Tahoe and Truckee Market Update Through August 15th   Leave a comment

 

 

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Coldwell Banker

2014 Real Estate Market Report

North Lake Tahoe-Truckee Region

                                                                                                                                                                                                                                                                

Residential Properties – Single Family Homes and Condominiums 

Period:  August 1st to August 15th

 

Residential Sales Summary 2014 

Total Sales:  On a year to date basis through August 15th there have been 683residential properties sold in the market.  For the same period in 2013, there were 790 residential properties sold which is a year over year decrease in sales of (14%).  Of the total sales in the market this year, 504 have been single family homes, while 179 were condominiums.  Condominiums represent 26% of total sales.  In 2013 for the same period, there were 616 single family homes sold and 174 condominiums.  Condominiums represented 28% of the sales in 2013. 

August 1st to August 15th Sales:  For the first two weeks of August there were 59 properties sold which was up 16% from the precious two weeks sales.  For the same period in 2013, there were 63 properties sold.  Of the 51 properties sold this period, twelve (12) were sold at a price above $1.0 million. 

Coldwell Banker Ranks #1: Among all brokerages in the north Lake Tahoe market, Coldwell Banker ranks #1 on a year to date basis in both total units sold, 363 and total sales volume, $199 million.

REO & Short Sales:  For 2014 thus far, short sale properties closed have gone down (57%) with 31 closed short sales as compared to 72 closed short sales in 2013.  Similarly, REO properties closed in 2014 have gone down (49%) with 21 properties closed in 2014 as compared to 41 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 August 15th was $515,000 which is up 11% from 2013 where the median sales price was $465,000 for the same period.  The average sales price has gone up 30% to $842,675 as compared to last year’s average price of $646,586 for the same period. 

Sales by Price Range or Market Segment:  For the year, there have been 327 residential properties sold at a price below $500,000, 235 properties sold between $500,000 and $1,000,000 and 121 properties sold over $1,000,000.  

Sales Under $500,000 Sales:  The segment of the market with the highest level of sales activity are homes priced under $500,000 as over 47% of the sales or 327 properties have sold in this price range.  In 2013 for the same period, there were 439 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 23% from last year.  For 2014, there have been 121 luxury properties sold as compared to 98 properties sold last year for the same period.  The median sales price for luxury properties in 2014 thus far is $1,837,500 as compared to a median price of $1,700,000 in 2013 which is up 8%.  The average sales price of luxury homes in 2014 is $2,501,391 as compared to $1,998,225 in 2013 which is up 25%. 

Mid-Range Market Sales:  There have been 235 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 253 properties sold in this price range which represented 32% of total sales. 

Pending Sales:  The pending sales through August 15th were at 187 residential sales in the market which is up nicely from the 180 pending sales from the last report.

Active Residential Inventory Summary: 

Active Listings:  The current inventory of residential properties has gone up almost 2% from the last report.  There are currently 877 residential properties for sale; 648 single family homes and 229 condominiums for sale.  For the same period in 2013, the active inventory was at 815 residential properties which is a 7% increase in inventory from last year to this year.  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 6 properties listed as a short sale, and 2 properties listed as an REO sale.

 

NOW MAY BE A GREAT TIME TO BUY:  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.

 

 

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