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

Looking for sold year-end 2018 real estate data for the condo \ townhouse market in the North Lake Tahoe - Truckee area? Here is the year-end 2018 review for the region.  

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

You can see that the over-all North Lake Tahoe - Truckee condo/townhome price trend is moving up, which means lower priced condos are harder to find than they were a few years ago.

The North Lake Tahoe - Truckee regional condo/townhome prices are up +7.02% for 2018 when compared to the previous year.  Condos/townhouses closed a median average sales price of $449,500 (MLS 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 MLS Areas 1-9 (immediate North Lake Tahoe - Truckee area), so if you are looking at older reports and comparing numbers you will notice that 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?"

For 2018, Sellers realized 97.9% of the 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 still getting close to their full asking price, and Buyers that want to low-ball properties are not being very successful.

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

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

  • Number of Condos/Townhomes Sold in North Lake Tahoe - Truckee: 327
  • Median Average Sold Sales Price for North Lake Tahoe - Truckee : $449,500
  • Average Sold Sales Price in North Lake Tahoe - Truckee: $601,806
  • Sold Price Range in North Lake Tahoe - Truckee$87,900 - $4,400,000
  • Percent (%) List to Sold Price Ratio:  97.9%
  • Average Days on Market (DOM in MLS)99 DOM
  • Number of Active and Available Condos/Townhomes in North Lake Tahoe - Truckee as of 01-03-2019:  134 (TSMLS areas 1-9)
  • Pending Condo/Townhome Sales in North Lake Tahoe - Truckee as of 01-03-2019: 19
  • Number of Distressed Condos Currently Listed for Sales – As of 01-03-2019:  Total Two (2) | Zero (0) court approval | Two (2) Short Sales | Zero (0) REO/Bank Foreclosure

Historically, our available condos/townhomes for sale inventory levels are at their highest levels during our summer months.

It isn't uncommon to see seasonally low levels at the beginning of the year.

The exception to this over-all decline in inventory is an increase in the number of condos and homes for sale located directly around our popular ski resort areas!  

These winter locations are now in their prime selling season during our coldest months and we often see these areas with their best selection of properties!  

For the entire area we continue to have extremely low condo/townhouse inventory levels, despite the time of year, and that will help to continue to keep prices up for Sellers.

In the ski resort areas like Alpine Meadows,  Squaw Valley and Northstar do have more options.

Other interesting North Lake Tahoe - Truckee condo/townhouse market observations:

Days on Market (DOM) as they continues to drop.  For 2018 the number of days on the market for condo/townhouse is now at 99 days down slightly from 102 DOM in 2017, but is down 15.4% from the 117 DOM in 2016.

The shorter the marketing time for a condo/townhouse, the stronger the market is for Sellers. 

Inventory - Inventory levels are down 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 19.5% 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.

Do 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. 

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

North Lake Tahoe - Truckee Regional Sold Condo | Townhome 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

 

Condos

Sold

Median

Average

Sales Price

Average

Sales

Price

 

DOM

 

Lowest

Price

Sold

Highest

Price

Sold

%

Cash

Sales

Distressed

Sales

Breakdown

of

distressed

Sales

2018* 327 $449,500 $601,806 99 $87,500 $4,400,000 48.6% 0.6%

1 REO’s

0 Short Sales

1 Court Approval

2017 406 $420,000 $543,546 102 $75,000 $4,650,000 42% 0.98%

3 REO’s

1 Short Sales

0 Court Approval

2016 357 $375,000 $499,740 117 $71,000 $2,650,000 48% 0.8%

1 REO’s

1 Short Sales

1 Court Approval

2015 265 $370,000 $505,466 106 $32,500

$3,100,000

 

47% 2.8%

4 REO’s

3 Short Sales

1 Court Approval

2014 308 $381,250 $583,064 121 $47,500

$4,800,000

 

48% 4.9%

5 REO’s

10 Short Sales

0 Court Approval

2013 308 $360,000 $556,041 160 $48,000

$4,560,000

 

50% 12%

12 REO’s

24 Short Sales

2 Court Approval

2012 290 $290,000 $435,350 150 $40,000

$3,900,000

 

51% 23%

38 REO’s

28 Short Sales

2 Court Approval

2011 254 $296,250 $385,349 148 $49,000

$3,800,000

 

56% 33%

 40 REO’s

44 Short Sales

0 Court Approval

2010 259 $333,250 $523,031 167 $46,000 $3,650,000 54% 36%

 62 REO’s

31 Short Sales

1 Court Approval

2009 180 $374,500 $505,979 272 $98,000 $3,240,000 48% 26%

40 REO’s

7 Short Sales

0 Court Approval

2008 166 $534,500 $864,009 200 $110,000 $3,818,738 40% 2.4%

4 REO’s

0 Short Sales

0 Court Approval

2007 232 $555,000 $817,325 149 $92,000 $3,705,000 27% 0%

0 REO’s

0 Short Sales

0 Court Approval

2006 247 $576,000 $855,797 116 $150,000

$4,575,000

 

20% 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:  Currently we have some of the most impressive North Lake Tahoe - Truckee luxury condos and townhomes on the market.  The demand for our luxury mountain condos and townhomes in the North Lake Tahoe - Truckee area continues to be very strong.

Need more search options for Condo/Townhouses for Sale in North Lake Tahoe and the Truckee area by price range here:

Want to review older regional condo/townhouse market reports?
 
Want to know what happened in the single family market for the region? 
 
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 Condo Values | Market Report - Year End 2018 Originally posted at:  https://tahoelaurarealestate.com/north-lake-tahoe-truckee-condo-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 29, 2019 09:53 PM