The North Tahoe Truckee real estate market has changed since my last mid month report in May 2018. Here is the comparison between mid August and mid May of this year.
- Total number of single family home listings is 89% higher than it was in mid May.
- Number of homes listed in the last 30 days is 112% more than in mid April to mid May.
- The median price of homes listed has decreased by 11% since mid May.
- Total sold homes in the last 30 days is 213% more than between mid April to mid May.
- Total number of homes currently in escrow is 76% higher than it was in mid May.
- The median price of homes sold has decreased 28% since mid May.
The market is more active and stronger than before the summer but what has changed is there is now more activity in the below $700,000 price range. In mid May we had fewer listings, especially in the lower price ranges, and 56% of the homes in escrow were priced above $700,000, 30% were priced over $1,000,000. Only 27% of what was then in escrow was priced under $600,000.
Now more than half (51%) of the current listings in escrow are priced under $700,000, 35% priced under $600,000 and only 20% of listing in escrow are priced over $1,000,000. Over the last several months we have seen the number of new listings increase each month and many of those are in the lower price range and more of the buyers are going for the lower priced homes. Thus the median price of both new listings and sold listings has gone down while the number of units sold has gone way up!
Even though the median price of homes is lower than what it was in mid May it is still significantly higher that it was at this time last year. North Tahoe and Truckee home values are increasing which has caused what we call the bottom of our market to change. A year and a half ago the bottom was basically the under $500,000 range, now it is the under $600,000 range and moving toward under $700,000.
This is good for sellers. Although higher levels of inventory have reduced the upward pressure on home values anyone who purchased during the downturn should get a nice amount of profit if they sell in today’s market. Property owners interested in selling should list their properties now before raising interest rates slow the market down and before we move into the slower selling season of late fall and winter.
Interested buyers in the lower price ranges should act quickly before they get priced out of the market. If they plan to finance their purchase they should get pre-approved before coming to look for a property and they should be ready to pay close to asking price. Buyers in the higher price ranges should also act quickly to not have to pay more in the near future. They should not expect sellers to be very willing to accept lower than asking price and they also should get pre-approved if they plan to finance.
If you own a property in this area and are considering selling, contact me for a free no obligation Strategic Pricing Analysis.
If you are a potential buyer, contact me for a free no obligation Preferred Buyer Services Package.
I can be reached at 530-913-6020 or grankin@chaseinternational.com
Greg Rankin and Chase International do not guarantee the accuracy of this information. Statistical information on our region excluding Donner Summit and Surrounding Area is gathered from the Tahoe Sierra, Multiple Listing Service. Not all real estate transactions in our area go through MLS, therefore, this information may not be completely accurate. CalBRE License #00826938
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