Truckee Real Estate Market Report
North Lake Tahoe-Truckee
Residential Properties – Single Family Homes and Condominiums
Period: August 15th to August 31st
Residential Sales Summary 2014
Total Residential Sales: For the first eight months of the year through August 31st there have been 749 residential properties sold in the market. For the same period in 2013, there were 877 residential properties sold which is a year over year decrease in sales of (14%). Of the total sales in the market this year, 556 have been single family homes, while 193 were condominiums. Condominiums represent 26% of total sales. In 2013 for the same period, there were 688 single family homes sold and 189 condominiums. Condominiums represented 28% of the sales in 2013.
August 16th to August 31st Sales: For the last two weeks of August there were 66 properties sold which was up 12% from the first two weeks of August. For the same period in 2013, there were 87 properties sold. Of the 66 properties sold this period, fifteen (15) were sold at a price above $1.0 million.
REO & Short Sales: For 2014 thus far, short sale properties closed have gone down (60%) with 31 closed short sales as compared to 78 closed short sales in 2013. Similarly, foreclosures in Truckee that have closed in 2014 have gone down (45%) with 23 properties closed in 2014 as compared to 42 REO sales in 2013. Overall, distressed property sales, (REO and Short Sales) represents only 7% of the sales in 2014 which is significantly less than the 14% in 2013.
Median and Average Sales Prices: The median sales price for residential properties through the end of August was $525,000 which is up 13% from 2013 where the median sales price was $465,000 for the same period. The average sales price has gone up 28% to $841,955 as compared to last year’s average price of $657,712 for the same period.
Sales by Price Range or Market Segment: For the year, there have been 355 residential properties sold at a price below $500,000, 259 properties sold between $500,000 and $1,000,000 and 135 properties sold over $1,000,000.
Sales Under $500,000 Sales: The lower end of the market, homes priced under $500,000 has as expected the highest level of sales activity as over 47% of the sales or 355 properties have sold in this price range. In 2013 for the same period, there were 483 properties sold in this price range which represented 55% of the sales.
Luxury Home Sales Over $1.0 Million: Luxury sales for properties priced above $1,000,000 have gone up 29% from last year. For 2014, there have been 135 luxury properties sold as compared to 105 properties sold last year for the same period. The median sales price for luxury properties in 2014 thus far is $1,804,000 as compared to a median sales price of $1,725,000 in 2013 which is up 5%. The average sales price of luxury homes in 2014 is $2,451,862 as compared to $2,112,533 in 2013 which is up 16%.
Mid-Range Market Sales: There have been 259 properties sold at a price between $500,000 and $1,000,000 representing 34% of total sales. For the same period in 2013, there were 289 properties sold in this price range which represented 33% of total sales.
Pending Sales: The pending sales through August 31st are at 187 residential sales in the market which is identical to the pending sales from the last report.
Active Residential Inventory Summary:
Active Listings: The current inventory of residential properties saw its first decline since the last week of March 2014. There are currently 857 residential properties for sale; 630 single family homes and 227 condominiums for sale. Coldwell Banker has over 16% of the active listings in the market and continues to be the market leader for listings. Of the active listings, there are only 7 properties listed as a short sale, and 3 properties listed as an REO sale.
FALL IS COMING AND NOW MAY BE A GREAT TIME TO BUY BEFORE WINTER: With inventory levels at the high point for the year there are 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 since 2008. With continued 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