Monthly Market Update
2017 Real Estate Market Report
North Lake Tahoe-Truckee
Residential Properties – Single Family Homes and Condominiums
Period: June 16th to June 30th (Areas 1-9)
Residential Sales Summary 2017
Total Residential Sales: Through the first six-months of the year, residential sales are down almost, (6%) from 2016 sales for the same period. Through June 30th, there have been 575 residential properties sold in the market as compared to 608 sales in 2016 for the same period. Of the total sales in, the market this year, 410 have been single family homes, while 165 have been condominium sales. Condominiums represent a little over 28% of total sales. In 2016 for the same period, there were 473 single family homes sold and 135 condominium sales. Condominiums represented over 22% of the sales in 2016.
June 16th to June 30th Sales: The last two weeks of sales in June was the largest two weeks of sales thus far in 2017. There were 75 properties sold in the market during this two-week period. Of the 75 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 in units sold with 275 total sales and #1 in total sales volume of $154 million.
REO & Short Sales: Thus far this year, short sales and REO property sales represent a little over 1% of total sales with 11 closed REO property and 1 short sale for the year. In 2016 for the same period, short sales and REO properties represented a little over 2.5% of total sales with 9 closed REO properties and 6 closed short sale.
Median and Average Sales Prices: The median sales price for residential properties through June 30th 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 (4%) to $857,872 in 2017 as compared to last year’s average price of $891,175 for the same period.
Sales by Price Range or Market Segment: Year to date, there have been 195 residential properties sold at a price below $500,000; 269 properties sold between $500,000 and $1,000,000 and 111 properties sold over $1,000,000.
Sales Under $500,000 Sales: The lower end of the market, homes priced under $500,000, has produced 34% of the sales or 195 properties sold in 2017 for this price range. In 2016 for the same period, there were 263 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 almost 27% from 2016 in this price range. There have been 269 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 212 properties sold in this price range which represented almost 35% of total sales.
Luxury Home Sales Over $1.0 Million: Luxury sales for properties priced above $1,000,000 are down almost (17%) from 2016 luxury sales. For 2017, there have been 111 luxury properties sold as compared to 133 sold last year for the same period. The median sales price for luxury properties in 2017 thus far is $1,450,000 which is down (3%) from the median sales price of $1,500,000 in 2016. The average sale price of luxury homes in year to date stands at $2,163,210 as compared to $2,248,965 in 2016 and is down almost (4%).
Pending Sales: The pending sales through June 30th, were at 178 residential sales in the market which is up 7% from the previous two-week period.
Active Residential Inventory Summary:
Active Listings: The current inventory of residential properties as of June 30th went up 7% from the previous two-week period. There are currently 702 residential properties for sale; 493 single family homes and 209 condominiums for sale. Overall, active inventory is down (16%) from last year at this time when there were 840 residential properties actively listed for sale. There is over 5-months of available inventory on the market relative to the past 30-day sales volume. Coldwell Banker has over 12% of the active listings in the market and continues to be the market leader for listings. Of the active listings, there are 2 properties listed as an REO, and 1 property listed as a short sale.
SUMMER IS IN HIGH GEAR: Summer is in high gear with many visitors and interested Buyers in the area. With the recent new inventory on the market. there is considerable interest 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 as inventory is still off from over a year ago. For Buyer’s, inventory has grown over the past month and it is likely that more homes will be coming on the market in the next few weeks. With continued favorable mortgage interest rates and inventory coming, real estate investors can take advantage of this market and acquire homes in many of the Lake Tahoe and Truckee resort communities.