The average home price in North Lake Tahoe, CA and Truckee is at a new record high!

In 2018 we are seeing extremely low inventory levels, especially in the sub $1M price points, if you are looking for a home below $700K the inventory becomes increasingly tighter. The inventory constrained market has caused the median home price to fall 4% off 2017 as there are very few homes for buyers to purchase and most buyers are willing to wait until inventory levels rise before making a purchase decision.

Discerning sellers are taking advantage of low inventory levels and are selling their homes quickly and for top dollar. In the last 12 months, there have been 1,219 single family home sales which equate to 101.58 sales per month on average. Currently, there are 202 homes for sale in the Tahoe-Sierra MLS which means that we only have a 2 month supply of inventory which shows that we are in a strong seller’s market. Undoubtedly, there is going to be a steady rise in inventory in the spring, which means more competition and will cause demand to soften. Now is the time to list your Tahoe or Truckee home!

Lake Tahoe luxury real estate is in high demand!

The Lake Tahoe luxury home market has been super active in 2018 with 32% of all sales in the $1M+ price points, pushing the average home price to $1,184,000, which is a new record high. Most sales over $3M have been within the prestigious Martis Camp golf course community, but we have also seen a few lakefronts trade hands, as well as Dollar Point homes and Tahoe Donner luxury homes, are trading at a feverish pace. Currently, Oliver Luxury Real Estate has the Carousel Lakefront Estate located at 2340 Sunnyside Lane, Tahoe City in escrow, which was listed at $29.5M and will most likely be the highest priced sale of 2018!

Lake Tahoe Real Estate Market Report February 2018 Highlights

The average Lake Tahoe, CA home price has set a new record
There is a severe lack of inventory creating a seller’s market
Luxury Tahoe home sales account for 32% of all sales in 2018
Total dollar volume is up 26% over 2017

Year over Year Lake Tahoe, CA Real Estate Market Conditions and Value Trends

Jan – Feb 2018 Statistics

119 Single Family Home Sales Up 6%
Avg. Marketing Time: 86 Days Dwn 5.5%
Avg. List to Sold Discount: 4.4% Up 4.5%
Total Sales Volume: $141M Up 26%
Average Price: $1.18M Up 21%
Median Price: $660K Down 4%
2 REO & Short Sales Even
2 Sales Below $300K Down 33%
38 Sales over $1M Up 32%
10 Sales over $3M Up 40%
High Sale Price: $8.8M Up 48%
Low Sale Price: $215K Up 21%

Jan – Feb 2017 Statistics

112 Single Family Homes
Average Marketing Time: 91 Days
Avg. List to Sold Discount: 4.2%
Total Sales Volume: $105M
Average Price: $933K
Median Price: $688K
2 REO & Short Sales
3 Sales Below $300K
26 Sales over $1M
6 Sales over $3M
High Sale Price: $4.6M
Low Sale Price: $169K

Lake Tahoe Real Estate Market Report February 2018 Sales Chart

Click Image to Enlarge Chart

Year Over Year Lake Tahoe Real Estate Sales Volume Chart February 2018

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Lake Tahoe Market Report Archive

*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.

Do you have questions about Lake Tahoe Real Estate? Please call me at (530) 448-9882 if you would like to discuss Lake Tahoe market conditions in more detail or to talk about how I can help you achieve your real estate goals.

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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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Lake Tahoe Real Estate Market Report February 2018