Wow, we are already in the 4th quarter of 2015, someone wake up the market! After a robust year of sales in 2014 with double digit appreciation I figured that home pricing in 2015 might cool off a little, but I never thought that the market would be plagued by flat to negative appreciation. It seems that the California drought, turbulence in the financial markets and uncertainty in the global economy have taken many buyers out of the game. With that said, real estate sales volume in Lake Tahoe and Truckee is up 7% over 2014 showing that buyers still have a thirst for Tahoe real estate. Although sales volume is strong buyers are not willing to pay a premium for Tahoe real estate, especially when marketing times are up 16% over last year. We are in a buyer’s market and this year the best homes in their segment are selling quickly while a majority of inventory is lingering.
Q3 2015 Lake Tahoe Real Estate Market Analysis Chart
*North Lake Tahoe and Truckee Single Family Homes Including Lakefronts. Data taken from the Tahoe-Sierra Board of Realtors MLS Areas 1-9
Lake Tahoe Luxury Sales
Over the last month we have seen increased strength in the luxury segment of the market and if this pace continues in the 4th quarter we should end the year in positive territory, which would be fantastic seeing how 2014 was a record setting year. Currently, there are 25 pending luxury home sales with an average price of $2.6M showing continued demand for Tahoe luxury properties. If you look at the market as a whole there are 156 pending sales with an average price of $876K which will help strengthen the market when these homes close.
Year over Year Lake Tahoe Real Estate Market Analysis
January – September 2015 Statistics
- 702 Single Family Home Sales up 7%
- Avg Marketing Time: 100 Days up 16%
- Avg List – Sold Discount: 3.3% down 21%
- Average Price: $857K down 7.4%
- Median Price: $555K down 5%
- 26 REO & Short Sales down 41%
- 8 Sales Below $200K up 25%
- 112 Sales over $1M down 10%
- 32 Sales over $3M down 18%
- High Sale Price: $8.85M down 37%
- Low Sale Price: $100K up 24%
January – September 2014 Statistics
- 653 Single Family Homes
- Average Marketing Time: 84 Days
- Avg. List to Sold Discount: 4.2%,
- Average Price: $925K
- Median Price: $585K
- 44 REO & Short Sales
- 6 Sale Below $200K
- 124 Sales over $1M
- 39 Sales over $3M
- High Sale Price: $14M
- Low Sale Price: $76K
Please feel free to contact me to discuss the Lake Tahoe and Truckee markets, I would be happy to answer any questions you have or provide insight into market conditions for your specific Tahoe/Truckee neighborhood. With high buyer demand this has been a busy summer for real estate sales, so if you are considering selling your Tahoe property lets talk today and discuss how I can help you sell your home for a price that will exceed your goals.
Want to know the value of your Lake Tahoe home?
David Westall, Realtor
OLIVER LUXURY REAL ESTATE
CA BRE# 01796995
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