The Patience Lewis Group Market Update: September 16th to September 30th

Coldwell Banker
2015 Real Estate Market Report
North Lake Tahoe-Truckee
Residential Properties – Single Family Homes and Condominiums
Period: September 16th to September 30th – 9-Month Review

Residential Sales Summary 2015
Total Residential Sales:  Through the first 9-months of 2015 there have been a total of 885 residential properties sold in the market which is 1% higher than the 876 sales in 2014 for the same period.  Of the total sales in the market this year, 701 have been single family homes, while 184 were condominium sales.  Condominiums represent 21% of total sales.  In 2014 for the same period, there were 653 single family homes sold and 223 condominium sales.  Condominiums represented 25% of the sales in 2014.

September 16th to September 30th Sales:  For the last two weeks of September there were 67 properties sold which was the highest two weeks of sales this year.  Of the 67 properties sold this period, twenty (20) were sold at a price above $1.0 million which was significantly higher than any two week period for luxury sales this year.

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, 462 and total sales volume, $221 million.

REO & Short Sales:  For 2015, short sale properties closed have gone down (50%) with 16 closed short sales as compared to 32 closed short sales in 2014.  Similarly, REO properties closed in 2015 have gone down (33%) with 16 properties closed in 2015 as compared to 24 REO sales in 2014.  Overall, distressed property sales, (REO and Short Sales) represent only 4% 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 September stands at $525,000 which is identical to 2014 where the median sales price was also $525,000 for the same period.  Conversely, the average sales price is down (5%) to $783,292 in 2015 as compared to last year’s average price of $826,423 for the same period.

Sales by Price Range or Market Segment:  For the year, there have been 404 residential properties sold at a price below $500,000, 349 properties sold between $500,000 and $1,000,000 and 132 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 404 properties have sold in this price range.  In 2014 for the same period, there were 413 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 12% from 2014 to 2015through the end of September.   There have been 349 properties sold at a price between $500,000 and $1,000,000 representing 39% of total sales.  For the same period in 2014, there were 311 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 132 luxury properties sold as compared to 152 sold last year for the same period.  The median sales price for luxury properties in 2015 thus far is $1,671,840 which is down (7%) from the median sales price of $1,800,000 in 2014.  The average sales price of luxury homes in 2015 stands at $2,365,909 as compared to $2,416,445 in 2014 which is down (1%).

Pending Sales:  The pending sales through the end of September were at 208 residential sales in the market which is down (2%) from the previous two week period.

Active Residential Inventory Summary:
Active Listings:  The current inventory of residential properties has gone down (7%) in the last 30-days.  Part of the reduction is due to brisk sales this past month as well as homes already being taken off the market in preparation for the winter.  There are currently 841 residential properties for sale; 604 single family homes and 237 condominiums for sale. In 2014 for the same period there were 803 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 9 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:  For the first none months of 2015, the real estate market is 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 and as evidenced by September sale which showed the largest number of sales for any month this year.  With fall approaching the level of Buyers interest should increase as investors want to be in their homes before the winter.

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

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