THE PATIENCE LEWIS GROUP TAHOE-TRUCKEE MARKET REPORT: October 16th – 31st
2017 Real Estate Market Report
North Lake Tahoe-Truckee
Residential Properties – Single Family Homes and Condominiums
Period: October 16th to October 31st
Residential Sales Summary 2017
Total Residential Sales: Through the first ten months of the year, residential sales are up for the first time this year by almost 3% from 2016 sales for the same period. To date, there have been 1,259 residential properties sold in the market as compared to 1,232 sales in 2016. Of the total sales in, the market this year, 942 have been single family homes, while 317 have been condominium sales. Condominiums represent a little over 25% of total sales. In 2016 for the same period, there were 950 single family homes sold and 282 condominium sales. Condominiums represented almost 23% of the sales in 2016.
October 16th to October 31st Sales: For the last two weeks in October, there were 115 properties sold and closed in the market which is the single highest two-week period of sales this year. Of the 115 properties sold this period, seventeen (17) 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 620 total sales and total sales volume of $354 million.
REO & Short Sales: For the year to date, short sales and REO property sales represent a little over 1% of total sales with 18 closed REO property and 2 closed short sales for the year. In 2016 for the same period, short sales and REO properties represented almost 2% of total sales with 12 closed REO properties and 11 closed short sales.
Median and Average Sales Prices: The median sales price for residential properties through the end of October was $603,000 which is up 7% as compared to the same period in 2016 where the median sales price was $563,750. The average sales price is down almost (2%) to $888,181 in 2017 as compared to last year’s average price of $904,441 for the same period.
Sales by Price Range or Market Segment: Year to date, there have been 418 residential properties sold at a price below $500,000; 588 properties sold between $500,000 and $1,000,000 and 253 properties sold over $1,000,000.
Sales Under $500,000 Sales: The lower end of the market, homes priced under $500,000, has produced 33% of the sales or 418 properties sold in 2017. In 2016 for the same period, there were 509 properties sold in this price range which represented a little over 41% of the sales.
Mid-Range Market Sales $500,000 to $999,999: Mid-Range sales for 2017 are up over 25% from 2016 in this price range. There have been 588 properties sold at a price between $500,000 and $1,000,000 representing over 46% of total sales. For the same period in 2016, there were 468 properties sold in this price range which represented 38% of total sales.
Luxury Home Sales Over $1.0 Million: Luxury sales for properties priced above $1,000,000 are down just under (1%) from 2016 luxury sales. For 2017, there have been 253 luxury properties sold as compared to 255 sold last year for the same period. The median sales price for luxury properties through October 31st, is $1,525,000 which is down almost (8%) from the median sales price of $1,650,000 in 2016. The average sales price of luxury homes year to date stands at $2,240,326 as compared to $2,380,000 in 2016 and is down just under (6%).
Pending Sales: The pending sales through October 31st, were at 215 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 at the end of October was down (16%) from the end of September. There are currently 506 residential properties for sale; 357 single family homes and 149 condominiums for sale. Overall, active inventory is down almost (18%) from last year at this time when there were 619 residential properties actively listed for sale. There is roughly 3-months of available inventory on the market relative to the past 30-day sales volume. Coldwell Banker has over 14% of the active listings in the market and continues to be the market leader for listings. Of the active listings, there is only one REO property for sale, and 3 properties listed as a short sale.
WINTER IS APPROACHING – ACT NOW: With Fall under way and Winter approaching, there remains strong Buyer interest as evidence by brisk sales over the last 60 days. Inventory is dropping and yet there is considerable interest in the market as many Buyers and savvy investors are actively looking for homes.
With continued favorable mortgage interest rates and current inventory, real estate investors can take advantage of this market and acquire 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