Truckee Real Estate – North Lake Tahoe – Single Family Homes and Condominiums
Period: February 16th to February 28th
Residential Sales Summary 2015
Total Residential Sales: Through the first two months of 2015, there have been 132 residential properties sold in the N Tahoe and Truckee Real Estate markets. For the same period in 2014, there were 135 residential properties sold which is a year over year decrease in sales of (2%). Of the total sales in the market this year, 101 have been single family homes, while 31 were condominium sales. Condominiums represent 24% of total sales. In 2014 for the same period, there were 96 single family homes sold and 39 condominium sales. Condominiums represented 29% of the sales in 2014.
February 16th through February 28th Sales: For the last two weeks of February there were 36 properties sold which was up 44% from the previous two weeks sales of 25 properties. Of the 36 properties sold this period, two (2) were sold at a price above $1.0 million. For the same two week period in 2014, there were 34 total properties sold.
REO & Short Sales: For 2015, short sale properties closed have gone down (66%) with 2 closed short sales as compared to 6 closed short sales in 2014. Similarly, REO properties closed in 2015 have gone down (66%) with 4 properties closed in 2015 as compared to 12 REO sales in 2014. Overall, distressed property sales, (REO and Short Sales) represent only 4% of the sales in 2015 which is significantly less than the 13% in 2014.
Median and Average Sales Prices: The median sales price for residential properties through the end of February stood at $520,000 which is down (8%) from 2014 where the median sales price was $565,000 for the same period. However, the average sales price has gone up 11% to $868,341 in 2015 as compared to last year’s average price of $777,557 for the same period.
Sales by Price Range or Market Segment: For the year, there have been 62 residential properties sold at a price below $500,000, 50 properties sold between $500,000 and $1,000,000 and 20 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, highest level of sales activity as over 47% of the sales or 62 properties have sold in this price range. In 2014 for the same period, there were 63 properties sold in this price range which represented 47% of the sales.
Mid-Range Market Sales $500,000 to $999,999: There have been 50 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 45 properties sold in this price range which represented 33% of total sales.
Luxury Home Sales Over $1.0 Million: Luxury sales for properties priced above $1,000,000 have gone down 26% from the previous year. For 2015, there have been 20 luxury properties sold as compared to 27 sold last year for the same period. The median sales price for luxury properties in 2015 thus far is $2,225,500 as compared to a median sales price of $1,725,000 in 2014 which is up 29%. The average sales price of luxury homes in 2015 stands at $2,920,500 as compared to $1,893,381 in 2014 which is up 54%.
Pending Sales: The pending sales through February 28th were at 136 residential sales in the market which is up slightly from the first two weeks of February.
Active Residential Inventory Summary:
Active Listings: The current inventory of residential properties has gone up slightly from the previous two weeks. There are currently 549 residential properties for sale; 341 single family homes and 208 condominiums for sale. In 2014 for the same period there were 611 residential properties actively listed for sale as compared to the 549 today which is down (10%). 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 only 11 properties listed as a short sale, and 5 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, 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