North Lake Tahoe – Truckee Home Values | Market Report – Mid Year 2018
Looking for recent real estate single family home market data for the North Lake Tahoe – Truckee region for the first half of 2018?
The North Lake Tahoe – Truckee real estate market conditions continue to be strong, and favor Sellers.
Inventory levels continue to be low and very limited.
Single family home prices continue to move up, making sellers even more aggressive on their pricing strategies.
You can see on the graph below that the over-all North Lake Tahoe – Truckee home price trend for the average median home sales price is still moving up.
If the current market trend holds for the rest of the year, 2018 could be the year we set new market highs for the region, pushing past the market highs from 2006!
The North Lake Tahoe – Truckee regional single family home prices are up +7.14% for the first six months of 2018, with a median average sales price of $720,000 (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 the first six months of 2018, Sellers have realized 98.8% 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 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 decision almost immediately.
- Strongly consider your Tahoe real estate agents’ advice on market conditions, pricing, and how to write your offer.
- Have a negotiation strategy and follow it.
North Lake Tahoe – Truckee Home Values | Market Report – Mid Year 2018
Real Estate Market Activity for the North Lake Tahoe – Truckee, California Region for the first six (6) months of 2018:
2018 YTD Period: 01-01-2018 to 06-30-2018 MLS Areas 1-9
- Number of Homes Sold in North Lake Tahoe – Truckee: 431
- Median Average Sold Sales Price for North Lake Tahoe – Truckee: $720,000
- Average Sold Sales Price in North Lake Tahoe – Truckee: $1,313,209
- Sold Price Range in North Lake Tahoe – Truckee: $199,000 – $40 Million
- Percent (%) List to Sold Price Ratio: 98.8%
- Average Days on Market (DOM in MLS): 75 DOM
- Number of Active and Available Homes for Sale in North Lake Tahoe – Truckee as of 07-13-2018: 410 (TSMLS Areas 1-9)
- Pending Home Sales in North Lake Tahoe – Truckee as of 07-13-2018: 157
- Number of Distressed Sales – Court Approval, Short Sales, or REO Bank Foreclosures in North Lake Tahoe – Truckee for Sale as of 07-13-2018: Three (3): One (1) Court Approval, Two (2) REO|Bank Foreclosures (MLS Areas 1-9)
Historically, our available homes for sale inventory levels are at their highest during the summer months (4th of July – Labor Day – Sept) then levels begin to decline until the following Spring.
This year is no exception. Inventory levels have risen from this winter, however, we continue to have extremely low home inventory levels for this time of year, and this is helping to keep prices up.
Right now is our best selection of Tahoe homes even though the selection is still very limited.
As an example of how limited inventory our homes for sale inventory is, on 07-13-2018 there were only eleven (11) homes for sale in the greater North Lake Tahoe area (North Shore, West Shore, Greater Tahoe City area) under $500,000.
Here is what is currently for sale in the greater North Lake Tahoe all price points:
The Truckee area (includes the Donner Summit, Soda Springs, Alpine Meadows, and Squaw Valley areas) has a few more options, but not many.
As of 07-13-2018, there were twenty-eight (28) homes for sale under $500,000.
Here is what is currently for sale in the greater Truckee area all price points:
Other interesting market observations are the 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 75 DOM down another 10.6% from the 84 DOM in 2017, which was also down -12.5%, from 96 DOM in 2016.
The shorter the marketing time for a home, the stronger the market is for Sellers.
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.
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 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 |
| 2018* | 431 | $720,000 | $1,313,209 | 75 | $199,000 | $40,000,000 | 33% | 0.9% | 4 REO’s
0 Short Sales 1 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 – 06-30-2018.
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.
A new market high was set on the West Shore with a Tahoe City West Shore lakefront home selling in 2018 for $40 million, and it was a cash sale.
Just as impressive was the North Shore $22+ million Tahoe City North Lake Tahoe lakefront home sale also this year.
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:
- 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
- Truckee Homes for Sale under $300,000
- Truckee Homes for Sale under $400,000
- Truckee Homes for Sale under $500,000
- Truckee Homes for Sale under $600,000
- Truckee Homes for Sale under $700,000
- Truckee Homes for Sale under $800,000
- Truckee Homes for Sale under $900,000
- Truckee Homes for Sale under $1 million
- Truckee Luxury Homes for Sale
Want to know what is going on in the North Lake Tahoe – Truckee Condo / Townhouse market?
North Lake Tahoe – Truckee Condo Townhome Values | Market Report – Mid Year 2018
North Lake Tahoe – Truckee Condo Townhome Values | Market Report – 2017
Want to review older regional single family home market reports? Here are recent past market reports for single family homes for the region:
North Lake Tahoe – Truckee Home Values | Market Report – 2017
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 – Mid Year 2018
If you haven’t spent much time in the North Lake Tahoe – Truckee area you may not know that our summer season is jam-packed with festivals, fairs, and fun events that often benefit local non-profit groups.
This is a great way to spend a summer afternoon looking at arts and crafts, tasting different wines, along with just sitting back and soaking in beautiful mountain setting and listening to the live music outdoors while supporting a local group.
Today we have seen several large, interesting planes flying low over North Lake Tahoe, that are most likely coming into our area in advance of the Annual Truckee Tahoe Air Show and Festival, Saturday, July 14, 2018.
There will also be interactive exhibits featuring science, technology, engineering, arts and mathmatics – even coloring on a Monster Mural!
S
Last year I waited to share our experience after we had seen both of the main productions.
The Meeks Bay Fire Protection District is hosting their 50th Annual Pancake Breakfast this Saturday and Sunday, July 7th and 8th, 2018 from 8 a.m. to 12 noon at the Meeks Bay Fire House, 8041 Hwy 89 S, Meeks Bay, CA.