Archive for the ‘Coldwell Banker Real Estate’ Tag
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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Truckee River bike trail in Tahoe City
Even though the recent snow storms have given a late season boost to the ski season, the lower elevations of the Sierra are still either devoid of snow, or down to a pittance. So is there a good side to the mild winter we had?
This year, we’ve been given the opportunity to get out there and do our favorite outdoor activities earlier then ever. In fact, some great mountain biking and hiking trails will soon be ready for us to enjoy. Here are a few suggestions for places to go:
Bliss to Emerald Bay
Truckee Trails-All those wide open spaces north of Truckee are beginning to open up for mountain biking, hiking and running. The Emigrant Trail should be snow free soon, as well as the dirt roads between Prosser, Boca and Stampede Reservoirs. The Donner Rim trail is another sunny place to trek with views of the Sierra Crest and Donner Lake. If you haven’t tried one yet, this might be a good time to try a Fat Bike. These bruisers with super big tires, can roll right over any remaining packed down snow and mud.
Donner Lake Rim Trail
Emerald Bay-The trail to the Vikingsholm and along the south facing side of the bay is ready for hiking. Keep your eyes peeled for eagles and ospreys, and enjoy the quiet trails without the throngs of folks you will find there mid-summer.
Get on the lake-If you are treated to a warm day with no wind, grab your paddleboard or kayak and head to Donner Lake or Lake Tahoe. It’s beautiful, and probably free of boat wakes. But stay on your board and out of the water, because while the air temperature might be cozy, the water will be cold.
Donner Lake
Hit the TRT-The Tahoe Rim Trail section which heads north out of Tahoe City (from Fairway Drive) is south facing at a low elevation, the perfect combination for an early snowmelt. Climb for about a mile to a spectacular view of Lake Tahoe and the Truckee River canyon, and feel the joy of boots on dirt.
Walk the river-The Truckee River Bike trail from Tahoe City to Squaw Valley is mostly free of snow. Take a relaxing stroll along the river.
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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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