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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By Michelle Portesi
Nestled in the Pla Vada tract of Soda Springs, a mere minute walk to the Yuba River, this cozy A frame has so much potential. Listed at only $209,900, it’s easily one of the least expensive homes in the area. While older and a bit neglected, as a designer, I can tell you this house just screams ‘potential’. Backing up to forest views, the house has both a front and a back deck and overlooks a front yard that given some wildflower seeds and a few native ornamental bushes could be the epitome of the word ‘charm’.
Pla Vada Area A Frame Home
The interior has an open floor plan with a wonderful wood burning stove, perfect for keeping you toasty warm on those crisp winter days as you watch the snow fall from a wall of windows. Summer finds you close to a plethora of hiking trails and lakes in addition to shopping and dining, as Truckee is only a few minutes away. With easy access off of I-80, this is the perfect 2nd home for a quick zip up from Sacramento or the Bay Area. Planning to live here year round? This home’s price point is perfect for a first time home buyer.
Living Room
Wood burning stove for toasty warmth
I specialize in Kitchen and Bath Design, and I can truly say that the kitchen with a little bit of effort and a small investment could be so very wonderful. It already has a working vintage range that can be the centerpiece of an inexpensive and much more useable kitchen update.
Kitchen View
There is a small downstairs bedroom with a lot of potential and a huge loft bedroom that has a large area perfect for a small office that overlooks the wall of windows and the living area below.
Loft Bedroom
The bathroom has a certain mountain charm to it and is good to go, with a full bathtub for soaking after a hard day of skiing or hiking. Or update it with a large walk in shower if you want something more contemporary and elegant.
Full Bath
For more information on this property, go to Lynn Richardson Coldwell Banker Real Estate Website. Then call Lynn today to set up an appointment to view this property. Bring your open mind and creativity (and your checkbook!), as this is truly a diamond in the rough.
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By Tim Hauserman
Scenic view high above Lake Tahoe along the Fiberboard Freeway
The Fiberboard Freeway winds through US Forest Service land between Highway 267 at Brockway Summit and Tahoe City. The name comes from the former owner of the property, the Fiberboard logging company. Freeway is a tongue in cheek phrase to refer to what is certainly the major road through the forest, but is by no means an actual freeway. Really, it means that much of it has pavement.
The Fiberboard Freeway is the main artery for mountain bikers to access the elaborate network of trails that include the Tahoe Rim Trail, Watson Lake and The Western States trails. You can start at Brockway Summit, or head up to the Fiberboard from Tahoe Cross-Country Ski Area outside of Tahoe City. While the dirt trails that head off from the Fiberboard are prime mountain biking terrain, the road can also serve as a very worthwhile road biking destination. The first 10 miles from Brockway Summit towards Tahoe City are paved, and very lightly traveled. So why not ride out and back and enjoy a road ride through the middle of the forest? I can’t think of a reason.
While it is just a 20 mile round trip, if you are looking for exercise, you can find enough on this route. There is not a lot of flat. The first six miles is a mostly uphill jaunt to the top of Starratt Pass, where you will find an offshoot trail to Watson Lake. Along the climb you will find frequent glimpses of Tahoe, cross the Tahoe Rim Trail twice, and pass some impressive trees and fields of mule ears.
Then you begin a long and steady downhill, which eventually bottoms out before climbing again to a crossing of Stump Meadow, or what nordic skiers will know as the top of the Gold Trail. Just a bit further brings you to the end of the pavement and your turn around point.
Fiberboard Freeway
On the way back, Great Ski Race skiers will start to have flashbacks, as your ride back to the top of Starratt is the same route you would be skiing in the race. You decide whether skiing it or riding it is easier.
Words of caution: While the good news is that you are riding on pavement through the forest with almost no cars, rain and other cars have dragged gravel and dirt on the road in some spots. Take those downhills a little more cautiously then you would if you were on the smooth pavement.
Share this: Lynn Richardson, Your Friend in High Places
YOUR FRIEND IN HIGH PLACES 