Tahoe Truckee Real Estate Market Report: April 16th – 30th
2018 Real Estate Market Report
North Lake Tahoe-Truckee
Residential Properties – Single Family Homes and Condominiums
Period: April 16th to April 30th
Residential Sales Summary 2018
Total Residential Sales: Through the end of April, residential sales are up almost 5% from 2017 sales for the same period. To date, there have been 352 residential properties sold in the market as compared to 337 sales in 2017. Of the total sales in the market this year, 258 have been single family homes, while 94 have been condominium sales. Condominiums represent almost 27% of total sales. In 2017 for the same period, there were 233 single family homes sold and 104 condominium sales. Condominiums represented over 30% of the sales in 2017.
April 15th to April 30th Sales: For the last two weeks in April, there were 45 properties sold and closed in the market which was up 25% from the previous two-week period. Of the 45 properties sold this period, sixteen (16)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 174 total sales units representing a total sales volume of $112 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 only 1% of total sales. In 2017, there were five (5) closed REO sales and one (1) closed short sale which represented almost 2% of total sales.
Median and Average Sales Prices: The median sales price for residential properties through the end of April, was $644,000 which is up 7% as compared to the same period in 2017 where the median sales price was $600,000. The average sales price is up just over 36% to $1,164,105 in 2018 as compared to last year’s average price of $851,643 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 98 residential properties sold at a price below $500,000; 152 properties sold between $500,000 and $1,000,000 and 102 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 98 properties sold in 2018. In 2017 for the same period, there were 122 properties sold in this price range which represented just over 36% of total sales.
Mid-Range Market Sales $500,000 to $999,999: Mid-Range sales for 2018 are up slightly from 2017 in this price range. There have been 152 properties sold at a price between $500,000 and $1,000,000 representing 43% of total sales. For the same period in 2017, there were 149 properties sold in this price range which represented over 44% 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 over 54% from 2017 luxury sales. For 2018, there have been 102 luxury properties sold as compared to 66 sold last year for the same period. The median sales price for luxury properties through the end of April was $1,545,000 which is up over 8% from the median sales price of $1,428,437 in 2017. Similarly, the average sales price of luxury homes for the period was at $2,637,255 as compared to $2,138,301 in 2017 which is up over 23%.
Pending Sales: The pending sales for the period was 127 residential sales and is up nicely from the previous two-week period.
Active Residential Inventory Summary:
Active Listings: The current inventory of residential properties through April was up 7% from the previous two-week period. There are currently 394 residential properties for sale; 234 single family homes and 160 condominiums for sale.
Overall, active inventory is down almost (17%) from last year at this time when there were 446 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 is one (1) REO property 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