The Patience Lewis Group Market Update: June 1 – June 15
2015 Real Estate Market Report
North/West Lake Tahoe-Truckee
Residential Properties – Single Family Homes and Condominiums
Period: June 1st to June 15th
Residential Sales Summary 2015
Total Residential Sales: Through June 15th of 2015, there have been a total of 462 residential properties sold in the market which is slightly lower than the 472 sales in 2014 for the same period. Of the total sales in the market this year, 368 have been single family homes, while 94 were condominium sales. Condominiums represent 20% of total sales. In 2014 for the same period, there were 349 single family homes sold and 123 condominium sales. Condominiums represented 26% of the sales in 2014.
June 1st through June 15th Sales: For the first two weeks of June there were 59 properties sold which the highest two week number of sales for year thus far. Of the 59 properties sold this period, five (5) were sold at a price above $1.0 million.
Coldwell Banker Ranks #1: Among all brokerages in the north Lake Tahoe and Truckee market, Coldwell Banker ranks #1 for the year in total units sold, 243 and total sales volume, $117 million.
REO & Short Sales: For 2015, short sale properties closed have gone down (52%) with 11 closed short sales as compared to 23 closed short sales in 2014. Similarly, REO properties closed in 2015 have gone down (44%) with 10 properties closed in 2015 as compared to 18 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 9% in 2014.
Median and Average Sales Prices: The median sales price for residential properties year to date stood at $525,000 which is down (1.5%) from 2014 where the median sales price was $532,168 for the same period. Similarly, the average sales price is down (8.5%) to $774,754 in 2015 as compared to last year’s average price of $846,868 for the same period.
Sales by Price Range or Market Segment: For the year, there have been 216 residential properties sold at a price below $500,000, 168 properties sold between $500,000 and $1,000,000 and 58 properties sold over $1,000,000.
Sales Under $500,000 Sales: The lower end of the market, homes priced under $500,000, as is typical, has the highest level of sales activity as over 46% of the sales or 216 properties have sold in this price range. In 2014 for the same period, there were 218 properties sold in this price range which represented 46% of the sales.
Mid-Range Market Sales $500,000 to $999,999: Mid-Range sales have gone up 13% from 2014 to 2015through June 15th. There have been 188 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 167 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 (33%) from the previous year. For 2015, there have been 58 luxury properties sold as compared to 87 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 (3%) from the median sales price of $1,825,000 in 2014. The average sales price of luxury homes in 2015 stands at $2,608,691 as compared to $2,426,152 in 2014 which is up 7%.
Pending Sales: The pending sales through June 15th were at 176 residential sales in the market which is up slightly from the previous two week period.
Active Residential Inventory Summary:
Active Listings: The current inventory of residential properties has gone up 4% from the previous two weeks. There are currently 774 residential properties for sale; 523 single family homes and 251 condominiums for sale. In 2014 for the same period there were 791 residential properties actively listed for sale which is down slightly 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 3 properties listed as a short sale, and 2 properties listed as an REO sale.
SUMMER IS HERE: Now may be a great time to buy that vacation home: Overall, 2015 is beginning much the same way as we did in 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.
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