Total Dollar Volume in N. Lake Tahoe, CA is up 30% over 2017!
Demand for North Lake Tahoe, CA and Truckee real estate continues to exceed supply which is pushing pricing upwards, reducing marketing times and has led to a 30% jump in total sales volume over 2017! Every metric that I track is up over last year and with significant gains in the average home price, the number of luxury home sales, and a huge reduction in entry-level inventory. Sales of luxury homes make up 33% of all home sales in 2018 which has pushed the average home price to a new record! In May, Oliver Luxury Real Estate sold a $40M lakefront on the fabled Sunnyside Lane in Tahoe City, and a number of other high-end luxury homes have traded hands which shows that wealthy buyers have a strong appetite for ultra-luxury homes in the Tahoe and Truckee real estate markets.
Lake Tahoe Real Estate Inventory Levels Remain Low
In 2018 buyers struggle to find high-quality inventory and when a good home comes on the market they sell quickly, for top dollar, and the competition can be fierce. Sellers are enjoying shorter marketing times for their listings and pricing continues to rise as we enter the summer selling season. Buyers searching for homes in the sub $600K price points are struggling to find inventory as this is the most constrained segment of the market and also the most competitive. It is not uncommon for homes in these lower price points to have multiple offers and to sell above asking price. It is more important than ever to work with an agent that has experience with multiple offer situations and an agent that can help you effectively evaluate the Tahoe real estate market so that you can submit the strongest offer possible.
In the coming months, we expect inventory levels to increase but it does not appear that there will be a surplus of inventory in the summer of 2018 and I expect that single-family home pricing will continue to appreciate throughout the year. In this market, do not hesitate if you see a house that you like as competition is strong.
Lake Tahoe Real Estate Market Report May 2018 Highlights
- Year over year dollar volume is up 30%
- Oliver Luxury Real Estate sets a record with the sale of a $40M lakefront sale in Tahoe City
- Luxury home sales account for 33% of all sales in 2018
- Median home price is up 11%
- Marketing times are down 19% to 79 days on average
Year over Year Lake Tahoe, CA Real Estate Market Conditions and Value Trends
May 2018 Statistics
- 337 Single Family Home Sales Up 6%
- Avg. Marketing Time: 79 Days Down 19%
- Avg. List to Sold Discount: 4.3% Down 4%
- Total Sales Volume: $446M Up 30%
- Average Price: $1.32M Up 25%
- Median Price: $729K Up 11%
- 3 REO & Short Sales Down 57%
- 6 Sales Below $300K Down 46%
- 111 Sales over $1M Up 37%
- 32 Sales over $3M Up 56%
- High Sale Price: $40M Up 63%
- Low Sale Price: $199K Up 30%
May 2017 Statistics
- 317 Single Family Homes
- Average Marketing Time: 97 Days
- Avg. List to Sold Discount: 4.5%
- Total Sales Volume: $313M
- Average Price: $988M
- Median Price: $652K
- 7 REO & Short Sales
- 11 Sales Below $300K
- 70 Sales over $1M
- 14 Sales over $3M
- High Sale Price: $15M
- Low Sale Price: $140K
Lake Tahoe Real Estate Market Report May 2018 Sales Chart
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Year Over Year Lake Tahoe Real Estate Sales Volume Chart May 2018
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*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 Market Report Archive
- View All Tahoe Real Estate Market Reports
- May 2017 Lake Tahoe Market Report
- May 2016 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 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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