2014 Real Estate Market Report
North Lake Tahoe-Truckee RegionResidential Properties – Single Family Homes and Condominiums
Period: July 16th to July 31st
Residential Sales Summary 2014
Total Sales: On a year to date basis through the end of July 2014 there have been 620 residential properties sold in the market. For the same period in 2013, there were 727 residential properties sold which is a year over year decrease in sales of (15%). Of the total sales in the market this year, 458 have been single family homes, while 162 were condominiums. Condominiums represent 26% of total sales. In 2013 for the same period, there were 567 single family homes sold and 160 condominiums. Condominiums represented 28% of the sales in 2013.
July 16th to July 31st Sales: For the last two weeks of July, there were 51 properties sold which was up 31% from the first two weeks of July. For the same period in 2013, there were 73 properties sold. Of the 51 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 market, Coldwell Banker ranks #1 on a year to date basis in both total units sold, 334 and total sales volume, $185 million.
REO & Short Sales: For 2014 thus far, short sale properties closed have gone down (57%) with 30 closed short sales as compared to 70 closed short sales in 2013. Similarly, REO properties closed in 2014 have gone down (45%) with 21 properties closed in 2014 as compared to 38 REO sales in 2013. Overall, distressed property sales, (REO and Short Sales) represents only 8% of the sales in 2014 which is significantly less than the 15% in 2013.
Median and Average Sales Prices: The median sales price for residential properties through the end of July 2014 stands at $522,500 which is up 14% from 2013 where the median sales price was $457,500 for the same period. The average sales price has gone up 30% to $832,000 as compared to last year’s average price of $640,757 for the same period.
Sales by Price Range or Market Segment: For the year, there have been 293 residential properties sold at a price below $500,000, 219 properties sold between $500,000 and $1,000,000 and 108 properties sold over $1,000,000.
Sales Under $500,000 Sales: The segment of the market with the highest level of sales activity are homes priced under $500,000 as over 47% of the sales or 293 properties have sold in this price range. In 2013 for the same period, there were 411 properties sold in this price range which represented 56% of the sales.
Luxury Home Sales Over $1.0 Million: Luxury sales for properties priced above $1,000,000 have gone up 19% from last year. For 2014, there have been 108 luxury properties sold as compared to 91 properties sold last year for the same period. The median sales price for luxury properties in 2014 thus far is $1,802,000 as compared to a median price of $1,685,000 in 2013 which is up 7%. The average sales price of luxury homes in 2014 is $2,457,300 as compared to $1,946,247 in 2013 which is up 26%.
Mid-Range Market Sales: There have been 219 properties sold at a price between $500,000 and $1,000,000 representing 35% of total sales. For the same period in 2013, there were 225 properties sold in this price range which represented 31% of total sales.
Pending Sales: The pending sales through July 31st stood at 180 pending residential sales in the market which is up significantly from the 130 pending sales from the last report.
Active Residential Inventory Summary:
Active Listings: The current inventory of residential properties has gone up 2% from the last report. There are currently 865 residential properties for sale; 636 single family homes and 229 condominiums for sale. For the same period in 2013, the active inventory was at 817 residential properties which is a 6% increase in inventory from last year to this year. Coldwell Banker has over 16% of the active listings in the market and continues to be the market leader for listings. Of the active listings, there are only 4 properties listed as a short sale, and 3 properties listed as an REO sale.
NOW MAY BE A GREAT TIME TO BUY: With inventory levels reaching the high point for the year there are many quality properties to choose from throughout the north Lake Tahoe and Truckee areas. While homes prices have come up, they are still priced at levels we have not seen since 2008. With continued favorable mortgage interest rates, savvy real estate investors are taking advantage of this market and acquiring homes in many of the Lake Tahoe and Truckee resort communities.