The Patience Lewis Group Market Update: April 16th to April 30th
2016 Real Estate Market Report
North Lake Tahoe-Truckee
Residential Properties – Single Family Homes and Condominiums
Period: April 16th to April 30th
Residential Sales Summary 2016
Total Residential Sales: Through the first four months of 2016 residential sales have gotten off to a great start. Through April 30th, there have been a total of 379 residential properties sold in the market which is 23% higher than the 308 sales in 2015 for the same period. Of the total sales in the market this year, 291 have been single family homes, while 88 were condominium sales. Condominiums represent 23% of total sales. In 2015 for the same period, there were 245 single family homes sold and 63 condominium sales. Condominiums represented 20% of the sales in 2015.
April 16th to April 30th Sales: For the last two weeks of April there were 54 properties sold in the market which is up slightly from the first two weeks of April which had 53 sales. Of the 54 properties sold this period, eight (8) 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 at 177 with a total sales volume, $107 million. Coldwell Banker is #2 in luxury sales with 22 units sold and $38 million in sales volume.
REO & Short Sales: For 2016, short sales and REO properties closed are identical to 2015 with 5 closed short sales and 5 closed REO properties. Overall, distressed property sales, (REO and Short Sales) represent only 2% of the sales in 2016 which is roughly the same as the 3% in 2015.
Median and Average Sales Prices: The median sales price for residential properties through the first four months of 2016 is $545,000 which is up 4% as compared to the same period in 2015 where the median sales price was $525,000. Similarly, the average sales price is up over 7% to $905,291 in 2016 as compared to last year’s average price of $842,884 for the same period.
Sales by Price Range or Market Segment: Year to date, there have been 167 residential properties sold at a price below $500,000; 132 properties sold between $500,000 and $1,000,000 and 80 properties sold over $1,000,000.
Sales Under $500,000 Sales: The lower end of the market, homes priced under $500,000, as one would expect has the highest level of sales activity as over 44% of the sales or 167 properties have sold in this price range. In 2015 for the same period, there were 139 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 have gone up by 6% from 2015 to 2016 for the same period. There have been 132 properties sold at a price between $500,000 and $1,000,000 representing 35% of total sales. For the same period in 2015, there were 124 properties sold in this price range which represented 40% of total sales.
Luxury Home Sales Over $1.0 Million: Luxury sales for properties priced above $1,000,000 have skyrocketed in the first for months of the year growing by 77%. For 2016, there have been 80 luxury properties sold as compared to 45 sold last year for the same period. The median sales price for luxury properties in 2016 thus far is $1,500,000 which is down (23%) from the median sales price of $1,953,000 in 2015. Similarly, the average sale price of luxury homes in 2016 stands at $2,397,578 as compared to $2,792,537 in 2015 and is down (14%).
Pending Sales: The pending sales through April 30th were at 161 residential sales in the market which is down slightly from the previous two week period.
Active Residential Inventory Summary:
Active Listings: The current inventory of residential properties has gone up slightly from the previous two weeks. There are currently 604 residential properties for sale; 373 single family homes and 231 condominiums for sale which is down (5%) from 2015. In 2015 for the same period there were 637 residential properties actively listed for sale for the same period. There is almost 6-months of available inventory on the market relative to the past 30-day sales volume. Coldwell Banker has over 15% of the active listings in the market and continues to be the market leader for listings. Of the active listings, there are only 5 properties listed as an REO, and 3 properties listed as a short sale.
WITH SPRING AROUND THE CORNER NOW MAY BE A GREAT TIME TO BUY: The 2016 real estate market in North Lake Tahoe and Truckee in terms of sales is off to a great start and is ahead of 2015. There is considerable activity in the market as many Buyers and savvy investors are actively looking for homes. At today’s current inventory levels there continues to be many quality properties to choose from throughout the north Lake Tahoe and Truckee areas. With homes prices stabilizing and 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