Residential Sales Summary 2019
Total Residential Sales: The summer real estate season is cranking in full gear. Demand has increased, as expected, and great homes are coming on the market.
There were 124 sales in July (single family homes and condos). This trails July 2018, when there were 139 sales, but is above average for July over the last 10 years (over the last 10 years July averages 116 sales, with a high of 143 and a low of 87).
So far this year (January through July) 655 residences have sold. This is a decrease of 8% relative to the 711 sales for the same period in 2018. The average number of sales, for the January through July period, over the last 10 years, is 661 (with a high of 751 and a low of 559).
Of the total sales, 478 (73%) were single family homes and 177 (27%) were condos. In 2018 there were 546 single family homes sold and 165 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 16.86% of sales. This represents 42% more sales than our next closest competitor (11.94%).
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 January to July period was $667,000 which is up slightly as compared to the same period in 2018 when the median sales price was $662,000. The average sales price is down just under 12% to $1,001,694 as compared to last year’s average price of $1,137,818 for the same period.
Sales Under $500,000: So far this year, residences priced under $500,000 represented just over 29% of the sales or 190 properties sold. Of those sales, 120 were condos. For the same period in 2018 there were 180 properties sold in this price range, 96 of which were condos.
Mid-Range Market Sales $500,000 to $999,999: There were 315 sales between $500,000 and $999,999, representing 48% of total sales. Thirty nine of the sales were condos. For the same period in 2018, there were 345 sales, 49 of which were condos.
Luxury Home Sales Over $1.0 Million: 150 properties sold over $1 million, so far this year, representing 23% of total sales. This is down from 186 sales in the price range in 2018. That’s a 19% drop in number of sales for the luxury market.
Active Residential Inventory Summary:
Active Listings: As expected, the inventory of homes for sale is starting to balance out with summer demand. Currently there are 647 residences for sale (495 homes and 152 condos). There are 218 residences in contract. One hundred forty eight properties went in contract in July. Relative to the past 30 days activity, there is a little over 4 months of inventory on the market.a
What’s Going On In Tahoe?
It’s hard to believe the phrase “back to school” is ringing in our ears. Summer is in full swing up here, so come up for a visit before the school year begins! Boating, paddling, fishing, riding, camping, golf, tennis, music, and relaxation . . . now’s the time to enjoy all the summer activities the Tahoe Area has to offer.
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