The Patience Lewis Group Market Update: May 1 – May 15
2015 Real Estate Market Report
North/West Lake Tahoe-Truckee
Residential Properties – Single Family Homes and Condominiums
Period: May 1st to May 15th
Residential Sales Summary 2015
Total Residential Sales: Through May 15th of 2015, there have been 351 residential properties sold in the market which is slightly higher than the 350 sales in 2014 for the same period. Of the total sales in the market this year, 276 have been single family homes, while 75 were condominium sales. Condominiums represent 21% of total sales. In 2014 for the same period, there were 248 single family homes sold and 102 condominium sales. Condominiums represented 29% of the sales in 2014.
May 1st through May 15th Sales: For the first two weeks of May there were 45 properties sold which is slightly higher than the previous two week period. Of the 45 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/West Lake Tahoe and Truckee market, Coldwell Banker ranks #1 for the year in total units sold, 187 and total sales volume, $87 million.
REO & Short Sales: For 2015, short sale properties closed have gone down (66%) with 6 closed short sales as compared to 18 closed short sales in 2014. Similarly, REO properties closed in 2015 have gone down (50%) with 6 properties closed in 2015 as compared to 16 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 through the first quarter stood at $525,000 which is down (2.5%) from 2014 where the median sales price was $538,500 for the same period. Similarly, the average sales price was down (2.5%) to $832,357 in 2015 as compared to last year’s average price of $852,363 for the same period.
Sales by Price Range or Market Segment: For the year, there have been 159 residential properties sold at a price below $500,000, 142 properties sold between $500,000 and $1,000,000 and 50 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 45% of the sales or 159 properties have sold in this price range. In 2014 for the same period, there were 162 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 21% from 2014 to 2015 through May 15th. There have been 142 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 117 properties sold in this price range which represented 33% of total sales.
Luxury Home Sales Over $1.0 Million: Luxury sales for properties priced above $1,000,000 have gone down 29% from the previous year. For 2015, there have been 50 luxury properties sold as compared to 71 sold last year for the same period. The median sales price for luxury properties in 2015 thus far is $1,894,000 as compared to a median sales price of $1,775,000 in 2014 which is up 7%. The average sales price of luxury homes in 2015 stands at $2,780,382 as compared to $2,310,598 in 2014 which is up 20%.
Pending Sales: The pending sales through May 15th were at 174 residential sales in the market which is similar to the previous two week period.
Active Residential Inventory Summary:
Active Listings: The current inventory of residential properties has gone up 10% from the previous two weeks. There are currently 699 residential properties for sale; 468 single family homes and 231 condominiums for sale. In 2014 for the same period there were 712 residential properties actively listed for sale as compared to the 699 today which is down (2%). 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 4 properties listed as a short sale, and 4 properties listed as an REO sale.
SPRING HAS SPRUNG: 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/West Lake Tahoe and Truckee areas. While homes prices have come up, they are still priced at levels we have not seen in five years. With 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