Truckee Real Estate Market Report Residential Properties – Single Family Homes and Condominiums
Period: November 16th to November 30th
Residential Sales Summary 2014
Total Residential Sales: Through the end of November, there have been 1,123 residential properties sold in the North Lake Tahoe and Truckee Real Estate market. For the same period in 2013, there were 1,253 residential properties sold which is a year over year decrease in sales of (10%). Of the total sales in the market this year, 840 have been single family homes, while 283 were condominium sales. Condominiums represent 25% of total sales. In 2013 for the same period, there were 974 single family homes sold and 279 condominium sales. Condominiums represented 22% of the sales in 2013.
November 16th through November 30th Sales: For the last two weeks of November there were 61 properties sold which was up 17% from the previous two weeks sales of 52 properties. Of the 61 properties sold this period, nineteen (19) were sold at a price above $1.0 million which was the single largest set of luxury sales this year over a two week period. For the same two week period in 2013, there were 43 total properties sold.
REO & Short Sales: For 2014, short sale properties closed in Truckee have gone down (62%) with 35 closed short sales as compared to 91 closed short sales in 2013. Similarly, REO properties in Truckee that have closed in 2014 have gone down (50%) with 27 properties closed in 2014 as compared to 54 REO sales in 2013. Overall, distressed property sales, (REO and Short Sales) represent only 5% of the sales in 2014 which is significantly less than the 11% in 2013.
Median and Average Sales Prices: The median sales price for residential properties through November 30th stood at $535,000 which is up 13% from 2013 where the median sales price was $475,000 for the same period. The average sales price has gone up 25% to $839,725 in 2014 as compared to last year’s average price of $672,966 for the same period.
Sales by Price Range or Market Segment: For the year, there have been 519 residential properties sold at a price below $500,000, 394 properties sold between $500,000 and $1,000,000 and 210 properties sold over $1,000,000.
Sales Under $500,000 Sales: The lower end of the market, homes priced under $500,000 has the highest level of sales activity as over 46% of the sales or 519 properties have sold in this price range. In 2013 for the same period, there were 668 properties sold in this price range which represented 53% of the sales. The drop in unit sales in this price segment is primarily due to the overall increase in home prices.
Mid-Range Market Sales $500,000 to $999,999: There have been 394 properties sold at a price between $500,000 and $1,000,000 representing 35% of total sales. For the same period in 2013, there were 431 properties sold in this price range which represented 34% of total sales.
Luxury Home Sales Over $1.0 Million: Luxury sales and Tahoe Lakefront Cabins, properties priced above $1,000,000 have gone up an astounding 36% from last year. For 2014, there have been 210 luxury properties sold as compared to 154 sold last year for the same period. The median sales price for luxury properties in 2014 thus far is $1,775,000 as compared to a median sales price of $1,680,000 in 2013 which is up 6%. The average sales price of luxury homes in 2014 stands at $2,345,505 as compared to $2,120,500 in 2013 which is up 11%.
Pending Sales: The pending sales through November 30th were at 153 residential sales in the market which is down 11% from the last market report.
Active Residential Inventory Summary:
Active Listings: The current inventory of residential properties declined by 5% from the last report which in part is due to sales and in part due to homeowners taking their unsold properties off the market for winter. There are currently 621 residential properties for sale; 416 single family homes and 205 condominiums for sale. Coldwell Banker has over 15% of the active listings in the market and continues to be the market leader for listings. Of the active listings, there are only 11 properties listed as a short sale, and 5 properties listed as an REO sale.
THE HOLIDAYS ARE COMING – NOW MAY BE A GREAT TIME TO BUY THAT VACATION HOME: At today’s current inventory levels there remains many quality properties to choose from throughout the north Lake Tahoe and Truckee Real Estate markets. While homes prices have come up, they are still priced at levels we have not seen in five years. With favorable mortgage interest rates, savvy real estate investors are taking advantage of this market and acquiring homes in many of the Lake Tahoe and Truckee resort communities.
Note: Data on this page is based on information from the Tahoe Sierra Board of Realtors, MLS. Due to MLS reporting methods and allowable reporting policy, this data is only informational and may not be completely accurate. Therefore, Bret Churchman does not guarantee the data’s accuracy. Data maintained by the MLS may not reflect all real estate activity in the market. CA-BRE License # 01209726
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