Sales of single family homes at Lake Tahoe priced over $1 million increased by 68% in the 1st quarter of 2018 compared to the same period last year. Those under $1 million decreased by 6%. Median Price increased 25% to $665,000 and Average Price increased by 20% to $944,177. The number of units sold increased by 5%.
Condominium sales showed a similar trend. While the number of units sold in the 1st quarter only increased by 2%, the number of higher priced condominiums (over $500,000) increased by 37%. Those under that amount decreased by 11%. Again Median Price increased by 15% to $430,000 and Average Price by 20% to $540,329.
The largest dollar volume and number of single family homes sold was the highest in South Lake Tahoe but the highest number of million dollar homes sold was in Incline Village and the East Shore. Incline Village also had the highest dollar volume and units sold in condominium sales.
The Truckee market is experiencing similar increases in higher priced properties and decreases in lower priced ones. Sold homes that were priced over $1 million increased by 70% and those under a million decreased by 5%. The number of sold condominiums priced over $500,000 jumped up 188% and those below $500,000 decreased by 33%.
In the last 30 days (March 10 to April 9th) in the West Shore, North Shore and Truckee, there were 74 new single family home listings with a Median Price of $1,025,549. That is a 48% increase over the same time period last year – 86 listings with a Median Price of $690,000. During that same 30 days this year 64 homes went into escrow. Homes are selling almost as fast as they are being listed. Currently there are only 185 single family home active listings.
The reason that both homes and condominiums in the lower price ranges are decreasing in numbers sold is because we are getting fewer and fewer listings in those price ranges.
Property values in the Lake Tahoe and Truckee real estate market are increasing for both homes and condominiums. As home prices and interest rates go up many buyers are turning to condominiums making those prices increase. We continue to be in a seller’s market created by record low inventory and high demand. We are also now seeing multiple offers on single family homes priced under $700,000. Often those are selling over asking price.
What does all of this mean?
- 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 or possibly above 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.
- Property owners interested in selling should list their properties now before raising interest rates slow the market down and while low inventory gives them a bargaining advantage.
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
Click on the below links to down load Statistical Graphs and Spreadsheets.
- 2018 1st Qtr. Lake Tahoe Statistics
- 2018 1st Qtr. Truckee Statistics
- 2018 1st Qtr. Tahoe Donner Statistics
- March 10 to April 9, 2018 Statistics
Greg Rankin and Chase International do not guarantee the accuracy of this information. Statistical information gathered from the Incline Village, Tahoe Sierra, Sierra Nevada, NNRMLS and the South Lake Tahoe Board of Realtors 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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