North Lake Tahoe - Truckee Home Values | Market Report - Year End 2018

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 2018 

 

The North Lake Tahoe - Truckee real estate market conditions continue to be strong, and favor Sellers.  

 

Looking for sold year-end 2018 single family home market data for the North Lake Tahoe - Truckee area?  Here is the year-end 2018 review for the region.

 

Inventory levels remain critically low and limited with Buyers having very few buying options most price points.

 

Single family home prices move up in 2018, and it made sellers even more aggressive on their pricing strategies. 

 

You can see on the graph below that the over-all North Lake Tahoe - Truckee region home price trend for the average median home sold sales price move up.  

 

 

The closing home sales price was a new market high for the region and surpassed the 2006 market record price levels!

 

The North Lake Tahoe - Truckee regional single family home prices are up +7.45% for 2018, with a median average sales price of $721,000 (TSMLS Areas 1-9).

 

Important Reader Note:  As an FYI, past North Lake Tahoe - Truckee real estate market reports that I have produced have been for "All MLS Areas", this report has been fine-tuned and only covers the TSMLS Areas 1-9 (immediate North Lake Tahoe - Truckee area), so if you are looking at older reports and comparing numbers you will notice that some of the numbers are different, and this change in reporting data is why they are not the same.

 

A common question I am often asked by Buyers and Sellers is:

 

"What percentage of the listed price are Sellers getting on their Tahoe property?"

 

In 2018, Sellers realized 98.9% of the their listed price to the sold average median sales price in the North Lake Tahoe - Truckee area (MLS Areas 1-9).   

 

In every day terms this means Sellers are getting close to their full asking price.

 

Tahoe home Buyers that want to low-ball, or really negotiate on price are going to have a hard time in this market.  

 

Tahoe Home Buyers need to be prepared to do the following:

 

  • See the property ASAP.
  • Be prepared to make a buying decision immediately.
  • Strongly consider your Tahoe real estate agents' advice on market conditions, pricing, and how to write your offer.
  • If you will need a loan, make sure your lender has approved you and you are ready to move quickly. 
  • If you are buying a condo or townhome in the area, make sure you are using a local lender that has recently processed a loan in the complex, and you know they have already approved the development.  Sellers will give you extra credit for knowing your lender is ready to go on their property.

 

North Lake Tahoe - Truckee Home Values | Market Report - Year End 2018

 

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

 

Year-End 2018 YTD Period:  01-01-2018 to 12-31-2018 | MLS Areas 1-9

 

  • Number of Homes Sold in North Lake Tahoe - Truckee: 1,083
  • Median Average Sold Sales Price for North Lake Tahoe - Truckee: $721,000
  • Average Sold Sales Price in North Lake Tahoe - Truckee: $1,238,011
  • Sold Price Range in North Lake Tahoe - Truckee:  $175,000 - $40 Million
  • Percent (%) List to Sold Price Ratio:  98.9%
  • Average Days on Market (DOM in MLS)66 DOM
  • Number of Active and Available Homes for Sale in North Lake Tahoe - Truckee as of 01-03-2019:  278 (TSMLS Areas 1-9)
  • Pending Home Sales in North Lake Tahoe - Truckee as of 01-03-2019: 80
  • Number of Distressed Available Listing – Court Approval, Short Sales, or REO Bank Foreclosures in North Lake Tahoe - Truckee for Sale as of 01-03-2019:  Two  (2) listings:  One (1) Court Approval, One (1) Short Sale, Zero (0) REO|Bank Foreclosures (MLS Areas 1-9) 

 

Other interesting North Lake Tahoe - Truckee single family home market observations:

 

Days on Market (DOM) as they continues to drop.  For 2018 is the number of days on the market for single family homes is now at 66 days down from 75 DOM in 2017, but is down 31% from the 96 DOM in 2016.

 

The shorter the marketing time for a home, the stronger the market is for Sellers. 

 

Inventory - Inventory levels are down 32% from the July home levels for the North Lake Tahoe-Truckee region.  Again, another sign of the market favoring Sellers.

 

Reduced Number of Transactions - Lower inventory levels, and higher prices turned into fewer over sales for the region. 

 

Over-all transactions dropped by over 7.5% in 2018 over 2017 levels.

