The Patience Lewis Group Market Update: July 16 to July 31
Residential Sales Summary 2015
Total Residential Sales: Through the first 7-months of 2015 there have been a total of 632 residential properties sold in the market which is 1% higher than the 624 sales in 2014 for the same period. Of the total sales in the market this year, 500 have been single family homes, while 132 were condominium sales. Condominiums represent 21% of total sales. In 2014 for the same period, there were 460 single family homes sold and 164 condominium sales. Condominiums represented 26% of the sales in 2014.
July 16th through July 31st Sales: For the last two weeks of July there were 59 properties sold which is the second highest week for sales this year. Of the 59 properties sold this period, twelve (12) were sold at a price above $1.0 million with the highest sale over $8.0 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, 333 and total sales volume, $162 million.
REO & Short Sales: For 2015, short sale properties closed have gone down (61%) with 12 closed short sales as compared to 31 closed short sales in 2014. Similarly, REO properties closed in 2015 have gone down (38%) with 13 properties closed in 2015 as compared to 21 REO sales in 2014. Overall, distressed property sales, (REO and Short Sales) represent only 4% of the sales in 2015 which is significantly less than the 8% in 2014.
Median and Average Sales Prices: The median sales price for residential properties through July 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 (7%) to $777,837 in 2015 as compared to last year’s average price of $833,108 for the same period.
Sales by Price Range or Market Segment: For the year, there have been 291 residential properties sold at a price below $500,000, 257 properties sold between $500,000 and $1,000,000 and 84 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 291 properties have sold in this price range. In 2014 for the same period, there were 296 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 17% from 2014 to 2015through the end of July. There have been 257 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 219 properties sold in this price range which represented 35% of total sales.
Luxury Home Sales Over $1.0 Million: Luxury sales for properties priced above $1,000,000 have gone down (23%) from the previous year. For 2015, there have been 84 luxury properties sold as compared to 109 sold last year for the same period. The median sales price for luxury properties in 2015 thus far is $1,775,000 which is down (2%) from the median sales price of $1,804,000 in 2014. The average sales price of luxury homes in 2015 stands at $2,517,529 as compared to $2,461,369 in 2014 which is up 2%.
Pending Sales: The pending sales through the end of July were at 192 residential sales in the market which is up 8% 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 882 residential properties for sale; 624 single family homes and 258 condominiums for sale. In 2014 for the same period there were 865 residential properties actively listed for sale which is up by 2%. There is roughly 7.0 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 9 properties listed as a short sale, and 4 properties listed as an REO sale.
NOW MAY BE A GREAT TIME TO BUY THAT VACATION HOME: For the first seven 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