in this price range which represented almost 40% of total sales.
Luxury Home Sales Over $1.0 Million: Luxury sales for properties priced above $1,000,000 are up over 54% from 2015 luxury sales. For 2016, there have been 277 luxury properties sold as compared to 179 sold last year for the same period. The median sales price for luxury properties in 2016 thus far is $1,560,000 which is down (2.5%) from the median sales price of $1,600,000 in 2015. The average sale price of luxury homes in 2016 stands at $2,330,475 as compared to $2,313,093 in 2015 and is up almost 1%.
Pending Sales: The pending sales through the middle of December are at 127 residential sales in the market which is down slightly from the previous two-week period.
Active Residential Inventory Summary:
Active Listings: The current inventory of residential properties has stayed the same from the previous two weeks. There are currently 541 residential properties for sale; 347 single family homes and 194 condominiums for sale. Overall, active inventory is down (15%) from last year at this time which had 636 residential properties actively listed for sale. There is a little over 5-months of available inventory on the market relative to the past 30-day sales volume. Coldwell Banker has over 10% of the active listings in the market and continues to be the market leader for listings. Of the active listings, there are 3 properties listed as an REO, and 4 properties listed as a short sale.
WINTER IS HERE…ACT NOW: 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 still favorable mortgage interest rates in light of the recent Fed increase, 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