Total Residential Sales:
The Tahoe Truckee real estate market is still going strong!!
Prior to 2020, the record for number of sales in a single month was 182 (August 2017). We have blown by that number in each of the last 4 months. In July 292 residences sold (60% higher than the old record). In August 265 residences sold (46% higher than the old record). In September 288 residences sold (58% higher). And, in October, 266 residences sold (46% higher). Do you want some more perspective on how busy things have been? The 266 October sales represents a 60% increase over the 166 sales in October 2019. It is also 83% higher than the 10 year average for October. Year to Date (January through October) 1,683 residences have sold. That is already more sales than the entire year of 2019 (when there were 1,399 sales). It is also a 46% increase over the same period last year (1,155 sales) and brings us to 154% of the 10 year average for the period (1,090). For perspective, at the end of May, we were at just 86% of the 10 year average for closed sales YTD.
Active Residential Inventory:
Active Listings: There are currently 230 residences actively for sale, down from 510 at this time last year. Contrary to what you might think at first glance, the number of new listings in 2020 is actually up almost 20% compared to the same period last year. Typically the number of new listings dwindles after Labor Day. However, this year, properties are still coming on the market in hopes of taking advantage of the strong seller’s market. There were twice as many new listings, 293, in September as there were in September 2019 (141). There were also twice as many listings in October (231) as October 2019 (115). So, despite significantly more homes coming on the market, our active inventory is still less than 50% of what it was a year ago (and typically is at this time of year).
Current Pending Sales: To achieve record sales, you have to have record numbers of residences going into contract . . . currently 310 residences are in contract. Here are the numbers of how many residences have been going into contract each month this year . . .
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 13.54% of sales. This represents 30% more transactions than our next closest competitor (10.4% of sales).
Median and Average Sales Prices: These numbers are changing dramatically. For the period January through June, the median sales price was $674,500 (up slightly from $669,000 last year) and the average sales price was $986,430 (up slightly from $975,296 last year). Since July, we have jumped to a median of $825,000 (up 22% compared to the first half of the year) and an average of $1,202,645 (up 22%).
Sales Under $500,000: For the period January through October, residences priced under $500,000 represented just over 19% of sales or 318 properties sold. For the same period in 2019, 27% of sales were in this range. Mid-Range Market Sales $500,000 to $999,999: For the same period, there were 836 sales between $500,000 and $999,999, representing 50% of total sales. For the same period in 2019, 49% of sales were in this price range. Luxury Home Sales Over $1 Million: 529 properties have sold over $1 million, representing 31% of total sales. This is up 91% from the 277 sales in the same period in 2019 (which made up 24% of total sales). What’s Going On Looking Forward? In most years, activity slows in late fall. 219 residences going into contract in October represents a significant slow down from the summer months, when close to 300 residences went into contract each month. While this is a slowing of activity, it is still 68% more new contracts than in October 2019. So, we are experiencing the “normal” seasonal slow down, but the activity is still abnormally high for the time of year. All indications say this will continue to be the case in the coming months – slower than the summer activity, but still very busy for the time of year.
Even with more listings coming to the market than is typical for this time of year, demand is significantly outpacing supply and we are still seeing new properties selling quickly with multiple offers. We have also started to see an increase in new buyers entering the market now that we are past the election as people seem to be looking for a distraction from the increase in COVID cases along with the change in seasons.