Below is the 2015 Year End North Tahoe – Truckee Real Estate Market Report. I’ve summarized residential sales including distressed properties, broken down sales by area and price range, as well as, discussed the outlook for real estate sales in the first quarter of 2016.
Summary of Residential Property Sales
Total North Tahoe – Truckee Real Estate Sales: 2105 was the 2nd year in a row that total Residential Real Estate sales in the North Tahoe – Truckee area exceeded One Billion dollars! It was a good year. The number of properties sold (1301) was an increase of 2.7% over 2014, however, the total dollar volume of sales ($1,026,607,452) was 4.9% below 2014. This was due to a 17% reduction, in both number of properties sold and dollar volume, in the over $1,000,000 price range. Single family home sales (1023) were 79% of the total number of sales and condominium sales (278) were 21%. This was a slight change from 2014; 4% increase in single family home sales and a 4% decrease in condominium sales.
Distressed properties: Bank Owned and Short Sales have continued to be a smaller portion of total sales since their peak in 2011. In 2014 Distressed Property sales (58) were 4.6% of total sales. In 2015 that number dropped by 45% to only 2.5% of total sales (32).
North Tahoe – Truckee Real Estate Sales by Area:
- Tahoe (Westshore to Incline Village): 468 properties sold (36% of market), $415,417,661 in total volume (40.5% of market). Approximately 10% increase over 2014.
- Truckee: 703 properties sold (54% of market), $535,930,447 in total volume (52.2% of market). Properties sold increased by 1% and dollar volume decreased by 8.8% from 2014.
- Squaw Valley & Alpine Meadows: 70 properties sold (5.4% of market), $48,400,600 in total volume (4.7% of market). Properties sold decreased by 13.6% and dollar volume decreased by 35% from 2014.
- Surrounding Area: 60 properties sold (4.6% of market), $26,828,744 in total volume (2.6% of market). Properties sold decreased by 1% and dollar volume decreased by 17.9% from 2014.
North Tahoe – Truckee Real Estate Sales by Price Range:
- Below $500,000: 602 properties sold (46% of market), $217,924,490 in total volume (21.2% of market). Properties sold increased by 4.2% and dollar volume increased by 7% over 2104.
- $500,000 to $1,000,000: 501 properties sold (39% of market), $340,676,359 in total dollar volume (33.2% of market). Properties sold increased by 11.6% and dollar volume increased by 10.2% over 2014.
- Over $1,000,000; 198 properties sold (15% of market), $468,006,603 in total dollar volume (45.6% of market). Properties sold and dollar volume decreased by 17% from 2014.
Average and Median Sales Prices: The Average Sales Price in 2015 for all residential properties sold was $789,091. That was down from 2014 by 7.1%. The Median Sales Price of $525,000 was down only 2.1% from the previous year. In my opinion that is a reflection of the drop, in both number of sales and dollar volume, of the properties that sold in the over $1,000,000 category.
Summary of Residential Inventory
Active Listings: Similar to 2014, we started the year with just 545 active residential listings. By late June we had 910 active listings and 2015 ended with just 589. That is a typical pattern for our market.
2016 Is Off To A Good Start
As of the end of January 2016, we have 574 active residential listings. 92 properties have gone into escrow since the 1st of the year (8 of which have closed escrow). Interest rates are still very favorable and there are many properties still listed at 5 to 6 year lows and smart real estate investors are already acting. There have been 99 new residential listings. The current El Nino is giving us a wonderful ski season which is bringing many more buyers to our area than at this time last year. I expect that we will see a stronger 1st Quarter this year than we had in 2015. If you are considering purchasing property in this area, now is the time to act!
Resort Realty Services, Inc. does not guarantee the accuracy of this information. This data was obtained from the Tahoe Sierra Board of Realtors MLS. Not all real estate transactions in our area go through our MLS, therefore, this information may not be completely accurate. CalBRE License #01204227
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