Tahoe Real Estate Sales Volume Remains Strong
With 7 months behind us, the highlight of the 2015 Tahoe real estate market is our sales volume, which is up 8% over 2014. Even more amazing is that year over year sales volume for the month of July is up 25%! This shows me that consumer confidence is high and buyers are willing to invest in the Tahoe lifestyle. We are still about 16% off 2006 pricing (resistance level) so buyers see the potential for appreciation and are making moves. With that said, buyers have become more discerning and are only purchasing properties that are “good deals” which has led to a 15% increase in the average marketing time (from 90 days to 106 days). Pricing your home correctly is paramount to selling your property as overpriced real estate listings are lingering.
In the Tahoe markets, luxury home sales ($1M+) make up 14% of total sales but account for 44% of the total dollar volume. Overall, luxury home sales are strong in 2015 with 71 sales over $1M and 22 sales over $3M, but sales volume in this segment is down 19% this year. In 2014, 60% of luxury home sales occurred in Q3 and Q4 so I remain confident that 2015 will have a strong finish. Currently there are some amazing Tahoe luxury properties for sale when these homes trade we will see a positive bump in the market. 2014 was a solid year for luxury home sales and so far 2015 is having a hard time keeping pace.
Building off the analysis I performed last month, I removed all luxury home sales ($1M+) and I was amazed to see that the number of home sales in the sub $1M price range is up 12% and that the median home price is up 3% over 2014. This shows me that the market is strong but there is fluctuation in the luxury segment. Overall I’m confident that the 2015 Tahoe market will show appreciation by year end and that even the luxury segment will show gains.
July 2015 Lake Tahoe Real Estate Market Trend Chart
*North Lake Tahoe and Truckee Single Family Homes Including Lakefronts. Data taken from the Tahoe-Sierra Board of Realtors MLS Areas 1-9
Year over Year Market Analysis
July 2015 Statistics
- 500 Single Family Home Sales up 8%
- Avg. Marketing Time: 105 Days up 14%
- Avg. List to Sold Discount: 3%, down 32%
- Average Price: $851K down 8%
- Median Price: $551K down 4%
- 21 REO & Short Sales down 45%
- 7 Sales Below $200K up 43%
- 71 Sales over $1M down 19%
- 22 Sales over $3M down 19%
- High Sale Price: $8.85M down 37%
- Low Sale Price: $100K up 24%
July 2014 Statistics
- 460 Single Family Homes
- Average Marketing Time: 90 Days
- Avg. List to Sold Discount: 4.4%,
- Average Price: $929K
- Median Price: $575K
- 38 REO & Short Sales
- 4 Sale Below $200K
- 88 Sales over $1M
- 27 Sales over $3M
- High Sale Price: $14M
- Low Sale Price: $76K
Please feel free to contact me to discuss the Lake Tahoe and Truckee market as I would be happy to answer any questions you have or provide insight into market conditions for your specific Tahoe/Truckee neighborhood. With high buyer demand this is going to be a busy summer for real estate sales, so if you are considering selling your Tahoe property lets talk today and discuss how I can help you sell your home for a price that will exceed your goals.
Want to know the value of your Lake Tahoe home?
David Westall, Realtor
OLIVER LUXURY REAL ESTATE
CA BRE# 01796995
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