Homewood Home Values | Market Report – Year End 2018
Looking for sold, year-end 2018 single family home market data for the Homewood area?
Here is the year-end 2018 real estate review for Homewood, CA 96141.
The Homewood real estate market conditions continue to be strong, and favor Sellers.
Inventory levels of available homes for sale in Homewood remain critically low and very limited.
Buyers have only a few buying options, and it doesn’t matter what price point you are looking at, they are all limited.
Here are the current Homewood homes for sale, all price points:
Single family home prices move up significantly in 2018, and part of that increase was because we had a number of record lakefront sales on both the West Shore of Lake Tahoe, and the North Shore of Lake Tahoe.
Lake Tahoe lakefront homes hit new highs on the North Shore at $22+ million, and on the West Shore the sold prices were even more impressive with a new high of $40 million.
You can see on the graph below that the over-all Homewood home price trend for the average median home sold sales price move up in 2018.
Homewood single family home prices were up in 2018, with a median average sales price of $809,500, which is near the market highs realized in 2006 and 2007.
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 approximately 100% of the their average listed median home sales price to the average sold median listed sales price in the greater Homewood area.
This is higher than the over-all region, which was at 98.9%.
If Sellers have correctly priced their property, they will get close to their asking price.
It also means Tahoe Buyers that are bargain-hunters need to focus on properties that have been on the market for some time, or that their agent feels are over-priced for current market conditions.
Real Estate Market Homes Sold Data for the Homewood Area: Year-End 2018: YTD Period: 01-01-2018 to 12-31-2018
- Number of Homes Sold: 36
- Median Average Sold Sales Price: $809,500
- Average Sold Sales Price: $1,348,141
- Sold Price Range (Low-High): $434,000 to $7,000,000
- Percent (%) Avg. List Price to Avg. Med. Sold Price Ratio: 100%
- Average Days on Market (DOM in MLS): 54 DOM
- Number of Distressed Sold Homes: Zero (0) listings
- Zero (0) Court Approval
- Zero (0) Short Sales
- Zero (0) REO|Bank Foreclosures
Other interesting Homewood single family home market observations:
Days on Market (DOM) declined 30% from 2017 to 2018. For 2018 is the number of days on the market for single family homes is now at 54 days, down 24 days from the 78 days on market in 2017.
The shorter the marketing time for a home, the stronger the market is for Sellers.
Fewer days on market is going to help Sellers realize a higher sold price.
Inventory – Current inventory levels are critically low. Again, another sign of the market favoring Sellers.
Search Homewood homes for sale by neighborhoods here:
- Homes for Sale near Homewood Ski Resort
- Chamberlands Homes for Sale, Homewood, CA
- McKinney Shores Homes for Sale, Homewood, CA
- Skyland Homes for Sale, Homewood, CA
- Tahoe Pines Homes for Sale, Homewood, CA
- Tahoe Swiss Village Homes for Sale, Homewood CA
- Homewood Waterfront Homes for Sale
- Homewood Lakefront Homes for Sale
Lower Number of Sales – The number of sales in 2018 may have distorted the over-all increase.
It is always beneficial for Buyers and Sellers to look at the entire North Lake Tahoe – Truckee regional single family home price trend, which was up +7.45% for 2018, with a median average sales price of $721,000 (TSMLS Areas 1-9).
As a result, I recommend looking the the entire North Lake Tahoe – Truckee Region for market trends and take that into consideration when looking at smaller data sets, and area.
Call me call Laura Allen, 530.414.1260, for a confidential consultation.
Tahoe Home Buyers should do the following:
- Look at new listings as soon as possible. Don’t wait.
- Be prepared to write an offer the same day as seeing a new listing. Decisions need to be made as soon as possible.
- Use a Buyers’ Agent. Work with an experienced local Tahoe Real Estate Agent. They understand the market conditions, and how other agents work and may respond.
- Do you have your loan approval letter? If you will need a loan, make sure your lender has approved you.
- If you are buying a condo or townhome in the area, make sure you are using a local lender. Using a local lender that has recently processed a loan in the complex you want to buy in will do two things for you.
- First, you will have the confidence that the lender has already reviewed their HOA docs and previously approved the development, which will increase your odds of the same outcome.
- Second, Sellers that know you have selected a lender with this experience will give you extra credit for knowing your lender is ready to go on their property.
If you want more long-term real estate data, check out the following table that has a lot of data going back over ten years.
I have 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.
Homewood Sold Single Family Homes 01/01/2018 – 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 Days On Market||Lowest Price Sold||Highest Price Sold||% Cash Transactions||% Distressed Sales||Breakdown of Distressed Sales|
|2018*||36||$809,500||$1,348,141||54||$434,000||$7,000,000 3 Lakefronts||44%||0%||0 REO’s 0 Short Sales 0 Court Approval|
|2017||44||$628,000||$861,069||78||$361,300||$6,000,000 1 Lakefronts||39%||0%||0 REO’s 0 Short Sales 0 Court Approval|
|2016||39||$679,000||$1,158,014||134||$326,000||$11,000,000 3 Lakefronts||36%||0%||0 REO’s 0 Short Sales 0 Court Approval|
|2015||45||$620,000||$1,235,056||132||$230,000||$9,950,000 5 Lakefronts||38%||4.4%||0 REO’s 1 Short Sales 1 Court Approval|
|2014||28||$637,500||$1,136,454||114||$390,500||$3,400,000 5 Lakefronts||54%||0%||0 REO’s 0 Short Sales 0 Court Approval|
|2013||31||$605,000||$973,580||67||$280,000||$5,000,000 3 Lakefronts||29%||9.7%||0 REO’s 2 Short Sales 1 Court Approval|
|2012||34||$495,000||$841,411||114||$202,000||$4,350,000 3 Lakefronts||27%||6%||0 REO’s 2 Short Sales 0 Trustee Sale|
|2011||31||$495,000||$917,346||87||$295,000||$4,400,000 4 Lakefronts||32%||19%||4 REO’s 2 Short Sales|
|2010||30||$453,000||$885,503||107||$260,000||$6,000,000 2 Lakefronts||33%||27%||6 REO’s 2 Short Sales|
|2009||26||$605,000||$935,871||105||$295,000||$4,750,000 3 Lakefront||44%||19%||2 REO’s 2 Short Sales 1 Court Approval|
|2008||6||$621,000||$840,333||289||$515,000||$1,525,000 0 Lakefronts||17%||0%||0 REO’s 0 Short Sales|
|2007||19||$874,000||$1,539,961||154||$435,000||$7,000,000 3 Lakefronts||26%||0%||0 REO’s 0 Short Sales|
|2006||20||$830,000||$898,455||92||$465,000||$2,095,000 0 Lakefronts||15%||0%||0 REO’s 0 Short Sales|
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.
Thinking about a high-end townhome/condominium in a lakefront complex, as an option to buying a home in Homewood?
Homewood only has two (2) high-end condominium/townhouse developments:
Here are the Homewood condos that are for Sale:
Looking to buy a Mountain home? Want more options in addition to the Homewood area?
Search Homes for Sale in North Lake Tahoe (North Shore of Lake Tahoe and the West Shore of Lake Tahoe) here:
- Homewood Home Values Market Report | August 2016
- Homewood Home Values Market Report | March 2016
- Homewood Home Values Market Report | February 2016
- Homewood Home Values Market Report | November 2013
- Homewood Home Values Market Report | May 2013
- Homewood Home Values Market Report | Year End 2012
- Homewood Home Values Market Report | March 2012