Real Estate Market Report – 3/16/17 – 3/31/17 – Truckee & N Lake Tahoe
2017 Real Estate Market Report
North Lake Tahoe-Truckee
Residential Properties – Single Family Homes and Condominiums
Period: March 16th to March 31st (Areas 1-9)
Residential Sales Summary 2017
Total Residential Sales: Through the first quarter of 2017, residential sales are down almost, (9%) from 2016 sales for the same period. Year to date, there have been 249 residential properties sold in the market as compared to 272 sales in 2016 for the same period. Of the total sales in the market this year, 179 have been single family homes, while 70 have been condominium sales. Condominiums represent a little over 28% of total sales. In 2016 for the same period, there were 207 single family homes sold and 65 condominium sales. Condominiums represented over 23% of the sales in 2016.
March 16th to March 31st Sales: The last two weeks of sales in March were the largest two weeks of sales thus far in 2017. There were 67 properties sold in the market which was a 131% increase from the first two weeks of March. Of the 67 properties sold this period, twelve (12) were sold at a price above $1.0 million. Two of the luxury sales were sold at prices of $13,975,000 and $15,000,000 respectively.
Coldwell Banker Ranks #1: Among all brokerages in the north Lake Tahoe and Truckee markets Coldwell Banker ranks #1 in units sold with 115 total sales with total sales volume of $ 67 million.
REO & Short Sales: Through the first quarter of 2017, short sales and REO property sales represent a little over 1% of total sales with 3 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 3 closed REO properties and 3 closed short sale.
Median and Average Sales Prices: The median sales price for residential properties through March 31st was $619,000 which is up almost 11% as compared to the same period in 2016 where the median sales price was $557,500. The average sales price is up roughly 1% to $901,803 in 2017 as compared to last year’s average price of $896,199 for the same period.
Sales by Price Range or Market Segment: Year to date, there have been 87 residential properties sold at a price below $500,000; 111 properties sold between $500,000 and $1,000,000 and 51 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 87 properties sold in 2017 for this price range. In 2016 for the same period, there were 117 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 13% from 2016 in this price range. There have been 111 properties sold at a price between $500,000 and $1,000,000 representing 44% of total sales. For the same period in 2016, there were 98 properties sold in this price range which represented 36% of total sales.
Luxury Home Sales Over $1.0 Million: Luxury sales for properties priced above $1,000,000 are down (10%) from 2016 luxury sales. For 2017, there have been 51 luxury properties sold as compared to 57 sold last year for the same period. The median sales price for luxury properties in 2017 thus far is $1,495,000 which is up 3% from the median sales price of $1,452,810 in 2016. The average sale price of luxury homes in year to date stands at $2,292,850 as compared to $2,360,917 in 2016 and is down almost (3%).
Pending Sales: The pending sales through March 31st were at 140 residential sales in the market which is up 8% from the previous two-week period.
Active Residential Inventory Summary:
Active Listings: The current inventory of residential properties has gone down almost (13%) since the beginning of the year. There are currently 437 residential properties for sale; 264 single family homes and 173 condominiums for sale. Overall, active inventory is down (24%) from last year at this time which had 574 residential properties actively listed for sale. There is an over 4-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 is 1 property listed as an REO, and no properties listed as a short sale.
SPRING IS AROUND THE CORNER…ACT NOW: The wonderful winter we’ve been having in the Tahoe-Truckee area is finally coming to an end and spring is right around the corner. 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.