North Lake Tahoe and Truckee Real Estate saw 98 single family home sales in the month of November which pushed single-family home sales to $1.25B setting a new sales volume record and there is still a month of sales left to go in 2018! The success of this year is attributed to the strength of the luxury markets and the fact that 29% of all single-family home sales in 2018 were priced over $1M.
Lake Tahoe Real Estate Market Report November 2018 Median Home Price
The median home price is currently at $724,000 which has consistently been up 7% in 2018 and is reflective of the overall health of the Tahoe/Truckee real estate markets. The average home price is currently at $1,223,000 which is up 18% over last year and reflects the tenacity of the Lake Tahoe luxury real estate markets. This is the first month in 12 years where the median home price is higher than the peak market pricing in 2006 just prior to the great recession.
Lake Tahoe Real Estate Market Report November 2018 Luxury Real Estate
Demand for luxury homes in Lahontan, Martis Camp, Schaffer’s Mill, Gray’s Crossing, and Lake Tahoe waterfront properties has been at an all-time high. In 2018 we have seen 28 luxury homes trade hands that were priced over $5M, 5 homes have sold priced over $10M and we’ve had 3 incredible Tahoe lakefront sales priced over $20M! Oliver Luxury Real Estate represented 3 of the top 5 sales in 2018 including the record-breaking $40M Tahoe City lakefront sale on the fabled Sunnyside Lane. Luxury buyers are single-family on the Lake Tahoe markets and have been purchasing exceptional properties at a record pace.
Currently, there are 78 single-family homes in escrow with an average price of $1,631,164, a median price of $797,000 and 59% of these homes are scheduled to close in December which will help bolster an already record-setting year.
Year over Year Lake Tahoe, CA Real Estate Market Conditions and Value Trends
Jan – Nov 2018 Statistics
- 1021 Single Family Home Sales Down 5%
- Avg. Marketing Time: 64 Days Down 15%
- Avg. List to Sold Discount: 3.5% Down 5%
- Total Sales Volume: $1.25B Up 14%
- Average Price: $1.223M Up 18%
- Median Price: $724K Up 7%
- 7 REO & Short Sales Down 59%
- 16 Sales Below $300K Down 41%
- 292 Sales over $1M Up 14%
- 76 Sales over $3M Up 21%
- High Sale Price: $40M Up 63%
- Low Sale Price: $168K Up 18%
Jan – Nov 2017 Statistics
- 1069 Single Family Homes
- Average Marketing Time: 75 Days
- Avg. List to Sold Discount: 3.7%
- Total Sales Volume: $1.07B
- Average Price: $1.0M
- Median Price: $670K
- 17 REO & Short Sales
- 27 Sales Below $300K
- 250 Sales over $1M
- 60 Sales over $3M
- High Sale Price: $15M
- Low Sale Price: $138K
Lake Tahoe Real Estate Market Report November 2018 Highlights
- Year over year dollar volume is up 14% and is now at $1.25 billion, a new record
- Oliver Luxury Real Estate sets a record with the sale of a $40M Tahoe City lakefront estate
- Luxury home sales account for 29% of all sales in 2018
- Median home price is up 7%
- Marketing times are down 15% to an average of 64 days
Lake Tahoe Real Estate Market Report November 2018 Sales Chart
Year Over Year Lake Tahoe Real Estate Sales Volume Chart November 2018
*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
Contact Dave Westall – Lake Tahoe Real Estate Agent
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