New record, the most $1M+ home sales in the month of January for North Lake Tahoe, CA and Truckee!
In January the average home price jumped 33% as we saw 22 sales over $1m and 7 sales over $3M with a high sale price of $8.8M! The volume of $1M+ home sales is a record for North Lake Tahoe, CA and Truckee real estate sales. Total dollar volume for the month of January was up 29.6% to $83M showing the tenacity of the single home market in N. Lake Tahoe.
Luxury buyers are continuing to make moves in the Tahoe markets. The majority of these luxury home sales taking place within the gates of the prestigious Martis Camp golf course community in Truckee, CA. The median home price is down almost 10% (what the what), which is due to a historical lack of inventory, especially in the $500K to $800K price points. Buyers can’t purchase what doesn’t exist, which is likely to be a theme in the coming months.
Lake Tahoe Real Estate is in high demand!
Demand for Tahoe real estate is energetic, even during a mild winter with minimal snowfall. The Bay Area loves Tahoe for its proximity, access to recreation, and perception of an affordable and desirable place to own a second home. Tahoe Donner is arguably the most popular neighborhood in Truckee and provides a good micro overview of the market. During the summer months in Tahoe Donner, there can be 85-140 homes for sale in a typical year (sometimes more). As of today, there are only 22 homes for sale, which highlights the scarcity of quality listings in the North Lake Tahoe and Truckee marketplace. Coincidentally, there are 22 homes pending in Tahoe Donner and in the month of January, 19 homes sold which shows that Tahoe Donner only has a little over 1 month supply of inventory. This is indicating a seller’s market. Every neighborhood has differing market conditions, but Tahoe Donner is a reliable indicator for the Truckee/North Lake Tahoe CA real estate markets.
If you are thinking of selling your home this spring, I would recommend listing now (if possible) as buyer demand is strong, and inventory is low. You will be able to sell for some of the highest prices of the year. Once the ski season is over, we will see a steady rise in inventory, but I think we will continue to see inventory shortages throughout the year. The best time to list a property is when there are buyers looking, that time is now.
Lake Tahoe Real Estate Market Report January 2018 Highlights
- New Record! Most $1M+ home sales in the month of January
- Sales of $1M+ homes are up 36% over January 2017
- 7 homes sales in January over $3M with a high sale price of $8.8M
- Total dollar volume for January was at $83M witch is up 29.6%
- Average home price is up 33% over January 2017
- Median home price is down 9.6%, mostly due to a lack of inventory
Year over Year Lake Tahoe, CA Real Estate Market Conditions and Value Trends
January 2018 Statistics
- 62 Single Family Home Sales Down 4.6%
- Avg. Marketing Time: 100 Days Up 14%
- Avg. List to Sold Discount: 4.9% Up 24%
- Total Sales Volume: $83M Up 29.6%
- Average Price: $1.34M Up 33%
- Median Price: $628K Down 9.6%
- 0 REO & Short Sales Even
- 1 Sale Below $300K Even
- 22 Sales over $1M Up 36%
- 7 Sales over $3M Up 57%
- High Sale Price: $8.8M Up 56%
- Low Sale Price: $215K Down 28%
January 2017 Statistics
- 65 Single Family Homes
- Average Marketing Time: 86 Days
- Avg. List to Sold Discount: 3.7%
- Total Sales Volume: $58.4M
- Average Price: $899K
- Median Price: $695K
- 0 REO & Short Sales
- 1 Sale Below $300K
- 14 Sales over $1M
- 3 Sales over $3M
- High Sale Price: $3.9M
- Low Sale Price: $299K
Lake Tahoe Real Estate Market Report January 2018 Sales Chart
Year Over Year Lake Tahoe Real Estate Sales Volume Chart January 2018
Lake Tahoe Market Report Archive
- View All Tahoe Real Estate Market Reports
- January 2017 Lake Tahoe Market Report
- January 2016 Lake Tahoe Market Report
*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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OLIVER LUXURY REAL ESTATE
CA BRE# 01796995