Residential Sales Summary 2019
Total Residential Sales: Activity to start off in 2019 has been substantial. However, the weather in late January and February resulted in the lowest number of closed sales for March that we have seen in 10 years. For the 1st quarter, we are now at 222 total sales. This is off almost 20% from the 266 sales for the same period in 2018 and is the slowest first quarter of the last four years. However, it is only slightly below the average number of sales for the 1st Quarter when comparing the previous 10 years.
Of the total sales, 155 (70%) were single family homes and 67 (30%) were condominiums. In 2018, there were 196 single family homes sold and 70 condos in the same period. Click here to see all properties sold in the past 30 days.
Coldwell Banker Ranks #1: Among all brokerages in North Lake Tahoe and Truckee, Coldwell Banker continues to rank #1 in the total number of sales. For the previous 12 months, Coldwell Banker represented 17.22% of sales. This represents 51% more sales than our next closest competitor (11.43%).
REO & Short Sales: In this robust economy, distressed sales are rare. There was 1 short sale and 1 REO sale in the 1st quarter.
Median and Average Sales Prices: The median sales price for residential sales in the 1st Quarter was $635,000 which is up 2.5% as compared to the same period in 2018 when the median sales price was $619,500. The average sales price is up over 11% to $1,164,221 in 2019 as compared to last year’s average price of $1,045,812 for the same period. This dramatic jump in average price is primarily due to the $37 million sale recorded at Sunnyside. Eliminating that sale as an outlier, the average would be $1,002,068 (down 4% from the same period last year).
Sales Under $500,000: The lower end of the market, residences priced under $500,000, represented almost 33% of the sales or 73 properties sold. Of those sales, 46 were condos. In 1st Quarter 2018, there were 80 properties sold in this price range, 41 of which were condos.
Mid-Range Market Sales $500,000 to $999,999: There were 100 sales between $500,000 and $999,999, representing 45% of total sales. 15 of the sales were condos. For the same period in 2018, there were 111 sales, 19 of which were condos.
Luxury Home Sales Over $1.0 Million: 49 properties sold over $1 million, representing 22% of total sales. This is down from 79 sales in the price range in 2018. That’s almost a 40% drop off in the number of sales for that portion of the market.
Active Residential Inventory Summary
Active Listings: Currently there are 349 residences for sale (213 homes and 136 condos). There are 122 residences in contract. 69 of those residences went into contract in March (up from 52 in February).
Relative to the past 30 days activity, there is just over 5 months of inventory on the market. Click here to view all listings for sale.
The weather has been much milder the last month, which has allowed for a noticeable increase in real estate activity. At lake level, the snow pack has been melting rapidly with the help of both rain and sun. At higher elevations, there is still A LOT of snow.
The big winter will continue to impact the real estate market through spring in a couple of ways. First, it is likely to delay the timing of the increase in homes on the market we typically see in spring (people like to wait for the snow to melt before listing their homes). Second, it could increase the number of homes that come on the market (a difficult winter always drives a few people away who have dealt with one too many winters!). Third, it could also increase demand (a great ski season, lush landscape, and full rivers and lakes draws more people to the area).
One thing is certain, spring skiing will be fantastic (and will last into summer!). So, we anticipate a lot of people continuing to visit the area in the weeks ahead.