Luxury Home Sales Push the Tahoe Markets Higher in Q3
The 3rd Quarter of 2016 has concluded and market trends show that Lake Tahoe California real estate is in high demand as all major indicators are showing positive growth (see statistics below). Sales volume is up 16% over last year which is the highest volume in over 11 years.
The luxury segment of the market, specifically Martis Camp real estate is driving average home pricing higher. 38 of the 57 sales over $3M are from the Martis Camp subdivision which shows me that there is high demand for modern mountain architecture and amenity rich communities. In September 2016, Oliver Luxury Real Estate closed 1970 West Lake Blvd at $17.5M, the highest priced lakefront sale since 2008. Wealthy buyers are parking huge amounts of cash in Tahoe which is why luxury home sales are up 44% in 2016.
If we get some early season snow around the holidays and ski resorts open as planned, I would expect another surge of demand for Tahoe real estate. It also appears that buyers will have more confidence in the market once the Presidential elections take place next month. Political and weather-related uncertainty can slow down the market so it will be interesting to see how things shake out over the next quarter. My fingers are crossed for early season snow!
Year over Year Q3 Statistical Comparison
Q3 2016 Statistics
- 844 Single Family Home Sales up 16%
- Avg. Marketing Time: 91 Days down 8%
- Avg. List to Sold Discount: 3.2% down 3%
- Average Price: $1.026M up 18%
- Median Price: $612K up 9.8%
- 19 REO & Short Sales down 27%
- 26 Sales Below $300K down 35%
- 203 Sales over $1M up 44%
- 57 Sales over $3M up 44%
- High Sale Price: $17.5M up 49%
- Low Sale Price: $192K up 48%
Q3 2015 Statistics
- 712 Single Family Homes
- Average Marketing Time: 99 Days
- Avg. List to Sold Discount: 3.3%
- Average Price: $854K
- Median Price: $552K
- 26 REO & Short Sales
- 40 Sale Below $300K
- 113 Sales over $1M
- 32 Sales over $3M
- High Sale Price: $8.85M
- Low Sale Price: $100K
Year Over Year 3rd Quarter Lake Tahoe Real Estate Sales Chart
*North Lake Tahoe and Truckee Single Family Home sales including lakefronts. Data taken from the Tahoe-Sierra Board of Realtors, MLS Areas 1-9.
Year Over Year Q3 Lake Tahoe Real Estate Sales Volume Chart
Past Market Reports
Do you have questions about Lake Tahoe Real Estate? Please call me at (530) 448-9882 if you would like to discuss the Lake Tahoe real estate market conditions in more detail or talk about the specific market conditions where your home is located. I would be happy to put together a specific market analysis for your home and provide you with information about how I can help you sell your home for top dollar.
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David Westall, Realtor
OLIVER LUXURY REAL ESTATE
CA BRE# 01796995