Good thing I took my Baja break this winter as spring has me super busy representing buyers and sellers throughout Truckee and Lake Tahoe. Well yes, I still get my hour a day out in mother nature, most presently on my mountain bike, but I’m getting “For Sale” signs up and touring mountain newcomers throughout the beautiful area. Our market place is moving swiftly and as you will see, on the rise for number of sales and values. I am here to answer any specific questions you have and look forward to assisting,
Coldwell Banker 2016 Real Estate Market Report
North Lake Tahoe-Truckee
Residential Properties – Single Family Homes and Condominiums
Period: March 16th to March 31st
North Lake Tahoe-Truckee Real Estate Sales Summary 2016
Total Residential Sales: Through the quarter of 2016, there have been a total of 265 residential properties sold in the market which is 19% higher than the 222 sales in 2015 for the same period. Of the total sales in the market this year, 202 have been single family homes, while 63 were condominium sales. Condominiums represent 24% of total sales. In 2015 for the same period, there were 170 single family homes sold and 52 condominium sales. Condominiums represented 23% of the sales in 2015.
March 16th through March 31st Real Estate Sales: For the last two weeks of March there were 56 properties sold in the market which is up from the previous two week period of 41 sales. Of the 56 properties sold this period, ten (10) were sold at a price above $1.0 million.
Coldwell Banker Ranks #1: Among all brokerages in the north Lake Tahoe and Truckee markets in units sold at 114 sales with a total sales volume, $76 million. We are #2 in luxury sales and volume with 16 units sold and $30 million in sales volume.
REO & Short Sales: For 2016, short sale properties closed have gone up 50% with 3 closed short sales in 2016 as compared to 2 closed short sales in 2015. REO properties closed in 2016 have gone down (25%) with 3 properties closed in 2016 as compared to 4 REO sales in 2015. Overall, distressed property sales, (REO and Short Sales) represent only 2% of the sales in 2016 which is roughly the same as the 2.7% in 2015.
Median and Average Real Estate Sales Prices: The median sales price for residential properties through the first quarter 2016 is $565,000 which is up 7.6% as compared to the same period in 2015 where the median sales price was $525,000. Conversely, the average sales price is down (2%) to $891,180 in 2016 as compared to last year’s average price of $909,638 for the same period.
Real Estate Sales by Price Range or Market Segment: Year to date, there have been 115 residential properties sold at a price below $500,000; 94 properties sold between $500,000 and $1,000,000 and 56 properties sold over $1,000,000.
Real Estate Sales Under $500,000: The lower end of the market, homes priced under $500,000, shows the highest level of sales activity as over 43% of the sales or 115 properties have sold in this price range. In 2015 for the same period, there were 101 properties sold in this price range which represented over 45% of the sales.
Mid-Range Market Real Estate Sales $500,000 to $999,999: Mid-Range sales have gone up by 11% from 2015 to 2016 for the same period. There have been 94 properties sold at a price between $500,000 and $1,000,000 representing 35% of total sales. For the same period in 2015, there were 84 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 have started the year with a bang with a 51% increase in sales for this segment. For 2016, there have been 56 luxury properties sold as compared to 37 sold last year for the same period. The median sales price for luxury properties in 2016 thus far is $1,451,405 which is down (28%) from the median sales price of $2,025,000 in 2015. Similarly, the average sale price of luxury homes in 2016 stands at $2,316,469 as compared to $2,908,918 in 2015 and is down (20%).
Pending Sales: The pending sales through March 31st were at 168 residential sales in the market which is up 10% from the previous two week period.