Is it a Good Time to Purchase Lake Tahoe Real Estate?
In the 4th quarter of 2018 we continue to see inventory constraints and a constant increase in the buyer base (more people coming into market). The number of distressed sales (REO and Short Sales) has been on a downturn since 2012 and is at the lowest level since the last recession. Meanwhile, the average and median home price continues to rise without hesitation. Enjoy my market report which will elaborate on my findings and please feel free to contact me with any questions as I am happy to discuss market conditions and your real estate goals.
Lake Tahoe, CA Real Estate Sales Volume Exceeds $1B for the Third Time Ever!
In North Lake Tahoe, CA and Truckee, we saw 119 single family home sales in October which pushed us through the $1B sales volume barrier for the 3rd time ever! This is the earliest we have ever exceeded $1B in single-family home sales and reflects on the tenacity of the Tahoe luxury market segment and the overall fortitude of the 2018 Tahoe real estate market. In the last month, 31% of all single-family home sales were priced over $1M with an average sale price of $2.59M showing us that the luxury home market is thriving in Lake Tahoe and Truckee.
The median home price is currently at $723,000 which has consistently been up 8% in 2018 and is reflective of the overall health of the Tahoe/Truckee markets. The average home price is currently at $1,249,000 which is up 19% over last year and reflects that 29% of all sales in 2018 have been priced over $1M.
Year over Year Lake Tahoe, CA Real Estate Market Conditions and Value Trends
Jan – Oct 2018 Statistics
- 920 Single Family Home Sales Down 3%
- Avg. Marketing Time: 64 Days Down 11%
- Avg. List to Sold Discount: 3.6% Down 3%
- Total Sales Volume: $1.15B Up 17%
- Average Price: $1.249M Up 19%
- Median Price: $723K Up 8%
- 5 REO & Short Sales Down 67%
- 16 Sales Below $300K Down 38%
- 267 Sales over $1M Up 19%
- 72 Sales over $3M Up 24%
- High Sale Price: $40M Up 63%
- Low Sale Price: $168K Up 17%
Jan – Oct 2017 Statistics
- 945 Single Family Homes
- Average Marketing Time: 72 Days
- Avg. List to Sold Discount: 3.7%
- Total Sales Volume: $952M
- Average Price: $1.007M
- Median Price: $665K
- 15 REO & Short Sales
- 26 Sales Below $300K
- 217 Sales over $1M
- 55 Sales over $3M
- High Sale Price: $15M
- Low Sale Price: $140K
Tahoe Luxury Communities Continue to Break Records
We have seen tremendous strength in the Lahontan, Martis Camp, and Gray’s Crossing golf course communities as well as Tahoe Donner, lakefront properties, and Northstar ski resort market. In 2018 we have seen 26 luxury homes trade hands that were priced over $5M, 5 homes have sold priced over $10M and we’ve had 3 incredible 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 positive on the Lake Tahoe markets and are purchasing exceptional properties at a record-breaking pace.
Pending Lake Tahoe Home Sales Show that 2018 Will Finish Strong
Currently, there are 103 single family homes in escrow with an average price of $1,526,643, a median price of $750,000 and 72% of these homes are scheduled to close in November which will help bolster the average and median home price for 2018 and add to the current record-breaking total sales volume. As ski season approaches, I expect to see Alpine Meadows, Squaw Valley, and Northstar home sales tick up as is typical due to the seasonality of ski resort home sales.
Lake Tahoe Real Estate Market Report October 2018 Highlights
- Year over year dollar volume is up 17% and is now at $1.15 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 8%
- Marketing times are down 11% to an average of 64 days
Lake Tahoe Real Estate Market Report October 2018 Sales Chart
Year Over Year Lake Tahoe Real Estate Sales Volume Chart October 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
- View All Tahoe Real Estate Market Reports
- October 2017 Lake Tahoe Market Report
- October 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 real estate market conditions in more detail or to talk about how we can achieve your real estate goals together.
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