2015 Real Estate Market Report
Truckee Real Estate & Homes for sale in North Lake Tahoe, CA
May 1st – May 15th
Total Residential Sales: Through May 15th of 2015, there have been 351 residential properties sold in the Tahoe and Truckee Real Estate market which is slightly higher than the 350 sales in 2014 for the same period. Of the total sales in the market this year, 276 have been single family homes, while 75 were condominium sales. Condominiums represent 21% of total sales. In 2014 for the same period, there were 248 single family homes sold and 102 condominium sales. Condominiums represented 29% of the sales in 2014.
May 1st through May 15th Sales: For the first two weeks of May there were 45 properties sold which is slightly higher than the previous two week period. Of the 45 properties sold this period, seven (7) were sold at a price above $1.0 million.
REO & Short Sales: For 2015, closed short sale properties in Truckee have gone down (66%) with 6 closed short sales as compared to 18 closed short sales in 2014. Similarly, REO properties closed in 2015 have gone down (50%) with 6 properties closed in 2015 as compared to 16 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 9% 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 (2.5%) from 2014 where the median sales price was $538,500 for the same period. Similarly, the average sales price was down (2.5%) to $832,357 in 2015 as compared to last year’s average price of $852,363 for the same period.
Sales by Price Range or Market Segment: For the year, there have been 159 residential properties sold at a price below $500,000, 142 properties sold between $500,000 and $1,000,000 and 50 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 45% of the sales or 159 properties have sold in this price range. In 2014 for the same period, there were 162 properties sold in this price range which represented 46% of the sales.
Mid-Range Market Sales $500,000 to $999,999: Mid-Range sales have gone up 21% from 2014 to 2015through May 15th. There have been 142 properties sold at a price between $500,000 and $1,000,000 representing 40% of total sales. For the same period in 2014, there were 117 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 29% from the previous year. For 2015, there have been 50 luxury properties sold as compared to 71 sold last year for the same period. The median sales price for luxury properties in 2015 thus far is $1,894,000 as compared to a median sales price of $1,775,000 in 2014 which is up 7%. The average sales price of luxury homes in 2015 stands at $2,780,382 as compared to $2,310,598 in 2014 which is up 20%.
Pending Sales: The pending sales through May 15th were at 174 residential sales in the market which is similar to the previous two week period.
Active Residential Inventory Summary
Active Listings: The current inventory of Tahoe and Truckee Real Estate has gone up 10% from the previous two weeks. There are currently 699 residential properties for sale; 468 single family homes and 231 condominiums for sale. In 2014 for the same period there were 712 residential properties actively listed for sale as compared to the 699 today which is down (2%). There is roughly 8.0 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 4 properties listed as an REO sale.
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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