Residential Properties – Single Family Homes and Condominiums
Period: October 15th to October 31st
Residential Sales Summary 2014
Total Residential Sales: Through the end of October, there have been 1,002 residential properties sold in the North Lake Tahoe and Truckee Real Estate market. For the same period in 2013, there were 1,146 residential properties sold which is a year over year decrease in sales of (12%). Of the total sales in the market this year, 748 have been single family homes, while 254 are condominium sales. Condominiums represent 25% of total sales. In 2013 for the same period, there were 890 single family homes sold and 256 condominium sales. Condominiums represented 22% of the sales in 2013.
October 15th through October 31st Sales: For the last two weeks of October there were 68 properties sold which was up 23% from the previous two weeks sales of 55 properties. Of the 68 properties sold this period, fourteen (14) were sold at a price above $1.0 million. For the same two week period in 2013, there were 72 properties sold.
REO & Short Sales: For 2014, short sale properties closed have gone down (63%) with 33 closed short sales as compared to 90 closed short sales in 2013. Similarly, Truckee Foreclosures and REO properties closed in 2014 have gone down (49%) with 25 properties closed in 2014 as compared to 49 REO sales in 2013. Overall, distressed property sales, (REO and Short Sales) represent only 6% of the sales in 2014 which is significantly less than the 12% in 2013.
Median and Average Sales Prices: The median sales price for residential properties through October 31st was $528,388 which is up 12% from 2013 where the median sales price was $470,750 for the same period. The average sales price has gone up 23% to $826,598 in 2014 as compared to last year’s average price of $673,162 for the same period.
Sales by Price Range or Market Segment: For the year, there have been 467 residential properties sold at a price below $500,000, 353 properties sold between $500,000 and $1,000,000 and 182 properties sold over $1,000,000.
Sales Under $500,000 Sales: The lower end of the market, homes priced under $500,000 has the highest level of sales activity as over 46% of the sales or 467 properties have sold in this price range. In 2013 for the same period, there were 616 properties sold in this price range which represented 54% of the sales. The drop in sales in this price segment is primarily due to the overall increase in home prices.
Mid-Range Market Sales $500,000 to $999,999: There have been 353 properties sold at a price between $500,000 and $1,000,000 representing 35% of total sales. For the same period in 2013, there were 391 properties sold in this price range which represented 34% of total sales.
Luxury Home Sales Over $1.0 Million: Luxury sales and Tahoe Lakefront properties priced above $1,000,000 have gone up a whopping 31% from last year. For 2014, there have been 182 luxury properties sold as compared to 139 properties sold last year for the same period. The median sales price for luxury properties in 2014 thus far is $1,742,500 as compared to a median sales price of $1,700,000 in 2013 which is up 2%. The average sales price of luxury homes in 2014 stands at $2,338,723 as compared to $2,159,413 in 2013 which is up 8%.
Pending Sales: The pending sales through October 31st are at 195 residential sales in the market which is similar to pending sales from the last market report.
Active Residential Inventory Summary:
Active Listings: The current inventory of residential properties declined by 11% from the last report which in part is due to sales and in part due to homeowners taking their unsold properties off the market for winter. There are currently 684 residential properties for sale; 484 single family homes and 200 condominiums for sale. 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 12 properties listed as a short sale, and 4 properties listed as an REO sale.
WINTER IS COMING – NOW MAY BE A GREAT TIME TO BUY: 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