Home sales in the Tahoe market were slower in the 3rd quarter than in the first half of the year but still strong. Total Dollar Volume was 5% higher than at the end of the 3rd quarter of 2016 however Total Units Sold was 7% lower. Median Price was 1% higher and Average Sales Price 13% higher that last year. Condominiums sales were much stronger that last year. Total Dollar Volume of condominium sales was up 35%, Units Sold up 15%, Median Price up 11% and Average Price up 20%.
I think the big increases in condominium sales and the decrease in units sold in home sales is a reflection of the increase in single family home prices. The number of single family homes sold in the North Tahoe Truckee area in the first three quarters of this year was down by 36% from 2016. I do not have the figures for this price range on the rest of the Tahoe area but I expect it is similar. This decrease is not due to buyers wanting to pay more but to fewer listings in that price range. Values are going up!
Click here to view expanded report.
Leave a Reply