THE PATIENCE LEWIS GROUP REAL ESTATE MARKET UPDATE: JULY 1ST TO JULY 15TH
2017 Real Estate Market Report
North Lake Tahoe-Truckee
Residential Properties – Single Family Homes and Condominiums
Period: July 1st to July 15th (Areas 1-9)
Residential Sales Summary 2017
Total Residential Sales: Through July 15th of 2017, residential sales are down almost, (7%) from 2016 sales for the same period. To date, there have been 628 residential properties sold in the market as compared to 673 sales in 2016 for the same period. Of the total sales in, the market this year, 457 have been single family homes, while 171 have been condominium sales. Condominiums represent a little over 27% of total sales. In 2016 for the same period, there were 527 single family homes sold and 146 condominium sales. Condominiums represented over 21% of the sales in 2016.
July 1st to July 15th Sales: For the first two weeks of sales in July, there were 46 properties sold in the market which is 38% from the previous two-week period. Of the 46 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 with 314 total sales and #1 in total sales volume of $173 million.
REO & Short Sales: Thus far this year, short sales and REO property sales represent a little over 1% of total sales with 11 closed REO property and 1 short sale for the year. In 2016 for the same period, short sales and REO properties represented a little over 2% of total sales with 9 closed REO properties and 7 closed short sale.
Median and Average Sales Prices: The median sales price for residential properties through July 15th was $610,000 which is up 8% as compared to the same period in 2016 where the median sales price was $565,000. The average sales price is down almost (1%) to $879,377 in 2017 as compared to last year’s average price of $887,158 for the same period.
Sales by Price Range or Market Segment: Year to date, there have been 213 residential properties sold at a price below $500,000; 293 properties sold between $500,000 and $1,000,000 and 122 properties sold over $1,000,000.
Sales Under $500,000 Sales: The lower end of the market, homes priced under $500,000, has produced 34% of the sales or 213 properties sold in 2017 for this price range. In 2016 for the same period, there were 286 properties sold in this price range which represented almost 43% of the sales.
Mid-Range Market Sales $500,000 to $999,999: Mid-Range sales for 2017 are up almost 21% from 2016 in this price range. There have been 293 properties sold at a price between $500,000 and $1,000,000 representing over 46% of total sales. For the same period in 2016, there were 243 properties sold in this price range which represented 36% of total sales.
Luxury Home Sales Over $1.0 Million: Luxury sales for properties priced above $1,000,000 are down (15%) from 2016 luxury sales. For 2017, there have been 122 luxury properties sold as compared to 144 sold last year for the same period. The median sales price for luxury properties in 2017 thus far is $1,497,500 which is almost identical to the median sales price of $1,502,500 in 2016. The average sale price of luxury homes in year to date stands at $2,261,191 as compared to $2,258,246 in 2016 and is up slightly.
Pending Sales: The pending sales through July 15th, were at 205 residential sales in the market which is up 15% from the previous two-week period.
Active Residential Inventory Summary:
Active Listings: The current inventory of residential properties as of July 15th, went up 2% from the previous two-week period. There are currently 713 residential properties for sale; 509 single family homes and 204 condominiums for sale. Overall, active inventory is down (14%) from last year at this time when there were 826 residential properties actively listed for sale. There is over 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 3 properties listed as an REO, and 1 property listed as a short sale.
SUMMER IS IN HIGH GEAR: Summer is in high gear with many visitors and interested Buyers in the area. With the recent new inventory on the market. there is considerable interest 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 as inventory is still off from over a year ago. For Buyer’s, inventory has grown over the past month and it is likely that more homes will be coming on the market in the next few weeks. With continued favorable mortgage interest rates and inventory coming, real estate investors can 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