North Lake Tahoe - Truckee Home Values | Market Report - 2017

By
Real Estate Agent with Coldwell Banker, Tahoe City, CA (530) 414-1260 CalRE# 01473598

North Lake Tahoe - Truckee Home Values | Market Report - Year-End 2017

Wondering what has happened to home values in the North Lake Tahoe - Truckee?  Is the time right to buy, or sell a home in North Lake Tahoe - Truckee, California area?

The North Lake Tahoe - Truckee real estate market conditions continue to change

Inventory levels are the lowest in more than a decade, and prices have moved up again, making sellers even more aggressive on their pricing strategies.

You can see that the over-all North Lake Tahoe - Truckee home price trend is moving up, which means lower priced homes and cabins are also moving up in price.

North Lake Tahoe - Truckee regional single family home prices are up +8% for 2017 when compared to 2016, with a median average sales price of $648,500.

Additional confirmation on the strength of the local market can be seen in the average median home sales price as percent of sold price versus listed price.  

The listed price to sold price average for the median average sales price in North Lake Tahoe - Truckee area for 2017 year was 99.7 %.

At almost 100%, this means Tahoe buyers that want to low-ball, or really negotiate on price are going to have a hard time in this market environment as the demand is creating a strong Sellers market. 

The current market trend of buyers paying almost the full listed price for properties will be hard for anyone who can't pay full price. 

Buyers need to be prepared to move quickly and they need to be prepared to make a decision right away.  Buyers also need to be prepared to make an offer at, or above listed price for newly listed properties.

The days on market (DOM) has also dropped approximately -12.5%, from 96 DOM in 2016 to 84 DOM for 2017.

North Lake Tahoe - Truckee Home Values | Market Report - Year-End 2017

Real Estate Market Activity for the North Lake Tahoe - Truckee, California Region for 2017:

YTD 2017 Period:  01-01-2017 to 12-31-2017

  • Number of Homes Sold in North Lake Tahoe - Truckee | YTD 2017: 1,332
  • Median Average Sold Sales Price for North Lake Tahoe - Truckee | YTD 2017: $648,500
  • Average Sold Sales Price in North Lake Tahoe - Truckee | YTD 2017: $958,486
  • Sold Price Range in North Lake Tahoe - Truckee:  $138,000 - $15,000,000
  • Percent (%) List to Sold Price Ratio | YTD 2017:  99.7%
  • Average Days on Market (DOM in MLS) | YTD 2017:  84 DOM
  • Number of Active and Available Homes for Sale in North Lake Tahoe - Truckee as of 02-18-2018:  213 (TSMLS areas 1-9)
  • Pending Home Sales in North Lake Tahoe - Truckee as of 02-18-2018: 92
  • Number of Distressed Sales – Court Approval, Short Sales, or REO Bank Foreclosures in North Lake Tahoe - Truckee for Sale as of 02-18-2018:  Zero  (0)

Historically, our available homes for sale inventory levels are at their lowest during our winter months (first 3-4 months of the calendar year), then levels begin to rise as new inventory comes on the market in anticipation of the spring/summer selling season.

This year is no exception, and we continue to have extremely low home inventory levels that will continue to keep prices up.

Tahoe area home Buyers have had fewer choices, and for those looking for a home for sale in North Lake Tahoe, or Truckee area under $600,000 will find their options are very limited these days.

As an example of how limited the selection of lower-priced homes are as of 02-18-2018 there were only seven (7) homes for sale in the greater North Lake Tahoe area (North Shore, West Shore, Greater Tahoe City area).  Here is what is currently for sale (will show current inventory and not 02-18-2018 unless you are looking at this post on that day):

North Lake Tahoe Homes for Sale under $600,000

Things are not better in the greater Truckee area (includes the Donner Summit, Soda Springs area), there were only seven (7) homes for sale under $600,000 in this area, leaving lower-priced buyers with very few buying options.  Here is what is currently for sale in Truckee (will show current inventory and not 02-18-2018 unless you are looking at this post on that day):

Truckee Homes for Sale under $600,000

At the lower price points North Lake Tahoe - Truckee area home Buyers are often facing multiple offer situations on properties that are priced correctly for their location, features, and condition.

What is my home worth in the North Lake Tahoe - Truckee Area? Want more long-term North Lake Tahoe - Truckee real estate data?  Both the average median sales price and average sales price are included for each year in the following table. 

Check out the following multiple year data table for more information:

North Lake Tahoe - Truckee Regional Homes for Sale

Market Report Summary - Multiple Years:

(This table is best viewed on a laptop, desktop, or a device with a larger screen.)

