Coldwell Banker Market Report: Jan – April 2019

Coldwell Banker

2019 Real Estate Market Report

North Lake Tahoe -Truckee

Residential Properties – Single Family Homes and Condominiums

Activity January Through April 2019

Residential Sales Summary 2019

Total Residential Sales:  Strong market activity in April is bringing renewed optimism to the Lake Tahoe real estate market.  April activity jumped from 85 sales in 2018 to 98 in 2019.  That registers as a 15% increase for the month. 

We are still trailing 2018 sales for the January through April period, with 355 sales in 2018 and 323 in 2019 (a decrease of 9%).  This isn’t too large a gap considering the severity of the weather this year.  The average number of sales for this period, over the last 10 years, is 332.

Of the total sales, 228 (71%) were single family homes and  95 (29%) were condos.  In 2018 there were 260 single family homes sold and 95 condos in the same period.

Coldwell Banker Ranks #1:  Among all brokerages in North Lake Tahoe and Truckee, Coldwell Banker continues to rank #1 in total number of sales.  For the previous 12 months, Coldwell Banker represented 17.68% of sales.  This represents 55% more sales than our next closest competitor (11.40%). 

REO & Short Sales:  In this robust economy, distressed sales are rare.  There has been 1 short sale and 1 REO sale so far this year. 

Median and Average Sales Prices:  The median sales price for residential sales in January through April was $650,000 which is down slightly as compared to the same period in 2018 when the median sales price was $655,000.  The average sales price is down over 8% to $1,075,543 in 2019 as compared to last year’s average price of $1,169,881 for the same period. 

Sales Under $500,000:  So far this year, residences priced under $500,000, represented almost 30% of the sales or 96 properties sold.  Of those sales, 64 were condos.  For the same period in 2018 there were 102 properties sold in this price range, 53 of which were condos.

Mid-Range Market Sales $500,000 to $999,999:  There were  151 sales between $500,000 and $999,999, representing almost 47% of total sales.   Twenty one of the sales were condos.  For the same period in 2018, there were 152 sales, 28 of which were condos.

Luxury Home Sales Over $1.0 Million:  76 properties sold over $1 million, representing 23.5% of total sales.  This is down from 105 sales in the price range in 2018.  That’s a 28% drop off in number of sales for the luxury market.

Active Residential Inventory Summary:

Active Listings:  Currently there are 401 residences for sale (259 homes and 142 condos).  There are 118 residences in contract.  Fifty three of those residences went into contract in April.  Relative to the past 30 days activity, there is about 7.5 months of inventory on the market.

The number of homes for sale jumped by about 15% in the last month.  That percentage is likely to jump even higher over the next 2 months+, as we come into the prime selling season.  Typically we approach our peak inventory of homes for sale in July and see that level maintain through the summer months (as some homes sell, while others continue to come onto the market to replace them). 

What’s Going On In Tahoe?

We thought we had fully transitioned into warm weather, but now we are staring another snow storm in the face!  At lake level, most the snow has melted, but there is still significant snow at higher elevations especially in areas with limited sun exposure.  The skiing is still really good!  A few golf courses are starting to open up, and most will be open by mid June.  Other summer activities should be in full effect for Memorial Day weekend (when it is supposed to warm back up), with the exception of things that involve facilities at higher elevations.  As I’ve said before, a big winter leads to full lakes, and a gorgeous summer . . . come on up and enjoy it!

If you are finding damage to your Tahoe home as the snow melts, please let me know! I may be able to help you make arrangements for repairs.