The Patience Lewis Group Market Update: November 1 to November 15
2015 Real Estate Market Report
North Lake Tahoe-Truckee
Residential Properties – Single Family Homes and Condominiums
Period: November 1st to November 15th
Residential Sales Summary 2015
Total Residential Sales: Through November 15th there have been a total of 1,089 residential properties sold in the market which is 2% higher than the 1,063 sales in 2014 for the same period. Of the total sales in the market this year, 855 have been single family homes, while 234 were condominium sales. Condominiums represent 22% of total sales. In 2014 for the same period, there were 792 single family homes sold and 271 condominium sales. Condominiums represented 26% of the sales in 2014.
November 1st through November 15th Sales: For the first two weeks of November there were 49. Of the 49 properties sold this period, four (4) 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 for the year in total units sold, 566 and total sales volume, $275 million.
REO & Short Sales: For 2015, short sale properties closed have gone down (45%) with 19 closed short sales as compared to 35 closed short sales in 2014. Similarly, REO properties closed in 2015 have gone down (30%) with 18 properties closed in 2015 as compared to 26 REO sales in 2014. Overall, distressed property sales, (REO and Short Sales) represent only 3% of the sales in 2015 which is less than the 6% in 2014.
Median and Average Sales Prices: The median sales price for residential properties through November 15th stands at $525,000 which is down slightly for the same period in 2014 where the median sales price was $527,500. Similarly, the average sales price is down (6%) to $772,629 in 2015 as compared to last year’s average price of $820,849 for the same period.
Sales by Price Range or Market Segment: For the year, there have been 495 residential properties sold at a price below $500,000; 432 properties sold between $500,000 and $1,000,000 and 162 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 45% of the sales or 495 properties have sold in this price range. In 2014 for the same period, there were 496 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 significantly by 15% from 2014 to 2015through the period. There have been 432 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 376 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 (15%) from the previous year. For 2015, there have been 162 luxury properties sold as compared to 191 sold last year for the same period. The median sales price for luxury properties in 2015 thus far is $1,611,250 which is down (8%) from the median sales price of $1,750,000 in 2014. The average sales price of luxury homes in 2015 stands at $2,309,481 as compared to $2,322,427 in 2014 which is down (1%).
Pending Sales: The pending sales through November 15th were at 184 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 down (3%) from the previous two weeks. There are currently 712 residential properties for sale; 483 single family homes and 229 condominiums for sale. In 2014 for the same period there were 653 residential properties actively listed for sale for the same period. There is roughly 6-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.
AS WINTER SETS IN NOW MAY BE A GREAT TIME TO BUY: On a year to date basis, the real estate trends are 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, sales remain strong and savvy investors want to be in their homes before the winter and the 1st of the year.
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