The Patience Lewis Group Real Estate Market Report: May 1st to May 15th
2018 Real Estate Market Report
North Lake Tahoe-Truckee
Residential Properties – Single Family Homes and Condominiums
Period: May 1st to May 15th
Residential Sales Summary 2018
Total Residential Sales: Through May 15th, residential sales are up almost 2% from 2017 sales for the same period. To date, there have been 398 residential properties sold in the market as compared to 391 sales in 2017. Of the total sales in the market this year, 294 have been single family homes, while 104 have been condominium sales. Condominiums represent just over 26% of total sales. In 2017 for the same period, there were 271 single family homes sold and 120 condominium sales. Condominiums represented over 30% of the sales in 2017.
May 1st to May 15th Sales: For the first two weeks in May, there were 46 properties sold and closed in the market which was up slightly from the previous two-week period. Of the 46 properties sold this period, twelve (12) 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 thus far with 205 total sales units representing a total sales volume of $132 million.
REO & Short Sales: On a year to date basis, there has been no closed short sales sold in the market and only three (3) closed REO properties which represents less than 1% of total sales. In 2017, there were seven (7) closed REO sales and one (1) closed short sale which represented just over 2% of total sales.
Median and Average Sales Prices: The median sales price for residential properties through the middle of May, was $652,500 which is up over 8% as compared to the same period in 2017 where the median sales price was $603,000. The average sales price is up just over 39% to $1,183,885 in 2018 as compared to last year’s average price of $851,136 for the same period due to the large number of luxury homes sold thus far in 2018.
Sales by Price Range or Market Segment: Year to date, there have been 109 residential properties sold at a price below $500,000; 175 properties sold between $500,000 and $1,000,000 and 114 properties sold over $1,000,000.
Sales Under $500,000: The lower end of the market, homes priced under $500,000, represented almost 28% of the sales or 109 properties sold in 2018. In 2017 for the same period, there were 136 properties sold in this price range which represented just over 34% of total sales.
Mid-Range Market Sales $500,000 to $999,999: Mid-Range sales for 2018 are down slightly from 2017 in this price range. There have been 175 properties sold at a price between $500,000 and $1,000,000 representing 44% of total sales. For the same period in 2017, there were 179 properties sold in this price range which represented over 45% of total sales.
Luxury Home Sales Over $1.0 Million: Luxury sales for properties priced above $1,000,000 have continued to be robust and are up 50% from 2017 luxury sales. For 2018, there have been 114 luxury properties sold as compared to 76 sold last year for the same period. The median sales price for luxury properties through the middle of May was $1,640,000 which is up over 14% from the median sales price of $1,428,437 in 2017. Similarly, the average sales price of luxury homes for the period was at $2,729,061 as compared to $2,123,498 in 2017 which is up over 28%.
Pending Sales: The pending sales for the period was 127 residential sales and is identical to the previous two-week period.
Active Residential Inventory Summary:
Active Listings: The current inventory of residential properties through May 15th was up over 7% from the previous two-week period. There are currently 425 residential properties for sale; 263 single family homes and 162 condominiums for sale.
Overall, active inventory is down almost (19%) from last year at this time when there were 457 residential properties actively listed for sale. There is roughly 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 two (2) REO properties for sale, and only 2 properties listed as a short sale.
Spring Has Arrived and Inventory is on the Rise: As is typically the case in the Spring, home inventory is beginning to rise in the market. Homeowners interested in Selling are getting their homes ready for listing in the coming 30-60 days. This trend will bode well for interested Buyers who continue to show considerable interest in the market as many Buyers and savvy investors are actively looking for homes.
For Sellers, now may be a great time to list your home given the interest in the market. For Buyer’s, while inventory is low, there are still opportunities for well-priced homes in today’s market. While interest rates are rising slightly, real estate investors can take still 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