2015 North Lake Tahoe Truckee Real Estate Market Report
Residential Properties – Single Family Homes and Condominiums
Period: April 16th to April 30th
North Lake Tahoe Truckee Real Estate Sale Summary 0415
Total Residential Real Estate Sales: Through April 30th of 2015, there have been 301 residential properties sold in the market which is identical to the 301 sales in 2014 for the same period. Of the total sales in the market this year, 238 have been single family homes, while 63 were condominium sales. Condominiums represent 21% of total sales. In 2014 for the same period, there were 214 single family homes sold and 87 condominium sales. Condominiums represented 29% of the sales in 2014.
April 16th to April 30th Real Estate Sales: For the last two weeks of April there were 42 properties sold which was almost identical to the first two weeks sales of 43 properties. Of the 42 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 market, Coldwell Banker ranks #1 for the year in total units sold, 170 and total sales volume, $79 million.
REO & Short Sales: For 2015, short sale properties closed have gone down (77%) with 4 closed short sales as compared to 18 closed short sales in 2014. Similarly, REO properties closed in 2015 have gone down (69%) with 5 properties closed in 2015 as compared to 16 REO sales in 2014. Overall, distressed property sales, (REO and Short Sales) represent only 3% of the sales in 2015 which is significantly less than the 11% in 2014.
Median and Average Real Estate Sales Prices: The median sales price for residential properties through the first quarter stood at $525,000 which is up 1% from 2014 where the median sales price was $520,000 for the same period. Conversely, the average sales price was down slightly to $830,794 in 2015 as compared to last year’s average price of $832,204 for the same period.
Sales by Price Range or Real Estate Market Segment: For the year, there have been 136 residential properties sold at a price below $500,000, 123 properties sold between $500,000 and $1,000,000 and 42 properties sold over $1,000,000.
Real Estate Sales Under $500,000 Sales: The lower end of the market, homes priced under $500,000, as is typical, has the highest level of sales activity as over 45% of the sales or 136 properties have sold in this price range. In 2014 for the same period, there were 144 properties sold in this price range which represented 48% of the sales.
Mid-Range Market Real Estate Sales $500,000 to $999,999: Mid-Range sales have gone up 25% from 2014 to 2015through April 30th. There have been 123 properties sold at a price between $500,000 and $1,000,000 representing 41% of total sales. For the same period in 2014, there were 98 properties sold in this price range which represented 33% of total sales.
Luxury Home Real Estate Sales Over $1.0 Million: Luxury sales for properties priced above $1,000,000 have gone down 29% from the previous year. For 2015, there have been 42 luxury properties sold as compared to 59 sold last year for the same period. The median sales price for luxury properties in 2015 thus far is $1,989,000 as compared to a median sales price of $1,775,000 in 2014 which is up 12%. The average sales price of luxury homes in 2015 stands at $2,794,968 as compared to $2,271,491 in 2014 which is up 23%.
Pending Real Estate Sales:
The pending sales through April 30th were at 174 residential sales in the market which is up slightly from the previous two week period.
Active Residential Inventory Summary:
Active Real Estate Listings: The current inventory of residential properties has gone up 2% from the previous two weeks. There are currently 637 residential properties for sale; 429 single family homes and 208 condominiums for sale. In 2014 for the same period there were 567 residential properties actively listed for sale as compared to the 637 today which is up 12%. There is roughly 7.5 months of available inventory on the market relative to the past 30-day sales volume. Coldwell Banker has over 15% 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.
SPRING HAS SPRUNG: Now may be a great time to buy that vacation home: Overall, 2015 is beginning much the same way as we did in 2014 which was a very good year for real estate sales. There is considerable activity in the market as many Buyers are actively looking for homes.
At today’s current inventory levels there continues to be 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 in five years. With 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.
Contact Manon Celaya, Your Coldwell Banker Agent, Today to Find Out More about the Opportunities Available in the Tahoe-Truckee Real Estate Market.
Note: Data on this page is based on information from the Tahoe Sierra Board of Realtors, MLS. Due to MLS reporting methods and allowable reporting policy, this data is only informational and may not be completely accurate. Therefore, Coldwell Banker Residential Brokerage does not guarantee the data’s accuracy. Data maintained by the MLS may not reflect all real estate activity in the market. CA-BRE License # 1908304