The North Tahoe – Truckee real estate market is off to a good start for 2018. Even though we are low in the number of property listings, in the first 45 days of this year the total dollar volume of Residential Properties sold was 21% higher than at the same time last year. The number of units sold decreased by 4%, while the Average Price of properties sold increased by 27%. This is a sign of property values increasing. We continue to be in a Sellers Market.
As of today, February 14, we have a total of 446 listings on our Multiple Listing Service. 28% of those (123) are currently in escrow which means 323 are active listings. In the last 30 days we have had 97 new listings and 81 listings sold, a net gain of just 16. Of the sold listing, 22 sold in less than 10 days. Half of those (11) were priced under $600,000. We are selling properties almost as fast as we are gaining new inventory.
Listing prices in our market are shifting upward. 45% of our listings are priced from $500,000 to $1,000,000 and 29% are priced over $1,000,000. With the decreasing number of lower priced single family home listings we are seeing an increase in condominium sales. Since January 1st the number of condominium sales is 47% higher and the total dollar volume is 95% higher than in the same period of 2017. It appears that buyers in the lower price ranges are turning to condominiums. I expect this trend to continue.
Demand for properties in our market seems to still be very high and I do not expect that to change. Typically as we move into the spring and early summer we see the more properties listed for sale so our inventory level should get higher. However my colleagues and I expect inventory levels to be lower than in previous years, especially in the lower price ranges. If that proves to be correct and inventory stays low I think we will continue to see raising property values for both single family homes and condominiums.
What does this mean?
- For Sellers it means now is the time to list your property before increasing interest rates slow sales activity and while low inventory keeps values higher and gives a seller more bargaining strength.
- For Buyers it means waiting to buy could mean your costs will be higher. Interest rates are increasing along with property values. Now is the time to act!
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.
Click here for 2017 Year End Market Report.
Greg Rankin and Chase International do not guarantee the accuracy of this information. Statistical information 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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