The Patience Lewis Group Market Update: 2015 Year End Summary
2015 Real Estate Market Report
North Lake Tahoe-Truckee
Residential Properties – Single Family Homes and Condominiums
2015 Year End Summary
Residential Sales Summary 2015
Total Residential Sales: 2015 was another great year for real estate sales in the North Lake Tahoe and Truckee region. For 2015, a total of 1,264 residential properties sold as compared to 1,238 in calendar year 2014 which is a year over year increase in sales of 2%. Of the total sales in the market this year, 999 were single family homes, while 265 or 21% of the sales were condominiums. In 2014 there were 930 single family homes sold and 308 condominiums sold which represented 25% of the sales.
Coldwell Banker Ranked #1 in Units Sold and Volume Sold: Coldwell Banker Residential Brokerage ended 2015 as the market leader in overall units sold with 634 sales sides closed with a total sales volume of $318 million. This is the fifth year in a row where Coldwell Banker finished as the #1 real estate brokerage in the North Lake Tahoe and Truckee market.
REO and Short Sales: Distressed properties, REO’s and Short Sales, completely reversed the trend from their peak in 2012. For 2015, short sale properties close went down (40%) with 21 closed short sales in 2015 as compared to 35 closed short sales in 2014. Similarly, REO properties closed in 2015 went down (34%) with 19 properties closed in 2015 as compared to 29 properties closed in 2014. Overall, distressed property sales, (REO and Short Sales) represented only 3% of the sales in 2015 which is slightly less than the 5% in 2014.
Median and Average Sales Prices: The median sales price for residential properties ended the year at $525,000 which is down (2%) from 2014 where the median sales price was $536,877. Similarly for 2015, the average sales price went down (8%) to $776,931 as compared to last year’s average price of $842,724.
Sales by Price Range or Market Segment: For the year, there were 575 residential properties sold at a price below $500,000, 502 properties sold between $500,000 and $1,000,000 and 187 properties sold over $1,000,000.
Sales Under $500,000: The lower end of the market, homes priced under $500,000, as is typical, had the highest level of sales activity as over 45% of the sales or 575 properties sold in this price range. In 2014 for the same period, there were 565 properties sold in this price range which represented 46% of the sales.
Mid-Range Market Sales $500,000 to $999,999: For 2015, this segment of the market had a 14% increase in sales from 2014 to 2015 and was a very active price point for the year. There were a total of 502 properties sold at a price between $500,000 and $1,000,000 representing 40% of total sales. For the same period in 2014, there were 439 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 went down (20%) from last year. For 2015, there were 187 luxury properties sold as compared to 234 sold in 2014. The median sales price for luxury properties in 2015 ended at $1,662,500 as compared to a median sales price of $1,775,000 in 2014 which is an overall decrease of almost (9%). The average sales price of luxury homes in 2015 ended at $2,340,972 as compared to $2,328,340 in 2014 which is an overall slight increase of 0.50%.
Active Residential Inventory Summary:
Active Listings: For 2015, residential inventory began the year with 545 properties listed for sale, reached the high point for the year in late June at 910 properties and ended the year with 589 properties for sale. Inventory for 2015 mirrored that of the inventory levels in 2014. Coldwell Banker consistently was the leader in homes listed with an average 15% of the active listings in the market and continues to be the market leader for listings and sales.
2016 Opportunities Await: Inventory levels for 2016 are starting out at their traditionally low levels for the winter months. However, there are still many quality properties to choose from throughout the north Lake Tahoe and Truckee area. With the inventory available coupled with homes still priced at 5-6 year lows and very favorable interest rates, savvy real estate investors are taking advantage of today’s 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