Luxury Home Sales Pull the Tahoe Real Estate Market up 17% in Q2
The second quarter has come to a close and the summer selling season in Lake Tahoe is in full swing. With 6 months of sales data behind us it’s clear that the 2016 Lake Tahoe real estate market is humming as shown by the average sales price which is up 17% over last year. In June we saw a minor slowdown in sales volume but with that said, volume is up 13% over 2015 and is the highest sales volume over the last 11 years.
In the second quarter, sales of luxury homes are up 52% showing that wealthy buyers are confident in the Lake Tahoe luxury real estate market and see real estate investments as a safe bet over the volatile stock market. We are seeing a tremendous amount of competition in the sub $600K price ranges which has created a higher level of multiple offer situations. I anticipate that the market will remain strong over the next quarter and pricing will stay positive for the remainder of the year.
Year over Year Statistical Comparison
Q2 2016 Statistics
- 473 Single Family Home Sales up 13%
- Avg. Marketing Time: 110 Days dwn 1.8%
- Avg. List to Sold Discount: 3.5% up 17%
- Average Price: $1.003M up 17%
- Median Price: $615K up 11%
- 14 REO & Short Sales down 22%
- 17 Sales Below $300K down 26%
- 117 Sales over $1M up 52%
- 33 Sales over $3M up 48%
- High Sale Price: $8.9M even
- Low Sale Price: $202K up 50%
Q2 2015 Statistics
- 411 Single Family Homes
- Average Marketing Time: 112 Days
- Avg. List to Sold Discount: 2.9%
- Average Price: $836K
- Median Price: $550K
- 18 REO & Short Sales
- 23 Sale Below $300K
- 56 Sales over $1M
- 17 Sales over $3M
- High Sale Price: $8.85M
- Low Sale Price: $100K
Year Over Year Lake Tahoe Real Estate Sales Chart
*North Lake Tahoe and Truckee Single Family Home sales including lakefronts. Data taken from the Tahoe-Sierra Board of Realtors, MLS Areas 1-9.
Year Over Year Lake Tahoe Real Estate Sales Volume Chart
Past Market Reports
View All of My Tahoe Real Estate Market Reports
Do you have questions about Lake Tahoe Real Estate? Please call me if you would like to discuss the Lake Tahoe real estate market conditions in more detail or talk about the specific market conditions where your home is located. I would be happy to put together a specific market analysis for your home and provide you with information about how I can help you sell your home for top dollar.
Want to know the value of your Lake Tahoe home?
David Westall, Realtor
OLIVER LUXURY REAL ESTATE
P: 530-448-9882
David@WestallRealEstate.com
CA BRE# 01796995
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