Single family home sales in the Lake Tahoe real estate market got off to slow start in the 1 qtr. of this year. I think this was due primarily to low inventory levels and the record winter we had which slowed down almost all business activity except condominiums sales, which got off to a strong start. In most areas the snow levels were so high that many homes could not be shown, however with condominiums once the parking lots were cleared the units could be shown.
In the four primary areas of Lake Tahoe, Tahoe City, South Shore, East Shore and Incline Village, Tahoe City had the highest dollar volume in single family home sales (+28%) and showed the greatest increase in dollar volume for condominium sales (+195%) compared to the 1st qtr. of last year. Incline Village had the biggest decrease in dollar volume on single family home sales (-52%) but a strong increase in dollar volume in condominium sales (+27%). The East Shore showed a small dollar volume increase in single family home sales (+2%) and a large increase in condominium sales volume (+57%). South Shore had a small increase in single family home sales dollar volume (+10%) and decrease in condominium volume (-13%).
All areas, except Incline Village, showed increases in both median price and average sales price for single family homes, however for the entire Lake Tahoe area the median price was up slightly (+2%) and average sales price was down very slightly (-1%). Condominium median prices and average sales prices were up moderately in three areas, except in Tahoe City where both were up significantly (median +30% and average (+99%).
Low inventory levels are causing listing and sales prices to increase. This has created a seller’s market! In the North Tahoe – Truckee real estate market we do see more listings coming on the market but the expectation is that we will have a lower level of inventory this year that in 2016. As of today, April 25, 2017, 60 single family homes were listed in the last 30 days compared to 137 in the same period last year.
The North Tahoe – Truckee market has also shifted upward. Of 278 current single family home listings only 8.6% (24) are priced at $500,000 or less. 38.3% (107) are priced under $1,000,000 and 53.1% (147) are priced at $1,000,000 plus!
For those buyers who will be financing their purchase, especially those looking in the lower price range, I recommend getting pre-qualified now. You want to be ready when you see the property you want because those that are priced to sell are going into escrow very quickly, often within a week. Also, you should expect multiple offers. If you are looking online and see a property that looks like the right one I suggest that you call me and make an offer and then get up here immediately. Don’t wait until it is more convenient, that property will probably be gone.
Click here to view 2017 1st Qtr. Stastical Graph & Chart.
Statistical information gathered from Incline Village, Tahoe Sierra, Sierra Nevada, NNRMLS and South Lake Tahoe Board of Realtors MLS, 3/31/2017.
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