The Patience Lewis Group Real Estate Market Update: February 16th to February 28th
2017 Real Estate Market Report
North Lake Tahoe-Truckee
Residential Properties – Single Family Homes and Condominiums
Period: February 16th to February 28th
Residential Sales Summary 2017
Total Residential Sales: Through the first two months of 2017, residential sales are slightly lower, (5.7%) than 2016 sales for the same period. Year to date, there have been 149 residential properties sold in the market as compared to 158 sales in 2016 for the same period. Of the total sales in the market this year, 112 have been single family homes, while 37 have been condominium sales. Condominiums represent almost 25% of total sales. In 2016 for the same period, there were 121 single family homes sold and 37 condominium sales. Condominiums represented over 23% of the sales in 2016.
February 16th to February 28th Sales: The last two weeks of sales in February had 29 properties sold in the market which is down (23%) from the first two weeks. Of the 29 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 in units sold with 75 total sales with total sales volume of $48 million. Coldwell Banker is #4 in luxury sales with 6 units sold and #3 in sales volume at $11 million.
REO & Short Sales: Through the end of February, short sales and REO property sales represent a little over 1% of total sales with 2 closed REO property and no short sales as of yet for the year. Similarly, in 2016 for the same period, short sales and REO properties only represented 1.9% of total sales with 2 closed REO properties and 1 closed short sale.
Median and Average Sales Prices: The median sales price for residential properties through February 28th was $600,000 which is up 8% as compared to the same period in 2016 where the median sales price was $555,500. However, the average sales price is down over 12% to $835,039 in 2017 as compared to last year’s average price of $958,438 for the same period.
Sales by Price Range or Market Segment: Year to date, there have been 53 residential properties sold at a price below $500,000; 63 properties sold between $500,000 and $1,000,000 and 33 properties sold over $1,000,000.
Sales Under $500,000 Sales: The lower end of the market, homes priced under $500,000, has had 35% of the sales or 53 properties sold in 2017 for this price range. In 2016 for the same period, there were 68 properties sold in this price range which represented 43% of the sales.
Mid-Range Market Sales $500,000 to $999,999: Mid-Range sales for 2017 are up over 12% from 2016 in this price range. There have been 63 properties sold at a price between $500,000 and $1,000,000 representing 42% of total sales. For the same period in 2016, there were 56 properties sold in this price range which represented a little over 35% of total sales.
Luxury Home Sales Over $1.0 Million: Luxury sales for properties priced above $1,000,000 are down slightly from 2016 luxury sales. For 2017, there have been 33 luxury properties sold as compared to 34 sold last year for the same period. The median sales price for luxury properties in 2017 thus far is $1,540,000 which is down (9%) from the median sales price of $1,700,000 in 2016. The average sale price of luxury homes in year to date stands at $1,862,768 as compared to $2,609,244 in 2016 and is down almost (29%).
Pending Sales: The pending sales through the end of February are at 132 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 almost (10%) since the beginning of the year. There are currently 451 residential properties for sale; 269 single family homes and 182 condominiums for sale. Overall, active inventory is down (17%) from last year at this time which had 544 residential properties actively listed for sale. There is a little over 6-months of available inventory on the market relative to the past 30-day sales volume. Coldwell Banker has over 10% of the active listings in the market and continues to be the market leader for listings. Of the active listings, there are 4 properties listed as an REO, and 2 properties listed as a short sale.
WINTER IS HERE…ACT NOW: Even with one of the largest snow level years in history, the 2017 real estate market in North Lake Tahoe and Truckee has begun the same as it did for the same period on 2016 which was a very solid year. There continues to be 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 current home prices and still 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