The Patience Lewis Group Market Update: October 16 to October 31
2015 Real Estate Market Report
North Lake Tahoe-Truckee
Residential Properties – Single Family Homes and Condominiums
Period: October 16th through October 31st
Residential Sales Summary 2015
Total Residential Sales: Through the end of October there have been a total of 1,038 residential properties sold in the market which is 3% higher than the 1,008 sales in 2014 for the same period. Of the total sales in the market this year, 815 have been single family homes, while 223 were condominium sales. Condominiums represent 22% of total sales. In 2014 for the same period, there were 1,008 single family homes sold and 239 condominium sales. Condominiums represented 26% of the sales in 2014.
October 16th to October 31st Sales: For the last two weeks of October there were 71 properties sold which is highest two week period of sales in 2015. Of the 71 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 for the year in total units sold, 532 and total sales volume, $259 million.
REO & Short Sales: For 2015, short sale properties closed have gone down (47%) with 18 closed short sales as compared to 34 closed short sales in 2014. Similarly, REO properties closed in 2015 have gone down (28%) with 18 properties closed in 2015 as compared to 25 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 October stands at $529,000 which is up slightly for the same period in 2014 where the median sales price was $527,250. Similarly, the average sales price is down (5%) to $782,804 in 2015 as compared to last year’s average price of $824,667 for the same period.
Sales by Price Range or Market Segment: For the year, there have been 468 residential properties sold at a price below $500,000; 411 properties sold between $500,000 and $1,000,000 and 159 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 468 properties have sold in this price range. In 2014 for the same period, there were 470 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 end of October. There have been 411 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 356 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 (13%) from the previous year. For 2015, there have been 159 luxury properties sold as compared to 182 sold last year for the same period. The median sales price for luxury properties in 2015 thus far is $1,622,500 which is down (7%) from the median sales price of $1,742,500 in 2014. The average sales price of luxury homes in 2015 stands at $2,316,459 as compared to $2,338,723 in 2014 which is down (1%).
Pending Sales: The pending sales through October 31st were at 180 residential sales in the market which is down (4%) from the previous two week period.
Active Residential Inventory Summary:
Active Listings: The current inventory of residential properties has gone down (10%) from the previous two weeks. Part of the reduction is due to brisk sales this month as well as homes already being taken off the market in preparation for the winter. There are currently 736 residential properties for sale; 506 single family homes and 230 condominiums for sale. In 2014 for the same period there were 684 residential properties actively listed for sale for the same period. There is roughly 5-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 3 properties listed as an REO sale.
WITH FALL IN THE AIR, 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