Residential Sales Summary 2019
Total Residential Sales: Strong market activity in April is bringing renewed optimism to the Lake Tahoe real estate market. April activity jumped from 85 sales in 2018 to 98 in 2019. That registers as a 15% increase for the month.
We are still trailing 2018 sales for the January through April period, with 355 sales in 2018 and 323 in 2019 (a decrease of 9%). This isn’t too large a gap considering the severity of the weather this year. The average number of sales for this period, over the last 10 years, is 332.
Of the total sales, 228 (71%) were single family homes and 95 (29%) were condos. In 2018 there were 260 single family homes sold and 95 condos in the same period.
Coldwell Banker Ranks #1: Among all brokerages in North Lake Tahoe and Truckee, Coldwell Banker continues to rank #1 in total number of sales. For the previous 12 months, Coldwell Banker represented 17.68% of sales. This represents 55% more sales than our next closest competitor (11.40%).
REO & Short Sales: In this robust economy, distressed sales are rare. There has been 1 short sale and 1 REO sale so far this year.
Median and Average Sales Prices: The median sales price for residential sales in January through April was $650,000 which is down slightly as compared to the same period in 2018 when the median sales price was $655,000. The average sales price is down over 8% to $1,075,543 in 2019 as compared to last year’s average price of $1,169,881 for the same period.
Sales Under $500,000: So far this year, residences priced under $500,000, represented almost 30% of the sales or 96 properties sold. Of those sales, 64 were condos. For the same period in 2018 there were 102 properties sold in this price range, 53 of which were condos.
Mid-Range Market Sales $500,000 to $999,999: There were 151 sales between $500,000 and $999,999, representing almost 47% of total sales. Twenty one of the sales were condos. For the same period in 2018, there were 152 sales, 28 of which were condos.
Luxury Home Sales Over $1.0 Million: 76 properties sold over $1 million, representing 23.5% of total sales. This is down from 105 sales in the price range in 2018. That’s a 28% drop off in the number of sales for the luxury market.
Active Residential Inventory Summary:
Active Listings: Currently there are 401 residences for sale (259 homes and 142 condos). There are 118 residences in contract. Fifty-three of those residences went into contract in April. Relative to the past 30 days activity, there are about 7.5 months of inventory on the market. Looking for an open house this weekend? Click here (and bookmark) for an always up to date full list.
What’s Going On In Tahoe?
If you are finding damage to your Tahoe home as the snow melts, let us know! We may be able to help you make arrangements for repairs. You can also review our Spring/Summer maintenance checklist: Click Here.