Real Estate Market Report - 3/1/17 - 3/15/17 - Truckee & N Lake Tahoe
2017 Real Estate Market Report
North Lake Tahoe-Truckee
Residential Properties – Single Family Homes and Condominiums
Period: March 1st to March 15th (Areas 1-9)
Residential Sales Summary 2017
Total Residential Sales: Through March 15th, residential sales are down, (14%) from 2016 sales for the same period. Year to date, there have been 179 residential properties sold in the market as compared to 209 sales in 2016 for the same period. Of the total sales in, the market this year, 129 have been single family homes, while 50 have been condominium sales. Condominiums represent almost 28% of total sales. In 2016 for the same period, there were 156 single family homes sold and 53 condominium sales. Condominiums represented over 25% of the sales in 2016.
March 1st to March 15th Sales: The first two weeks of sales in March was identical to the last two weeks of February with 29 properties sold in the market. Of the 29 properties sold this period, five (5) 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 97 total sales with total sales volume of $58 million.
REO & Short Sales: Through March 15th, short sales and REO property sales represent a little over 1% of total sales with 2 closed REO property and no short sales yet for the year. Similarly, in 2016 for the same period, short sales and REO properties only represented 2% of total sales with 2 closed REO properties and 2 closed short sale.
Median and Average Sales Prices: The median sales price for residential properties through March 15th was $604,000 which is up almost 7% as compared to the same period in 2016 where the median sales price was $566,000. However, the average sales price is down over (14%) to $809,730 in 2017 as compared to last year’s average price of $945,103 for the same period.
Sales by Price Range or Market Segment: Year to date, there have been 67 residential properties sold at a price below $500,000; 74 properties sold between $500,000 and $1,000,000 and 38 properties sold over $1,000,000.
Sales Under $500,000 Sales: The lower end of the market, homes priced under $500,000, has had 37% of the sales or 67 properties sold in 2017 for this price range. In 2016 for the same period, there were 90 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 slightly from 2016 in this price range. There have been 74 properties sold at a price between $500,000 and $1,000,000 representing 41% of total sales. For the same period in 2016, there were 73 properties sold in this price range which represented a little over 34% of total sales.
Luxury Home Sales Over $1.0 Million: Luxury sales for properties priced above $1,000,000 are down (17%) from 2016 luxury sales. For 2017, there have been 38 luxury properties sold as compared to 46 sold last year for the same period. The median sales price for luxury properties in 2017 thus far is $1,500,000 which is down (3%) from the median sales price of $1,550,000 in 2016. The average sale price of luxury homes in year to date stands at $1,829,378 as compared to $2,504,941 in 2016 and is down almost (27%).
Pending Sales: The pending sales through March 15th are at 130 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 has gone down almost (9%) since the beginning of the year. There are currently 457 residential properties for sale; 280 single family homes and 177 condominiums for sale. Overall, active inventory is down (18%) from last year at this time which had 558 residential properties actively listed for sale. There is an over 7-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 5 properties listed as an REO, and 1 properties listed as a short sale.
SPRING IS AROUND THE CORNER…ACT NOW: The robust winter we’ve been having in the Tahoe-Truckee area may be having some effect on real estate sales for the start of 2017 as sales and inventory are off from last year at this time. There continues to be 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 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. As spring approaches, more homes will be coming on the market and with current home prices and still favorable mortgage interest rates, real estate investors can take advantage of this market and acquire homes in many of the Lake Tahoe and Truckee resort communities.