North Lake Tahoe, CA Real Estate Sales are Having a Hard Time Keeping Up with the Record-Setting Pace of 2018
North Lake Tahoe, CA and Truckee have seen a decrease in the number of home sales in 2019 with just about every metric that I track showing red. At first glance, this appears to be a signal that things are not going well, but when we dive into the data it becomes apparent that the severe winter of 2019 created an inventory issue which plagued the first 2 quarters of the year.
Normalized Market Conditions Return to North Lake Tahoe
We’ve been experiencing more normalized market conditions, which comes as a bit of a shock coming off the heels of a record-setting year. Motivated buyers have been looking to purchase homes that did not exist in the spring, which had a negative impact on sales volume. This, in turn, affected the average home price and a number of other metrics. With that noted, we are seeing some significant sales at various price points and the median home price is up 2% over last year, which is outstanding considering that 2018 was a record-breaking sales year.
Lake Tahoe Real Estate Market Report July 2019 Highlights
- Median home price is up 2% at the end of July to $744,0000
- Luxury home sales account for 28% of all sales in 2019
- High sale for 2019 is a $37M Tahoe City lakefront, Oliver Luxury Real Estate represented the buyer
- 16 Martis Camp luxury homes have sold this year with an average price of $4.99M
- Gray’s Crossing real estate sales volume is up 23% over 2018 with the median price up 12.4%
Increased Market Activity Expected in the 3rd and 4th Quarter of 2019
As summer begins to wind down, we will likely see some significant sales take place as buyer motivation typically ramps up during the 3rd and 4th quarter of the year as thoughts of skiing powder become more prevalent with purchase decisions. I feel that we will continue to see normal market activity which should result in increased sales volume, strengthening in the average sale price, and a steady increase in luxury home sales.
Year over Year Lake Tahoe, CA Real Estate Market Conditions and Value Trends
July 2019 Statistics
- 479 Single Family Home Sales Down 12%
- Avg. Marketing Time: 73 Days Up 5%
- Avg. List to Sold Discount: 4.3% Up 9%
- Total Sales Volume: $558M Down 21%
- Average Price: $1.17M Down 10%
- Median Price: $745K Up 2%
- 3 REO & Short Sales Down 25%
- 9 Sales Below $300K Up 33%
- 133 Sales over $1M Down 20%
- 32 Sales over $3M Down 32%
- High Sale Price: $37M Down 8%
- Low Sale Price: $175K Down 12%
July 2018 Statistics
- 546 Single Family Homes
- Average Marketing Time: 69 Days
- Avg. List to Sold Discount: 3.9%
- Total Sales Volume: $707M
- Average Price: $1.3M
- Median Price: $728K
- 4 REO & Short Sales
- 6 Sales Below $300K
- 166 Sales over $1M
- 47 Sales over $3M
- High Sale Price: $40M
- Low Sale Price: $199K
Lake Tahoe Real Estate July 2019 Market Report Sales Chart
Lake Tahoe Real Estate July 2019 Sales Volume Chart
*North Lake Tahoe, CA and Truckee Single-Family Home sales including lakefronts. Data is taken from the Tahoe-Sierra Board of Realtors, MLS Areas 1-9.
Lake Tahoe Real Estate Market Report Archive
Contact Dave Westall – Lake Tahoe Real Estate Agent
Do you have questions about Lake Tahoe Real Estate? Please call me at (530) 448-9882 if you would like to discuss Lake Tahoe real estate market conditions in more detail or to talk about how we can achieve your real estate goals together.
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