Residential Property Sales in the North Tahoe – Truckee market were stronger in the 1st quarter of 2016 by 22% in units sold (271) and 18% in dollar volume ($238,103,739) than in the same period of 2015. Of the total units sold 24% were condominiums. In the 1st quarter of 2015 condominiums were 23% of units sold.
The increase over last year is due to higher sales volume in all price range segments of our market.
- Over $1,000,000 Luxury Home sales is traditionally the smallest segment of our market in units sold but it increased 50% (54) and 20% in dollar volume ($127,722,310).
- $500,000 to $1,000,000 sales increased 16% (99) and 14.4% in dollar volume ($67,640,662)
- Under $500,000 sales have been the highest level of units sold (44% of the market) an increase of 17% (118) and 18.5% in dollar volume ($42,740,767).
The Average Sales Price ($881,865) decreased by 3% in the 1st quarter of 2016 while the Median Sales Price ($550,000) showed a 5% increase compared to the same period last year.
Distressed Property Sales (Bank Owned and Short Sales) stayed the same in units sold (8) but increased by 58% in dollar volume ($4,740,957).
Inventory Level is lower at the end of the 1st quarter by 8%. At the end of March 2015 there were 624 active residential property listings. This year that number was 574. That represents about a 6 month supply of inventory based on current levels of sales activity. However this is the time of year that we traditionally see an increasing level of listing activity.
Spring is here and it is a great time to come and view and purchase property. The weather is wonderful, occupancy is low so properties can be viewed, interest rates are at all time lows, inventory is increasing and the properties that are priced to sell are selling quickly.
Contact me, Greg Rankin with Resort Realty Services, by phone at 530-913-6020 or email at info@gosquaw.com for information on available properties in the North Tahoe – Truckee area.
Download 2016 – 1st Qtr. Statistical Spreadsheet
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, Resort Realty Services, Inc. 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 #01204227.
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