2019 Real Estate Market Report
North Lake Tahoe -Truckee
Single Family Homes and Condominiums
Total Residential Sales:
We've long said that the fall season is what sets apart the “normal” years from the “good to great” years in our real estate market. While this year has not equaled the record levels of recent years, the overall numbers are for 2019 are far better than "normal," which is in part due to the substantial sales activity this fall.
There were 164 sales in October (single family homes and condos), surpassing September by 2 sales and supplanting it as the second busiest month in 2019. Total sales volume for the month was $155,292,378. The number of transactions surpassed October 2018, when there were 163 sales, and is the third busiest October in the last 10 years (over the last 10 years October has averaged 144 sales and ranged from 100 to 196 sales). Sales volume for October 2018 was $177,379,135.
Of the sales, 132 (80%) were single family homes and 32 (20%) were condos. In October 2018 there were 122 single family home sales and 41 condo sales.
Through the first 10 months of the year, 1,151 residences have sold. This is a decrease of 4.4% relative to the 1,203 sales for the same period in 2018. The average number of sales, for the first 10 months, over the last 10 years, is 1090 (with a high of 1265 and a low of 850). The sales volume for the first 10 months of the year was nearly $1.147 billion.
Of the total sales, 862 (75%) were single family homes and 289 (25%) were condos. In 2018 there were 923 single family homes sold and 280 condos in the same period. Total sales volume for the first 10 months of 2018 was just over $1.32 billion.
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 16.89% of sales. This represents 56% more transactions than our next closest competitor (10.81%).
REO & Short Sales:
In this robust economy, distressed sales are rare. There has been 2 short sales and 2 REO sales so far this year.
Median and Average Sales Prices:
The median sales price for the first 10 months was $670,000 which is up just over 1.5% as compared to the same period in 2018 when the median sales price was $660,000. The average sales price is down 9.9% to $998,670 as compared to last year’s average price of $1,097,713 for the same period.
Sales Under $500,000:
So far this year, residences priced under $500,000 represented just under 28% of sales or 322 properties sold. Of those sales, 195 were condos. For the same period in 2018 there were 314 properties sold in this price range, 171 of which were condos.
Mid-Range Market Sales $500,000 to $999,999:
There were 560 sales between $500,000 and $999,999, representing almost 49% of total sales. 68 of the sales were condos. For the same period in 2018, there were 598 sales, 78 of which were condos.
Luxury Home Sales Over $1.0 Million:
274 properties sold over $1 million, so far this year, representing 24% of total sales. This is down from 300 sales in the price range in 2018. That’s a 9.5% drop in number of sales for the luxury market. This is actually a significant improvement in the last 2 months as the number had been tracking down 17-20% range through the first half of the year.
Active Residential Inventory Summary:
Active Listings:
As expected, inventory is dropping as we head toward winter. Currently there are 512 residences for sale (389 homes and 123 condos), down from 680 two months ago. There are 155 residences in contract. 130 properties went in contract in October. Relative to the past 30 days activity, there is just under 4 months of inventory on the market.
What’s Going On In Tahoe?
The weather has been enjoyable the last couple weeks with highs in the 60’s. A possible change in the weather looks promising by the end of next week (
read more here
), please keep doing your snow dances. Most resorts are still hoping to open before Thanksgiving, so if you have the itch to ski, you might be able to do it soon! If early season skiing isn’t your thing, this is still an incredible place to spend Thanksgiving.
