The Tahoe Real Estate Markets are Gaining Steam in August and the Median Home Price is up 7.3%
The North Lake Tahoe, CA and Truckee real estate markets are gaining strength in the 3rd Quarter as many indicators are showing positive gains. The current market is still off a bit from last year (historical sales year). This is mostly due to the epic winter we just experienced which delayed the start of the selling season and in turn created inventory issues. The race leader is within sight and we are making up distance at a rapid clip.
Lake Tahoe Real Estate Market Report August 2017 Highlights
• Homes are selling faster as the average marketing time is now 75 days which is 22% quicker than last year.
• The median home price is up 7.3% this year and median home pricing has risen 35% since the market low in 2012. We are still 10% off peak market pricing from 2006.
• We are seeing fewer distressed sales (REO and Short Sales) and there are fewer home sales below $300K showing that our market is healthy and that the lower end price points are pushing higher.
• Sales of luxury homes priced over $1M are down 23% from 2016. Historically we are seeing very good sales volume in the luxury market but we are having a hard time keeping pace with the record sales year of 2016. For example, in 2006 which is considered the height of the market, there were only 108 sales over $1M by the end of August, so historically we are looking very strong.
• Currently, there are 196 homes in escrow with an average price of $1,140,956 and a median price of $689,000. There are 58 homes in escrow over $1M and there are 25 homes over $2M in escrow. These pending sales show that the market is pushing higher in Q3 with continued strength.
Year over Year Lake Tahoe, CA Real Estate Market Conditions and Value Trends
August 2017 Statistics
- 641 Single Family Home Sales Down 10%
- Avg. Marketing Time: 75 Days Down 22%
- Avg. List to Sold Discount: 3.6% Up 8.4%
- Total Sales Volume: $638M Down 11%
- Average Price: $995 Down 1.4%
- Median Price: $663K Up 7.3%
- 14 REO & Short Sales Down 22%
- 20 Sales Below $300K Down 20%
- 136 Sales over $1M Down 23%
- 34 Sales over $3M Down 31%
- High Sale Price: $15M Up 41%
- Low Sale Price: $140K Down 31%
August 2016 Statistics
- 714 Single Family Homes
- Average Marketing Time: 96 Days
- Avg. List to Sold Discount: 3.3%
- Total Sales Volume: $718M
- Average Price: $1.009M
- Median Price: $615K
- 18 REO & Short Sales
- 25 Sales Below $300K
- 177 Sales over $1M
- 49 Sales over $3M
- High Sale Price: $8.9M
- Low Sale Price: $202K
*North Lake Tahoe, CA and Truckee, CA 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 Sales 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.
Year Over Year Lake Tahoe Real Estate Sales Volume Chart
Past Lake Tahoe Market Reports
- View All Tahoe Real Estate Market Reports
- August 2016 Lake Tahoe Market Report
- August 2015 Lake Tahoe Market Report
Do you have questions about Lake Tahoe Real Estate? Please call me at (530) 448-9882 if you would like to discuss market conditions in more detail or to talk about how I can help you achieve your real estate goals.
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