The Patience Lewis Group Real Estate Market Update: November 16th to November 30th
2016 Real Estate Market Report
North Lake Tahoe-Truckee
Residential Properties – Single Family Homes and Condominiums
Period: November 16th to November 30th (Areas 1-9)
Residential Sales Summary 2016
Total Residential Sales: Through eleven months of this year, residential sales continued an amazing upward trend compared to the same period in 2015. Sales are up over 18% from the previous year with a total of 1,357 residential properties sold in the market as compared to 1,148 sales in 2015 for the same period. Of the total sales in the market this year, 1,040 have been single family homes, while 317 have been condominium sales. Condominiums represent over 23% of total sales. In 2015 for the same period, there were 903 single family homes sold and 245 condominium sales. Condominiums represented over 21% of the sales in 2015.
November 16th to November 30th Sales: The last two weeks of sales in November decreased (21%) from the previous two-week period with 54 properties sold in the market. Of the 54 properties sold this period, seven (7) 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 685 total sales with total sales volume of $377 million. Coldwell Banker is #2 in luxury sales with 64 units sold and $100 million in sales volume.
REO & Short Sales: For 2016, short sales and REO property sales are almost non-existent with 12 closed short sales and 13 closed REO properties for the year. Overall, distressed property sales, (REO and Short Sales) represent only 2% of the sales in 2016 which is down slightly from the 4% of distressed sales in 2015 where 18 REO properties and 19 Short Sales sold.
Median and Average Sales Prices: The median sales price for residential properties through November 30th 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 $884,379 in 2016 as compared to last year’s average price of $779,194 for the same period.
Sales by Price Range or Market Segment: Year to date, there have been 558 residential properties sold at a price below $500,000; 525 properties sold between $500,000 and $1,000,000 and 274 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 558 properties have sold in this price range. In 2015 for the same period, there were 522 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 over 15% from 2015 in this price range. There have been 525 properties sold at a price between $500,000 and $1,000,000 representing 38% of total sales. For the same period in 2015, there were 454 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 a staggering 59% from 2015 luxury sales. For 2016, there have been 274 luxury properties sold as compared to 172 sold last year for the same period. The median sales price for luxury properties in 2016 thus far is $1,554,375 which is down (4%) from the median sales price of $1,621,250 in 2015. Similarly, the average sale price of luxury homes in 2016 stands at $2,320,172 as compared to $2,342,673 in 2015 and is down (1%).
Pending Sales: The pending sales through the end of November are at 154 residential sales in the market which is up slightly from the previous two-week period.
Active Residential Inventory Summary
Active Listings: The current inventory of residential properties has gone down (10%) from the previous two weeks. There are currently 541 residential properties for sale; 351 single family homes and 190 condominiums for sale. Overall, active inventory is down (17%) from last year at this time which had 652 residential properties actively listed for sale. There is a little over 4-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 is only 1 property listed as an REO, and 2 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, 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