The Patience Lewis Group Market Update: August 16th to August 31st
2015 Real Estate Market Report
North Lake Tahoe-Truckee
Residential Properties – Single Family Homes and Condominiums
Period: August 16th to August 31st – 8-Month Review
Residential Sales Summary 2015
Total Residential Sales: Through the first 8-months of 2015 there have been a total of 750 residential properties sold in the market which is almost identical to the 751 sales in 2014 for the same period. Of the total sales in the market this year, 589 have been single family homes, while 161 were condominium sales. Condominiums represent 21% of total sales. In 2014 for the same period, there were 557 single family homes sold and 194 condominium sales. Condominiums represented 26% of the sales in 2014.
August 16th to August 31st Sales: For the last two weeks of August there were 60 properties sold which matched the single highest week for sales this year. Of the 60 properties sold this period, seven (7) 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 for the year in total units sold, 402 and total sales volume, $192 million.
REO & Short Sales: For 2015, short sale properties closed have gone down (51%) with 15 closed short sales as compared to 31 closed short sales in 2014. Similarly, REO properties closed in 2015 have gone down (35%) with 15 properties closed in 2015 as compared to 23 REO sales in 2014. Overall, distressed property sales, (REO and Short Sales) represent only 4% of the sales in 2015 which is less than the 7% in 2014.
Median and Average Sales Prices: The median sales price for residential properties through August stands at $525,000 which is up a slight 1% from 2014 where the median sales price was $520,000 for the same period. Conversely, the average sales price is down (9%) to $766,272 in 2015 as compared to last year’s average price of $840,532 for the same period.
Sales by Price Range or Market Segment: For the year, there have been 346 residential properties sold at a price below $500,000, 306 properties sold between $500,000 and $1,000,000 and 98 properties sold over $1,000,000.
Sales Under $500,000 Sales: The lower end of the market, homes priced under $500,000, shows the highest level of sales activity as over 46% of the sales or 346 properties have sold in this price range. In 2014 for the same period, there were 357 properties sold in this price range which represented 47% of the sales.
Mid-Range Market Sales $500,000 to $999,999: Mid-Range sales have gone up a whopping 18% from 2014 to 2015through the end of August. There have been 306 properties sold at a price between $500,000 and $1,000,000 representing 41% of total sales. For the same period in 2014, there were 259 properties sold in this price range which represented 34% of total sales.
Luxury Home Sales Over $1.0 Million: Luxury sales for properties priced above $1,000,000 have gone down (27%) from the previous year. For 2015, there have been 98 luxury properties sold as compared to 135 sold last year for the same period. The median sales price for luxury properties in 2015 thus far is $1,817,500 which is up 1% from the median sales price of $1,804,000 in 2014. The average sales price of luxury homes in 2015 stands at $2,477,984 as compared to $2,451,862 in 2014 which is up 1%.
Pending Sales: The pending sales through the end of August were at 205 residential sales in the market which is up 7% from the previous two week period.
Active Residential Inventory Summary:
Active Listings: The current inventory of residential properties has gone up 3% from the previous two weeks. There are currently 906 residential properties for sale; 640 single family homes and 266 condominiums for sale. In 2014 for the same period there were 857 residential properties actively listed for sale which is up by 7%. There is roughly 8.0 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 8 properties listed as a short sale, and 5 properties listed as an REO sale.
WITH FALL IN THE AIR, NOW MAY BE A GREAT TIME TO BUY: For the first eight months of 2015, the real estate market is tracking with 2014 which was a very good year for real estate sales. There is considerable activity in the market as many Buyers are actively looking for homes. With fall approaching the level of Buyers interest should increase as investors want to be in their homes before the winter.
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, savvy 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