Lake Tahoe Real Estate Demand is Robust While Inventory Levels Remain Low
The Lake Tahoe real estate markets are off to a great start in 2016! Just about every metric is showing positive gains and buyer demand remains strong while inventory is almost non-existent. Every time it snows people are excited to ski fresh powder and unwind in Tahoe while enjoying the deep snowpack. With each passing storm, buyers become more excited about the prospect of owning in Tahoe which is helping to drive demand. Excitement is also brewing as the water level of Lake Tahoe is rising and rafting on the Truckee River is becoming a reality for the summer of 2016.
So far this year we have had 128 single family home sales in North Lake Tahoe and Truckee which is the highest sales volume for this time period over the last 11 years! Low inventory and high buyer demand have sent home pricing up 12% over last year and sales of luxury homes are up 44%. To say the least, we are off to a great start and I anticipate that the Lake Tahoe real estate markets will show continued strength as the year progresses.
February 2016 Lake Tahoe Real Estate Statistical Analysis
Jan. – Feb. 2016 Statistics
- 128 Single Family Home Sales up 18%
- Avg. Marketing Time: 136 Days up 7%
- Avg. List to Sold Discount: 4.5% even
- Average Price: $1.1M up 7%
- Median Price: $624K up 12%
- 2 REO & Short Sales down 60%
- 0 Sales Below $200K down 100%
- 34 Sales over $1M up 44%
- 12 Sales over $3M up 58%
- High Sale Price: $7.18M down 6.7%
- Low Sale Price: $219K up 9.5%
Jan. – Feb. 2015 Statistics
- 105 Single Family Homes
- Average Marketing Time: 127 Days
- Avg. List to Sold Discount: 4.5%,
- Average Price: $1.02M
- Median Price: $552K
- 5 REO & Short Sales
- 2 Sale Below $200K
- 19 Sales over $1M
- 5 Sales over $3M
- High Sale Price: $7.7M
- Low Sale Price: $198K
Year Over Year February Lake Tahoe Real Estate Sales Chart
*North Lake Tahoe and Truckee Single Family Homes including lakefronts. Data taken from the Tahoe-Sierra Board of Realtors, MLS Areas 1-9.
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 please feel free to call or email me. 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
CA BRE# 01796995
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