Real Estate Market Report: 4/16/17 - 4/30/17 in Truckee & N Lake Tahoe
2017 Real Estate Market Report
North Lake Tahoe-Truckee
Residential Properties – Single Family Homes and Condominiums
Period: April 16th to April 30th (Areas 1-9)
Residential Sales Summary 2017
Total Residential Sales: Through the first four months of the year, residential sales are down almost, (13%) from 2016 sales for the same period. Year to date, there have been 335 residential properties sold in the market as compared to 383 sales in 2016 for the same period. Of the total sales in the market this year, 233 have been single family homes, while 102 have been condominium sales. Condominiums represent a little over 30% of total sales. In 2016 for the same period, there were 294 single family homes sold and 89 condominium sales. Condominiums represented over 23% of the sales in 2016.
April 16th to April 30th Sales: The last two weeks of sales in April was the second largest two weeks of sales thus far in 2017. There were 50 properties sold in the market which was a 47% increase from the first two weeks of April. Of the 50 properties sold this period, eleven (11) 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 167 total sales and #1 in total sales volume of $92 million.
REO & Short Sales: Through the end of April, short sales and REO property sales represent a little over 1% of total sales with 5 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% of total sales with 5 closed REO properties and 5 closed short sale.
Median and Average Sales Prices: The median sales price for residential properties through April 30th was $599,000 which is up almost 10% as compared to the same period in 2016 where the median sales price was $545,000. The average sales price is down (6%) to $849,280 in 2017 as compared to last year’s average price of $904,952 for the same period.
Sales by Price Range or Market Segment: Year to date, there have been 122 residential properties sold at a price below $500,000; 148 properties sold between $500,000 and $1,000,000 and 65 properties sold over $1,000,000.
Sales Under $500,000 Sales: The lower end of the market, homes priced under $500,000, has realized 36% of the sales or 122 properties sold in 2017 for this price range. In 2016 for the same period, there were 167 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 10% from 2016 in this price range. There have been 148 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 134 properties sold in this price range which represented 35% of total sales.
Luxury Home Sales Over $1.0 Million: Luxury sales for properties priced above $1,000,000 are down (20%) from 2016 luxury sales. For 2017, there have been 65 luxury properties sold as compared to 82 sold last year for the same period. The median sales price for luxury properties in 2017 thus far is $1,425,000 which is down (3.5%) from the median sales price of $1,476,405 in 2016. The average sale price of luxury homes in year to date stands at $2,148,121 as compared to $2,371,101 in 2016 and is down almost (10%).
Pending Sales: The pending sales through April 30th, were at 149 residential sales in the market which is similar from the previous two-week period.
Active Residential Inventory Summary:
Active Listings: The current inventory of residential properties has gone down almost (11%) since the beginning of the year. There are currently 446 residential properties for sale; 271 single family homes and 175 condominiums for sale. Overall, active inventory is down (26%) from last year at this time when there were 604 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 10% of the active listings in the market and continues to be the market leader for listings. Of the active listings, there are 3 properties listed as an REO, and 2 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, more and more homes will be coming on the market as the weather warms and the snow melts. 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.