 

Year

Homes

Sold

Median

Average

Sales Price

Average

Sales

Price

DOM

Lowest

Price

Sold

Highest

Price

Sold

%

Cash

Sales

%

Distressed

Sales

Breakdown

of

distressed

Sales

2017*

1,332

$648,500

$958,486

84

$138,000

$15,000,000

28%

1.9%

16 REO’s

3 Short Sales

7 Court Approval

2016

1,256

$600,000

$938,194

96

$210,000

$17,500,000

29%

2.5%

16 REO’s

13 Short Sales

3 Court Approval

2015

1,141

$550,000

$822,726

102

$125,000

$12,000,000

31%

3.3%

16 REO’s

20 Short Sales

2 Court Approval

2014

1,063

$560,000

$893,942

97

$105,000

$14,000,000

35%

5.8%

31 REO’s

28 Short Sales

3 Court Approval

2013

1,068

$499,900

$724,957

94

$104,000

$20,900,000

29%

12%

66 REO’s

74 Short Sales

0 Court Approval

2012

1,127

$430,500

$643,470

119

$76,000

$17,250,000

34%

28%

157 REO’s

162 Short Sales

0 Court Approval

2011

965

$426,000

$576,887

119

$42,500

$6,450,000

35%

32%

167 REO’s

142 Short Sales

3 Court Approval

2010

866

$465,000

$683,578

117

$106,500

$12,400,000

31%

31%

153 REO’s

107 Short Sales

4 Court Approval

2009

792

$511,000

$667,365

123

$127,267

$6,288,000

28%

27%

128 REO’s

87 Short Sales

2 Court Approval

2008

655

$593,000

$810,133

125

$115,000

$20,000,000

21%

1%

8 REO’s

0 Short Sales

0 Court Approval

2007

715

$645,000

$866,534

124

$250,000

$12,500,000

16%

0%

0 REO’s

0 Short Sales

0 Court Approval

2006

807

$682,000

$898,637

97

$212,000

$16,700,000

15%

0%

157 REO’s

162 Short Sales

0 Court Approval

REO's = Real Estate Owned, which is the name banks use for their bank foreclosed properties.

Short Sales = Owner does not have the money to pay off all of the debt and asks the debt holders to take less back in order to close the sale.

*YTD period is 01/01/2017 – 12/31/2017.

Data Source: Tahoe Sierra Multiple Listing Service (TSMLS). Year-to-date summaries are based on information from the Tahoe Sierra Board of Realtors (TSMLS). Due to TSMLS reporting methods and allowable reporting policy, this data is only informational and may not be completely accurate. Therefore, Laura Allen, or Coldwell Banker Residential Brokerage does not guarantee the data’s accuracy. Data maintained by the TSMLS's may not reflect all real estate activity in the market. All information is deemed to be reliable, but is subject to change, modification, and/or correction without prior notice. If your property is currently listed for sale, or you have an active Buyer Representation Agreement, this is not intended as a solicitation.

Even though the North Lake Tahoe - Truckee area has seen prices move up, Buyers seeking the Tahoe lifestyle are still finding our area very desirable.

Currently we have some of the most impressive North Lake Tahoe lakefront homes and Truckee luxury properties on the market.

The demand for luxury mountain homes in the North Lake Tahoe - Truckee area continues to be strong because of the very sought-after Tahoe lifestyle recreational activities this area has to offer.

The North Lake Tahoe, California area covers the North Shore: Tahoe City, Carnelian Bay, Tahoe Vista, and Kings Beach, along withe the West Shore:  Tahoe City, Homewood, Tahoma, Meeks Bay, and Rubicon Bay covering over twenty (20+) plus miles of Lake Tahoe Shoreline. 

Moving north we pick up Alpine Meadows, Olympic Valley, Northstar and the greater Truckee area.

The North Lake Tahoe - Truckee area is dominated by second home owners, which means the full-time population in these areas is much lower than other communities around the Lake Tahoe Basin area.

If you are a current home owner in the North Lake Tahoe - Truckee area you may want to know what your North Lake Tahoe - Truckee home is worth today.  

As a home owner if you're asking yourself this question, and you want to know your current value, just click on the link below.  You will be asked to provide us with some information on your Tahoe property and we will get you a complete home market valuation report.

FREE Market Analysis in North Lake Tahoe - Truckee

We know that each North Lake Tahoe - Truckee property is unique and that it was built as a custom home, or cabin, and not part of a massive standard built subdivision, and that's important as we calculate your current property value.

It is important that your mountain property gets all of the credit and value it deserves for all of those special features before we place a value on it, so it is not a computer generated value, but rather a current value based on your property condition, configuration and the comparable recent sales in your neighborhood.

Looking to buy?  Search Homes for Sale in North Lake Tahoe and the Truckee area by price range here: 

 
When you’re ready to buy, or sell in the North Lake Tahoe - Truckee Region, call Laura Allen,  530.414.1260, an awards level agent with Coldwell Banker the number one real estate brokerage in market share for single family homes and condos in the North Lake Tahoe – Truckee region for 2017!
 
For all of your Tahoe real estate needs –

Laura Allen | 530.414.1260   Laura@TahoeLaura.com CalRE# 01473598
Broker Associate, North Lake Tahoe - Truckee REALTOR® and Real Estate Agent
www.TahoeLauraRealEstate.com
ColdwellBankerCalRE#01908304, Tahoe City, California.

North Lake Tahoe - Truckee Home Values | Market Report - Year End 2017

Originally posted at:  https://tahoelaurarealestate.com/north-lake-tahoe-truckee-home-values-market-report-2017/

 

Comments (1)

Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Nice to read your report on home values in Truckee and North Tahoe, Laura. You definitely know that area like the back of your hand! 

Mar 10, 2018 05:18 PM