15
Jul, 19

Your Truckee & North Lake Tahoe Market Update
By tahoe-truckeerealestate-com July 15, 2019

2019 Real Estate Market Report

North Lake Tahoe -Truckee                                       

Activity January Through June 2019 

 

Residential Sales Summary 2019

 

Total Residential Sales:  With much anticipation, we have moved into the busiest time of year for residential real estate sales.

 

There were 113 sales in June (single family homes and condos).  This was slightly behind June 2018, when there were 119 sales, but slightly above average for June over the last 10 years (average 111 sales). 

 

There were 526 residential sales in the first half of the year.  This is a decrease of 8% relative to the 572 sales in first half 2018.  The average number of sales, for the first half of the year, over the last 10 years, is 545.

 

Of the total sales, 381 (72%) were single family homes and  145 (28%) were condos.  In 2018 there were 432 single family homes sold and 140 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 17.32% of sales.  This represents 46% more sales than our next closest competitor (11.90%). 

REO & Short Sales:  In this robust economy, distressed sales are rare.  There has been 1 short sale and 2 REO sales so far this year. 

 

Median and Average Sales Prices:  The median sales price for residential sales in the first half of the year was $669,500 which is up slightly as compared to the same period in 2018 when the median sales price was $660,000.  The average sales price is down just over 10% to $1,034,520 as compared to last year’s average price of $1,150,716 for the same period. 

Sales Under $500,000:  So far this year, residences priced under $500,000 represented just over 28% of the sales or 149 properties sold.  Of those sales, 97 were condos.  For the same period in 2018 there were 151 properties sold in this price range, 78 of which were condos.

 

Mid-Range Market Sales $500,000 to $999,999:  There were 253 sales between $500,000 and $999,999, representing 48% of total sales.   Thirty three of the sales were condos.  For the same period in 2018, there were 264 sales, 42 of which were condos.

 

Luxury Home Sales Over $1.0 Million:  124 properties sold over $1 million, so far this year, representing 24% of total sales.  This is down from 157 sales in the price range in 2018.  That’s a 21% drop in number of sales for the luxury market.

 

 

Active Residential Inventory Summary:

 

Active Listings:  Currently there are 639 residences for sale (468 homes and 171 condos).  There are 174 residences in contract.  One hundred twenty four properties went in contract in June.  Relative to the past 30 days activity, there is about 5 months of inventory on the market.

 

As is expected in late spring and early summer, the inventory of homes for sale has jumped over 80% since where it sat at the end of the 1stquarter (349 residences).  The number of single family homes more than doubled, from 213 to 468.  New inventory will continue coming on the market the next 2 months, but active inventory will steady as demand strengthens and more properties go into contract.  

 

What’s Going On In Tahoe? 

 

Summer is in full swing and there is plenty of water after the strong winter.  Everything is green, lush, and beautiful!!  Boating, fishing, camping, golf, tennis, music, and relaxation . . . now’s the time to enjoy all the summer activities the Tahoe Area has to offer.

 

Total Sales by Area

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John Biebl & Anna McGee Coldwell Banker Residential Brokerage

John Biebl & Anna McGee

Agent | License ID: 01220758 & 01947697

530-446-2256

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