The residential real estate market in the entire Lake Tahoe and Truckee area was very strong with impressive growth in 2017. Single family home sales increased in dollar volume by $171, 634,083, an increase of 9% over 2016. The condominium market was also very strong, except in Truckee which saw a reduction in dollar volume and units sold by 1%. In the Lake Tahoe market condominium sales increased in dollar volume by 33% and units sold by 14%.
The market has definitely gone up in values. The average price of homes in 2017 in all areas of our market was over $1,000,000 except in South Lake Tahoe where it was $531,405. I think this is due to several reasons;
- High demand as a result of a very strong economy in Northern California
- Low level of inventory over all, but especially in homes priced under $600,000
- An high number of home sales between $1,000,000 and $3,000,000
As of this posting we are quite low in inventory. In the North Tahoe and Truckee area there only 205 single family home active listings with an average price of $2,204,375 and a median price of $1,200,000! There are 135 condominium active listings with an average price of $995,793 and a median price of $675,000.
It is now a seller’s market and for properties that are priced to sell we are often seeing multiple offers with listings selling above asking price. It is a great time for property owners interested in selling to list their properties for sale. Call me if you would like a professional evaluation of your property to determine how much profit is potentially available for you.
Click here to view Sierra Sun article that summarizes 2017 sales statistics.
Click here to view detailed Chase International 2017 Market Report for the entire Lake Tahoe, Truckee, Reno-Sparks and Carson Valley areas.
Greg Rankin and Chase International does not guarantee the accuracy of this information. Statistical information gathered from Incline Village, Tahoe Sierra, Sierra Nevada, NNRMLS and South Lake Tahoe Board of Realtors MLS, 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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