With a drought ending amount of snow, it’s no wonder that the market has slowed a bit. Weather conditions have challenged both buyers and sellers however the excitement of moving to Truckee or buying a second home has not diminished and the low inventory (like many areas throughout California) has buyers keeping an eye on new listings.
As for Sellers, this is a great time to begin preparing your home for sale. Let me know if I may assist with this process.
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)
NORTH LAKE TAHOE-TRUCKEE Real Estate 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 Real Estate 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.
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.
Real Estate 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.
Real Estate Sales Under $500,000: 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.
Luxury Home Sales Over $1.0 Million: Home 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%).