The Patience Lewis Group Market Update: May 16th to May 31st
Residential Sales Summary 2016
Total Residential Sales: Through the end of May 2016, residential sales are continuing to outpace sales for the same period in 2015. For the first 5-months of the year, there have been a total of 489 residential properties sold in the market which is 21% higher than the 405 sales in 2015 for the same period. Of the total sales in the market this year, 380 have been single family homes, while 109 were condominium sales. Condominiums represent 22% of total sales. In 2015 for the same period, there were 320 single family homes sold and 85 condominium sales. Condominiums represented 21% of the sales in 2015.
May 16th to May 31st Sales: The last two weeks of May saw an 86% increase in sales from the previous two weeks with 67 properties sold in the market. Of the 67 properties sold this period, fifteen (15) 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 in units sold at 238 with a total sales volume, $138 million. Coldwell Banker is #2 in luxury sales with 28 units sold and $46 million in sales volume.
REO & Short Sales: For 2016, short sales and REO property sales are almost non-existent with 6 closed short sales and 6 closed REO properties for the year. Overall, distressed property sales, (REO and Short Sales) represent only 2% of the sales in 2016 which is down slightly from 4.5% in 2015 where 10 REO properties and 8 Short Sales sold.
Median and Average Sales Prices: The median sales price for residential properties through the first five months of 2016 is $566,000 which is up 10% as compared to the same period in 2015 where the median sales price was $515,000. Similarly, the average sales price is up over 13% to $897,354 in 2016 as compared to last year’s average price of $793,977 for the same period.
Sales by Price Range or Market Segment: Year to date, there have been 210 residential properties sold at a price below $500,000; 172 properties sold between $500,000 and $1,000,000 and 107 properties sold over $1,000,000.
Sales Under $500,000 Sales: The lower end of the market, homes priced under $500,000, as one would expect has the highest level of sales activity as 43% of the sales or 210 properties have sold in this price range. In 2015 for the same period, there were 192 properties sold in this price range which represented over 47% of the sales.
Mid-Range Market Sales $500,000 to $999,999: Mid-Range sales have gone up by 8% from 2015 to 2016 for the same period. There have been 172 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 159 properties sold in this price range which represented 39% of total sales.
Luxury Home Sales Over $1.0 Million: Luxury sales for properties priced above $1,000,000 have skyrocketed for the year growing by 98%. For 2016, there have been 107 luxury properties sold as compared to 54 sold last year for the same period. The median sales price for luxury properties in 2016 thus far is $1,500,000 which is down (17.5%) from the median sales price of $1,817,500 in 2015. Similarly, the average sale price of luxury homes in 2016 stands at $2,268,736 as compared to $2,683,779 in 2015 and is down (15%).
Pending Sales: The pending sales through the end of May were at 167 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 up 13% from the previous two weeks. There are currently 702 residential properties for sale; 469 single family homes and 233 condominiums for sale. Overall, active inventory is down 6% from last year at this time which had 746 residential properties actively listed for sale. There is almost 7-months of available inventory on the market relative to the past 30-day sales volume. Coldwell Banker has over 12% of the active listings in the market and continues to be the market leader for listings. Of the active listings, there are only 2 properties listed as an REO, and 4 properties listed as a short sale.
WITH SUMMER UNDERWAY NOW MAY BE A GREAT TIME TO SELL OR BUY: The 2016 real estate market in North Lake Tahoe and Truckee in terms of sales is off to a great start and is way ahead of 2015. There is considerable activity in the market as many Buyers and savvy investors are actively looking for homes.
For Seller’s there is demand for properties in the market with inventory down. For Buyer’s, even though inventory is down from last year, there are quality properties to choose from throughout the north Lake Tahoe and Truckee areas. With homes current home prices 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