 

If you already own a home in the Tahoe area and want to know what is your property is now worth? Call me call Laura Allen,  530.414.1260, for a confidential consultation.

 

If you want more long-term North Lake Tahoe - Truckee real estate data, check out the following table that has a lot of data going back over ten years.

 

I've included both the average median sales price and average sales price (in some cases there is a significant difference between the two, but the trends are the same direction for both) are included for each year in the following table. 

 

North Lake Tahoe – Truckee Regional Sold Single Family Homes MLS Areas 1-9 | 01/01 – 12/31/2018

 

(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

2018* 1,083 $721,000 $1,238,011 66 $175,000 $40,000,000 33% 1.2% 8 REO’s

 

0 Short Sales

5 Court Approval

2017 1,160 $671,000 $1,007,618 75 $138,000 $15,000,000 29% 2% 15 REO’s

 

2 Short Sales

6 Court Approval

2016 1,104 $619,706 $985,471 90 $192,000 $17,500,000 29% 2.5% 13 REO’s

 

11 Short Sales

3 Court Approval

2015 1,002 $556,250 $847,261 97 $99,500 $9,950,000

 

 

30% 3,3% 15 REO’s

 

18 Short Sales

1 Court Approval

2014 930 $575,500 $928,718 92 $76,000 $14,000,000

 

 

33.8% 5.6% 24 REO’s

 

25 Short Sales

3 Court Approval

2013 1,051 $510,000 $723,767 89 $72,000 $9,495,000

 

 

28% 11.3% 47 REO’s

 

71 Short Sales

1 Court Approval

2012 1,044 $442,500 $666,855 115 $76,000 $17,250,000 32% 27.4% 139 REO’s

 

145 Short Sales

2 Court Approval

2011 883 $438,000 $603,539 115 $42,500 $6,450,000

 

 

33.5% 31%  136 REO’s

 

135 Short Sales

3 Court Approval

2010 797 $478,000 $715,847 116 $106,500 $12,400,000 29.9% 29.2%  127 REO’s

 

102 Short Sales

4 Court Approval

2009 728 $531,500 $687,447 120 $75,000 $6,288,000 28% 24.7% 96 REO’s

 

82 Short Sales

2 Court Approval

2008 569 $625,000 $876,360 129 $115,000 $20,000,000 20.4% 0.19% 1 REO’s

 

0 Short Sales

0 Court Approval

2007 632 $672,250 $913,346 120 $199,000 $12,500,000 16.1% 0% 0 REO’s

 

0 Short Sales

0 Court Approval

2006 734 $706,250 $922,328 94 $107,500 $16,700,000 13.8% 0% 0 REO’s

 

0 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 01/01/2018 – 12-31-2018.

 

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.

 

Other Items of Interest:  One trend that continues on, despite the popularity of other newer areas and planned communities, are the new market highs being set for North Lake Tahoe lakefront homes. 

 

This year we have new market high lakefront sales on both shores.

 

 

These lakefront sales remind luxury home buyers that the North Lake Tahoe lakefront homes are still the benchmark for the very top-end in sales in the North Lake Tahoe - Truckee area.

 

While the inventory of lakefront properties is extremely limited, currently we have some of the most impressive and unique North Lake Tahoe lakefront homes on the market.

 

The demand for executive mountain homes in the Truckee area continues to be strong with Martis Camp leading the way!

 

Looking to buy?  Search Homes for Sale in North Lake Tahoe and the Truckee area (below) 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, with Coldwell Banker the top real estate brokerage in the Lake Tahoe – Truckee region!
 
For all of your Tahoe real estate needs – 

Laura A. Allen | 530.414.1260  | Laura@TahoeLaura.com
BROKER ASSOCIATE, Tahoe Real Estate Agent
CalRE# 01473598
Coldwell Banker, Tahoe City, CA CalRE#01908304

All information is deemed reliable, but is subject to change, and/or correction without notice.

North Lake Tahoe - Truckee Home Values | Market Report - Year End 2018

Originally posted at:  https://tahoelaurarealestate.com/north-lake-tahoe-truckee-home-values-market-report-year-end-2018/

 

Comments (1)

Sally Crane
WMS - Unity, WI
Woodland appraisal support.

Thanks for the update, all the best to you as you get many of these properties listed and sold.

Jan 27, 2019 02:10 AM