2019 Real Estate Market Report
North Lake Tahoe -Truckee
Residential Sales Summary 2019
Total Residential Sales: Optimism continues to be the theme around the Lake Tahoe real estate market. Though activity and pricing is off from last year, demand still appears strong. We are in the time of year when supply increases, and all signs point to sales increasing along with it.
May activity registered 91 sales (single family homes and condos). This lagged slightly behind the 98 sales in 2018 and was the lowest number of sales in the month of May since 2011. The average number of sales, for the month of May, in the last 10 years is 102.
We are still trailing 2018 sales for the January through May period, with 453 sales in 2018 and 414 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 the January to May period, over the last 10 years, is 434.
Of the total sales, 293 (71%) were single family homes and 121 (29%) were condos. In 2018 there were 337 single family homes sold and 116 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 17.18% of sales. This represents 50% more sales than our next closest competitor (11.50%).
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 May was $650,000 which is down slightly as compared to the same period in 2018 when the median sales price was $659,000. The average sales price is down almost 10% to $1,042,116 as compared to last year’s average price of $1,154,375 for the same period.
Sales Under $500,000: So far this year, residences priced under $500,000 represented almost 29% of the sales or 120 properties sold. Of those sales, 79 were condos. For the same period in 2018 there were 121 properties sold in this price range, 64 of which were condos.
Mid-Range Market Sales $500,000 to $999,999: There were 195 sales between $500,000 and $999,999, representing 47% of total sales. Twenty eight of the sales were condos. For the same period in 2018, there were 203 sales, 34 of which were condos.
Luxury Home Sales Over $1.0 Million: 99 properties sold over $1 million, so far this year, representing 24% of total sales. This is down from 129 sales in the price range in 2018. That’s a 23% drop in number of sales for the luxury market.
Active Residential Inventory Summary:
Active Listings: Currently there are 538 residences for sale (381 homes and 157 condos). There are 148 residences in contract. One hundred nine properties went in contract in May. Relative to the past 30 days activity, there is about 5 months of inventory on the market.
As is expected in late spring, the inventory of homes for sale has jumped about 30% in the last month. The inventory will continue to climb quickly over the next couple weeks as we come into the prime summer selling season. Typically we approach our peak inventory of homes for sale in July and see that level maintain through the summer months into early fall.
What’s Going On In Tahoe?
Summer weather has finally arrived after a long winter and a cool, wet, spring. Summer activities are in full effect, but beware that water temperatures are still very cold because of deep snowpack and cool spring weather. As we’ve said before, a big winter leads to full lakes, and a gorgeous summer . . . come on up and enjoy it!
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!