Residential Properties – Single Family Homes and Condominiums
Period: January 16th to January 31st
Residential Sales Summary 2014
Total Sales: Through the end of January there were 59 residential properties sold in the market. For the same period in 2013, there were 83 residential properties sold which is a year over year decrease in sales of almost (29%). Of the total sales in the market this year, 37 were single family homes, while 22 or 37% of the sales were condominiums. In 2013 there were 59 single family homes sold and 24 condominiums sold or 40% of the sales.
REO & Short Sales: For 2014 through January, short sale properties closed have gone down (77%) with 3 closed short sales in 2014 as compared to 13 closed short sales in 2013. Similarly, REO properties closed in 2014 have gone down (63%) with 3 properties closed in 2014 as compared to 8 properties closed in 2013. Overall, distressed property sales, (REO and Short Sales) represent 10% of the sales in 2014 which is significantly less than the 25% in 2013.
Median and Average Sales Prices: The median sales price for residential properties for 2014 stands at $429,000 which is up 27% from 2013 where the median sales price was $338,000 for the same period. The average sales price has gone up 46% to $832,037 as compared to last year’s average price of $568,772 for the same period.
Sales by Price Range or Market Segment: For the year, there have been 34 residential properties sold at a price below $500,000, 10 properties sold between $500,000 and $1,000,000 and 15 properties sold over $1,000,000.
The segment of the market with the highest level of sales activity are homes priced under $500,000 as over 57% of the sales or 34 properties have sold in this price range. In 2013 for the same period, there were 59 properties sold in this price range which represented almost 71% of the sales.
Luxury home sales, homes priced above $1,000,000 went up 50% from 2013 which is the largest growing segment of the market for the year on a percentage basis. There have been 15 luxury properties sold in 2014 as compared to 10 properties sold last year for the same period. The median sales price for luxury properties in 2014 thus far is $1,725,000 as compared to a median price of $1,661,250 in 2013 which is up 4%. The average sales price of luxury homes in 2014 is $2,099,133 as compared to $2,098,250 in 2013 which is almost identical.
The mid-range market sales, $500,000 to $1,000,000 are down (28%) from last year with 10 properties sold in this segment or 17% of sales as compared to 14 properties sold or 17% of sale in this range in 2013.
Pending Sales: The pending sales for the month of January ended with 135 pending residential sales in the market which is up rather nicely from the end of December 2013 where pending sales stood at 110.
Active Residential Inventory Summary:
Active Listings: The current inventory of residential properties stands at 574 properties for sale; 396 single family homes and 178 condominiums for sale. For the same period in 2013, the active inventory was at 514 residential properties which is a 12% increase in inventory from last year to this year. Coldwell Banker has over 14% of the active listings in the market and continues to be the market leader for listings. Of the active listings, there are 2 properties listed as short sales, and 3 properties listed as REO sales.
THERE ARE STILL GREAT BUYING OPPORTUNTIES: With current inventory levels there remain many quality properties to choose from throughout the north Lake Tahoe and Truckee area. When you compound the inventory available with homes priced at 10-year lows and favorable 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.
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 # 01209726