Residential Properties – Single Family Homes and Condominiums
Period: March 1st to 15th
Residential Sales Summary 2014
Total Sales: Through March 15th there have been 168 residential properties sold in the market. For the same period in 2013, there were 202 residential properties sold which is a year over year decrease in sales of almost(17%). Of the total sales in the market this year, 123 were single family homes, while 45 were condominiums. Condominiums represented 27% of total sales. In 2013 for the same period, there were 148 single family homes sold and 54 condominiums. Condominiums represented 37% of the sales. Coldwell Banker ranks #1 among all brokerages on a year to date basis in both total units sold, 64 and total sales volume, $59 million.
REO & Short Sales: For 2014 thus far, short sale properties closed have gone down (74%) with 9 closed short sales as compared to 34 closed short sales in 2013. REO properties closed in 2014 are identical to last year with 13 properties closed. Overall, distressed property sales, (REO and Short Sales) represent 13% of the sales in 2014 which is significantly less than the 23% in 2013.
Median and Average Sales Prices: The median sales price for residential properties for 2014 stands at $543,750 which is up 36% from 2013 where the median sales price was $399,500 for the same period. The average sales price has gone up 41% to $892,823 as compared to last year’s average price of $632,993 for the same period.
Sales by Price Range or Market Segment: For the year, there have been 76 residential properties sold at a price below $500,000, 60 properties sold between $500,000 and $1,000,000 and 32 properties sold over $1,000,000.
Under $500,000 Sales: The segment of the market with the highest level of sales activity are homes priced under $500,000 as over 45% of the sales or 76 properties have sold in this price range. In 2013 for the same period, there were 127 properties sold in this price range which represented 63% of the sales.
Luxury Home Sales: Homes priced above $1,000,000 have gone up 7% from 2013. There have been 32 luxury properties sold in 2014 as compared to 30 properties sold last year for the same period. The median sales price for luxury properties in 2014 thus far is $1,775,000 as compared to a median price of $1,616,250 in 2013 which is up 10%. The average sales price of luxury homes in 2014 is $2,577,942 as compared to $1,908,432 in 2013 which is up 35%. Coldwell Banker was proud to represent a Seller on the sale of a $14,000,000 property and a buyer of the sales of a $10,550,000 property this past week. These two sales are the largest sales thus far for 2014.
Mid-Range Market Sales: Homes priced between $500,000 and $1,000,000, represent the fastest growing segment on a percentage of sales basis. Sales are up 33% from last year with 60 properties sold in this segment for 2014 as compared to 45 properties sold in this range in 2013.
Pending Sales: The pending sales through the end of March 15th stood at 125 pending residential sales in the market which is down slightly from the last report.
Active Residential Inventory Summary:
Active Listings: The current inventory of residential properties stands at 531 properties for sale; 349 single family homes and 182 condominiums for sale. For the same period in 2013, the active inventory was at 528 residential properties which is a slight 1% increase in inventory from last year to this year. Coldwell Banker has over 13% of the active listings in the market and continues to be the market leader for listings. Of the active listings, there are only 3 properties listed as short sales, and no properties listed as an REO sale.
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