North Lake Tahoe – Truckee Home Values | Market Report – Year End 2019

The North Lake Tahoe – Truckee single family homes sold prices continue to increase and posted a gain over 2018 price levels.  

Here is the 2019 year-end review for the entire North Lake Tahoe-Truckee Area for single family homes sold.

Active inventory levels for homes for sale remain critically low, and Buyers are finding limited choices at all price points.

Single family home prices moved up in 2019. 

This was the fourth year in a row that the average median home sold sales price increased for the entire North Lake Tahoe – Truckee region. 

You can see on the graph below that the over-all homes sold price trend continues to move up from the market bottom in 2011-2012.  

The closing home sales sold price was at another new market high for the region over last year, which surpassed the 2006 market record level price!

The North Lake Tahoe – Truckee regional single family home prices are up +3.3% for 2019, with a median average sales price of $745,000 (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 2019, Sellers realized 99.5% of their listed price to the sold average median sales price in the North Lake Tahoe – Truckee area (MLS Areas 1-9).  

In everyday terms, this means Sellers that correctly price their properties are getting very close to their full asking price.

Tahoe home Buyers that want to negotiate, and start with a low offer are going to have a hard time in this market and will get a lot of resistance from Sellers.  

Buyer Tips:  

• Showings – Look at properties as soon as they hit the market.
• Local Agents – Work with a local Tahoe real estate agent.  Market conditions and local expectations are different here than in other California markets.
• Negotiate – Ask your Tahoe real estate agent for their advice and recommendations on how to negotiate and present your offer.  
• Lenders – If your offer includes getting a loan, make sure your lender has pre-approved you.  Ask your lender the following questions:
  • Can they get your loan through underwriting in 21 days or less?
  • Can they get your appraisal done in 21 days or less? 
  • Can they fund and close in about 30 days or less?
• Local Lenders – If you are buying a condo or townhome in the area and you will need a loan, make sure you do the following:
  • Use a local lender that has recently processed a loan in that specific complex.
  • Using a local lender that has recently approved that development will help you meet your contract deadlines and avoid a lender denial on the complex. 
  • The Sellers’ Agent will give your offer more credit as a qualified buyer for knowing your lender is ready to go on the property.

Search all North Lake Tahoe – Truckee Properties (homes, condos, and lots) by Map Here:

North Lake Tahoe – Truckee Home Values | Market Report – Year End 2019 Summary:

Year-End 2019 | MLS Areas 1-9

• Number of Homes Sold in North Lake Tahoe – Truckee: 1,039
• Median Average Sold Sales Price for North Lake Tahoe – Truckee: $745,000
• Average Sold Sales Price in North Lake Tahoe – Truckee: $1,126,433
• Sold Price Range in North Lake Tahoe – Truckee:  $80,000 – $37 Million
• Percent (%) List to Sold Price Ratio:  99.5%
• Average Days on Market (DOM in MLS):  67 DOM
• Number of Active and Available Homes for Sale in North Lake Tahoe – Truckee as of 01-01-2020:  291 (TSMLS Areas 1-9)
• Pending Home Sales in North Lake Tahoe – Truckee as of 01-01-2020: 76
• Number of Distressed Homes Sold: – Court Approval, Short Sales, or REO Bank Foreclosures in North Lake Tahoe – Truckee for Sale for 2019:  0.86%  Five (5) Court Approval, Two (2) Short Sale, Two (2) REO|Bank Foreclosures (MLS Areas 1-9)

Here are the homes for sale in the greater North Lake Tahoe starting with the least expensive price point:

Here are the homes that are for Sale in the greater Truckee area starting with the least expensive price points:

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

Days on Market (DOM) For 2019 the number of days on the market for single family homes remained almost unchanged at 67 days, up one day from last year, but is still down from the higher levels from previous years.

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

Inventory – Inventory levels are down 42.5% from the August 2019 home levels for the North Lake Tahoe-Truckee region to the inventory levels on January 1, 2020.  Again, another sign of the market favoring Sellers.

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

Over-all transactions dropped again by over 4% in 2019 over 2018 levels.

If you already own a home in the Tahoe area and want to know what is your property is now worth? Call me, 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 | 01/01/2019 – 12/31/2019

(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
2019	1,039	$745,000	$1,126,433	67	$80,000	$37,000,000	31%	0.96%	2 REO’s 2 Short Sales 5 Court Approval
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 = The 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 01/01/2019 – 12-31-2019.

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 Realty does not guarantee the data’s accuracy.

Data maintained by the TSMLS’s may not reflect all real estate activity in the market, or include private off-market sales. 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 higher price points for North Lake Tahoe lakefront homes. 

This year we did not set a new market high for lakefront sales, but we did come close on the West Shore!

• We came close to breaking the new market high that was set on the West Shore with a Tahoe City West Shore lakefront home selling in 2018 as a cash sale for $40 million.  In 2019 we had a $37 million, cash lakefront home sale in Tahoe City on the West Shore.
• Unlike last year with the North Shore having a 22+ million Tahoe City North Lake Tahoe lakefront home sale this year didn’t have another record sale. 

These lakefront sales remind luxury home buyers that the North Lake Tahoe lakefront home market is still the benchmark for the very top-end in sales in the greater North Lake Tahoe – Truckee area.

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

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

The highest sold property in Martis Camp was an impressive $13.6 million home giving luxury buyers a number of locations in the North Lake Tahoe – Truckee area.

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

• North Lake Tahoe Homes for Sale under $300,000
• North Lake Tahoe Homes for Sale under $400,000 
• North Lake Tahoe Homes for Sale under $500,000 
• North Lake Tahoe Homes for Sale under $600,000 
• North Lake Tahoe Homes for Sale under $700,000 
• North Lake Tahoe Homes for Sale under $800,000 
• North Lake Tahoe Homes for Sale under $900,000 
• North Lake Tahoe Homes for Sale under $1 million  
• North Lake Tahoe Luxury Homes for Sale