The Patience Lewis Group Market Update: February 16th to February 29th
2016 Real Estate Market Report
North Lake Tahoe-Truckee
Residential Properties – Single Family Homes and Condominiums
Period: February 16th to February 29th
Residential Sales Summary 2016
Total Residential Sales: Through the first two months of 2016, there have been a total of 164 residential properties sold in the market which is 20% higher than the 136 sales in 2015 for the same period. Of the total sales in the market this year, 125 have been single family homes, while 39 were condominium sales. Condominiums represent 24% of total sales. In 2015 for the same period, there were 105 single family homes sold and 31 condominium sales. Condominiums represented 23% of the sales in 2015.
February 16th through February 29th Sales: For the last two weeks of February there were 44 properties sold in the market which is up from the previous two week period. Of the 44 properties sold this period, ten (10) were sold at a price above $1.0 million.
Coldwell Banker Ranks #1: Among all brokerages in the north Lake Tahoe and Truckee markets in units sold at 66 sales with a total sales volume, $43 million.
REO & Short Sales: For 2016, short sale properties closed have gone down (50%) with 1 closed short sale as compared to 2 closed short sales in 2015. Similarly, REO properties closed in 2016 have gone down (50%) with 2 properties closed in 2016 as compared to 4 REO sales in 2015. Overall, distressed property sales, (REO and Short Sales) represent only 2% of the sales in 2016 which is less than the 4% in 2015.
Median and Average Sales Prices: The median sales price for residential properties through February 29th stands at $586,500 which is up 12% as compared to the same period in 2015 where the median sales price was $525,000. Similarly, the average sales price is up 10% to $985,461 in 2016 as compared to last year’s average price of $897,064 for the same period.
Sales by Price Range or Market Segment: For the year, there have been 70 residential properties sold at a price below $500,000; 57 properties sold between $500,000 and $1,000,000 and 37 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 43% of the sales or 70 properties have sold in this price range. In 2015 for the same period, there were 62 properties sold in this price range which represented 45% of the sales.
Mid-Range Market Sales $500,000 to $999,999: Mid-Range sales have gone up by 10% from 2015 to 2016 for the same period. There have been 57 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 52 properties sold in this price range which represented 38% of total sales.
Luxury Home Sales Over $1.0 Million: Luxury sales for properties priced above $1,000,000 have started the year with a bang with a 68% increase in sales for this segment. For 2016, there have been 37 luxury properties sold as compared to 22 sold last year for the same period. The median sales price for luxury properties in 2016 thus far is $1,600,000 which is down (28%) from the median sales price of $2,225,500 in 2015. Similarly, the average sale price of luxury homes in 2016 stands at $2,615,116 as compared to $2,942,727 in 2015 and is down (11%).
Pending Sales: The pending sales through February 29th were at 160 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 down (2%) from the previous two weeks. There are currently 544 residential properties for sale; 318 single family homes and 226 condominiums for sale and is roughly the same as in 2015. In 2015 for the same period there were 549 residential properties actively listed for sale for the same period. There is almost 6.5 -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 3 properties listed as a short sale, and 4 properties listed as an REO sale.
WITH SPRING AROUND THE CORNER NOW MAY BE A GREAT TIME TO BUY: The 2016 real estate market in the North Lake Tahoe and Truckee area has very much mirrored the 2015 market which was a solid year in real estate. 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