2015 Real Estate Market Report
Truckee & N Lake Tahoe
Residential Properties – Single Family Homes and Condominiums
Period: March 16th to March 31st
Residential Sales Summary 2015
Total Residential Sales: Through the first quarter of 2015, there have been 219 residential properties sold in the North Lake Tahoe and Truckee Real Estate market. For the same period in 2014, there were 206 residential properties sold which is a year over year increase in sales of 6%. Of the total sales in the market this year, 167 have been single family homes, while 52 were condominium sales. Condominiums represent 24% of total sales. In 2014 for the same period, there were 149 single family homes sold and 57 condominium sales. Condominiums represented 28% of the sales in 2014.
March 16th to March 31st Sales: For the last two weeks of March there were 46 properties sold which was up 21% from the first two weeks sales of 38 properties. Of the 46 properties sold this period, eight (8) were sold at a price above $1.0 million. For the same two week period in 2014, there were 36 total properties sold.
REO & Short Sales: For 2015, short sale properties closed have gone down (86%) with 2 closed short sales as compared to 15 closed short sales in 2014. Similarly, REO properties closed in 2015 have gone down (71%) with 4 properties closed in 2015 as compared to 14 REO sales in 2014. Overall, distressed property sales, (REO and Short Sales) represent only 2% of the sales in 2015 which is significantly less than the 14% in 2014.
Median and Average Sales Prices: The median sales price for residential properties through the first quarter stood at $525,000 which is down (3%) from 2014 where the median sales price was $539,750 for the same period. Conversely, the average sales price has gone up 3% to $886,594 in 2015 as compared to last year’s average price of $864,858 for the same period.
Sales by Price Range or Market Segment: For the year, there have been 101 residential properties sold at a price below $500,000, 84 properties sold between $500,000 and $1,000,000 and 34 properties sold over $1,000,000.
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 46% of the sales or 101 properties have sold in this price range. In 2014 for the same period, there were 95 properties sold in this price range which represented 46% of the sales.
Mid-Range Market Sales $500,000 to $999,999: There have been 84 properties sold at a price between $500,000 and $1,000,000 representing 38% of total sales. For the same period in 2014, there were 71 properties sold in this price range which represented 35% of total sales.
Luxury Home Sales Over $1.0 Million: Luxury sales for properties priced above $1,000,000 have gone down 15% from the previous year. For 2015, there have been 34 luxury properties sold as compared to 40 sold last year for the same period. The median sales price for luxury properties in 2015 thus far is $2,113,000 as compared to a median sales price of $1,750,000 in 2014 which is up 21%. The average sales price of luxury homes in 2015 stands at $2,922,058 as compared to $2,429,475 in 2014 which is up 20%.
Pending Sales: The pending sales through March 31st were at 137 residential sales in the market which is up slightly from the previous two week period.
Active Residential Inventory Summary
Active Listings: The current inventory of residential properties in the Truckee Real Estate market has gone up 8% from the previous two weeks. There are currently 624 residential properties for sale; 403 single family homes and 221 condominiums for sale. In 2014 for the same period there were 544 residential properties actively listed for sale as compared to the 624 today which is up 14%. There is roughly 7-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 5 properties listed as a short sale, and 4 properties listed as an REO sale. 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.
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, Bret Churchman 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