THE PATIENCE LEWIS GROUP TAHOE-TRUCKEE MARKET REPORT: December 1st to December 15th
2017 Real Estate Market Report
North Lake Tahoe-Truckee
Residential Properties – Single Family Homes and Condominiums
Period: December 1st to December 15th
Residential Sales Summary 2017
Total Residential Sales: Through December 15th of this year, residential sales are up over 6% from 2016 sales for the same period. To date, there have been 1,505 residential properties sold in the market as compared to 1,417 sales in 2016. Of the total sales in, the market this year, 1,119 have been single family homes, while 386 have been condominium sales. Condominiums represent a little over 25% of total sales. In 2016 for the same period, there were 1,078 single family homes sold and 339 condominium sales. Condominiums represented over 23% of the sales in 2016.
December 1st to December 15th Sales: For the first two weeks in December, there were 73 properties sold and closed in the market which is down slightly from the previous two-week period. Of the 73 properties sold this period, eighteen (18) 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 723 total sales with a total sales volume of $410 million.
REO & Short Sales: Year to date, short sales and REO property sales represent a little over 1% of total sales with 18 closed REO property and 3 closed short sales for the year. In 2016 for the same period, short sales and REO properties represented just under 2% of total sales with 14 closed REO properties and 12 closed short sales.
Median and Average Sales Prices: The median sales price for residential properties through the middle of December was $604,000 which is up almost 7% as compared to the same period in 2016 where the median sales price was $565,000. The average sales price is also up just over 1% to $886,925 in 2017 as compared to last year’s average price of $875,037 for the same period.
Sales by Price Range or Market Segment: Year to date, there have been 497 residential properties sold at a price below $500,000; 700 properties sold between $500,000 and $1,000,000 and 308 properties sold over $1,000,000.
Sales Under $500,000: The lower end of the market, homes priced under $500,000, has been responsible for 33% of the sales or 497 properties sold in 2017. In 2016 for the same period, there were 586 properties sold in this price range which represented just over 41% of total sales.
Mid-Range Market Sales $500,000 to $999,999: Mid-Range sales for 2017 are up over 26% from 2016 in this price range. There have been 700 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 554 properties sold in this price range which represented over 39% of total sales.
Luxury Home Sales Over $1.0 Million: Luxury sales for properties priced above $1,000,000 are up over 11% from 2016 luxury sales. For 2017, there have been 308 luxury properties sold as compared to 277 sold last year for the same period. The median sales price for luxury properties through December 15th was $1,500,000 which is down almost (4%) from the median sales price of $1,560,000 in 2016. The average sales price of luxury homes is at $2,194,747 as compared to $2,330,024 in 2016 which is down just under (6%).
Pending Sales: The pending sales for the period was 126 residential sales in the market which is down (20%) from the previous two-week period.
Active Residential Inventory Summary:
Active Listings: The current inventory of residential properties through the middle of December was down (4%) from the previous two-week period. There are currently 410 residential properties for sale; 268 single family homes and 142 condominiums for sale. The current inventory for homes is at the lowest point for the entire 2017 year.
Overall, active inventory is down almost (7%) from last year when there were 541 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 13% 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 2 properties listed as a short sale.
Christmas and New Year’s is Here: With the Holiday season upon us, there remains strong Buyer interest as evidence by brisk sales over the last 60-90 days. Inventory is very low and yet there is considerable interest in the market as many Buyers and savvy investors are actively looking for homes.
With continued favorable mortgage interest rates, 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