Tahoe and Truckee Real Estate Market Update 2014   Leave a comment

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Sunny day skiing at Lake Tahoe

North Lake Tahoe-Truckee Region

 Residential Properties – Single Family Homes and Condominiums

Period:  February 16th to February 28th

Residential Sales Summary 2014

Total Sales:  Through the end of February there have been 142 residential properties sold in the market.  For the same period in 2013, there were 152 residential properties sold which is a year over year decrease in sales of almost (7%).  Of the total sales in the market this year, 104 were single family homes, while 38 or 27% of the sales were condominiums.  In 2013 there were 111 single family homes sold and 41 condominiums sold for the same period which represented 37% of the sales.  Coldwell Banker ranks as the market leader year-to-date in both total units sold, 50 and total sales volume, $29 million.

REO & Short Sales:  For 2014 thus far, short sale properties closed have gone down (74%) with 7 closed short sales in 2014 as compared to 27 closed short sales in 2013.  REO properties closed in 2014 have gone up 9% with 12 properties closed in 2014 as compared to 11 properties closed in 2013.  Overall, distressed property sales, (REO and Short Sales) represent 13% of the sales in 2014 which is significantly less than the 25% in 2013.

Median and Average Sales Prices:  The median sales price for residential properties for 2014 stands at $561,250 which is up 51% from 2013 where the median sales price was $370,000 for the same period.  The average sales price has gone up 6% to $774,428 as compared to last year’s average price of $728,032 for the same period.

Sales by Price Range or Market Segment:  For the year, there have been 66 residential properties sold at a price below $500,000, 48 properties sold between $500,000 and $1,000,000 and 28 properties sold over $1,000,000.

The segment of the market with the highest level of sales activity are homes priced under $500,000 as over 46% of the sales or 66 properties have sold in this price range.  In 2013 for the same period, there were 99 properties sold in this price range which represented 65% of the sales.

Luxury home sales, homes priced above $1,000,000 have gone up 40% from 2013 which is the largest growing segment of the market for the year on a percentage basis.  There have been 28 luxury properties sold in 2014 as compared to 20 properties sold last year for the same period.  The median sales price for luxury properties in 2014 thus far is $1,667,500 as compared to a median price of $1,813,000 in 2013 which is down (7%).  The average sales price of luxury homes in 2014 is $1,902,839 as compared to $2,916,925 in 2013 which is down (34%).

The mid-range market sales, $500,000 to $1,000,000 are up 45% from last year with 48 properties sold in this segment or 34% of sales as compared to 33 properties sold or 21% of sale in this range in 2013.

Pending Sales:  The pending sales through the end of February 15th stood at 132 pending residential sales in the market which is up slightly from the last report where we had 125 pending sales.

Active Residential Inventory Summary:

Active Listings:  The current inventory of residential properties stands at 611 properties for sale; 428 single family homes and 183 condominiums for sale.  From the last report on February 15th, inventory rose 2% which is great for this time of year.  For the same period in 2013, the active inventory was at 510 residential properties which is a 20% increase in inventory from last year to this year.  Coldwell Banker has over 13% of the active listings in the market and continues to be the market leader for listings.  Of the active listings, there are only 2 properties listed as short sales, and only 2 properties listed as an REO sale.

 

THERE ARE STILL GREAT BUYING OPPORTUNTIES:  With current inventory levels there remain many quality properties to choose from throughout the north Lake Tahoe and Truckee area.  When you compound the inventory available with homes priced at 10-year lows and favorable 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.

                                                          Think of me, Lynn Richardson, for all of your Truckee/Tahoe real estate needs

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