North Lake Tahoe – Truckee Condo Values | Market Report – Mid Year 2018

Looking for real estate data for the condo \ townhouse market in the North Lake Tahoe – Truckee area for the first half of 2018?  

The North Lake Tahoe – Truckee real estate market conditions continue to improve for 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 +10.7% for 2018 when compared to last year, with a median average sales price of $465,000 (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 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 getting close to their full asking price.

North Lake Tahoe – Truckee Condo Values | Market Report – Mid Year 2018

Real Estate Market Activity for the North Lake Tahoe – Truckee, California Region for the first six months of 2018: 

2018 YTD Period:  01-01-2018 to 06-30-2018 MLS Areas 1-9

• Number of Condos/Townhomes Sold in North Lake Tahoe – Truckee: 140
• Median Average Sold Sales Price for North Lake Tahoe – Truckee : $465,000
• Average Sold Sales Price in North Lake Tahoe – Truckee: $649,738
• Sold Price Range in North Lake Tahoe – Truckee:  $89,000 – $3,535,000
• Percent (%) List to Sold Price Ratio:  97.9%
• Average Days on Market (DOM in MLS):  112 DOM
• Number of Active and Available Condos/Townhomes in North Lake Tahoe – Truckee as of 07-13-2018:  176 (TSMLS areas 1-9)
• Pending Condo/Townhome Sales in North Lake Tahoe – Truckee as of 07-13-2018: 41
• Number of Distressed Condos for Sales – As of 07-13-2018:  Four (4) | one (1) court approval | Two (2) Short Sales | One (1) REO/Bank Foreclosure

 

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

Once we pass the Labor Day weekend inventory levels begin to decline, until we start the process of re-building inventory the following Spring.

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 that will help to continue to keep prices up for Sellers.

Tahoe area condo Buyers have had fewer choices this year, and for those looking for a three (3) bedroom condo for sale in the North Lake Tahoe, or Truckee area under $500,000 will find their options extremely limited these days.

As an example of how limited the selection of lower-priced condos\townhouses are as of 07-13-2018 there were only six (6), three (3) bedroom condo/townhouse units for sale in the greater North Lake Tahoe area (North Shore, West Shore, Greater Tahoe City area) under $500,000

Check out all price points for condos/townhouses for sale in the North Lake Tahoe area here.

 

Things are about the same in the greater Truckee area (includes the Donner Summit, Soda Springs area), there were only six (6), three (3) bedroom condos/townhouses for sale under $500,000, leaving lower-priced buyers with very few buying options. 

Here are condos for sale in the greater Truckee area:

In the ski resort areas like Alpine Meadows and Squaw Valley they do have more options, here are the condos for sale in the Squaw Valley area:

Other interesting market observations are the days on market (DOM) for condo/townhouse sales has reversed its downward trend for the past two (2) years.  DOM increased +10%, to 112 DOM. 

Is this a signal that the market is slowing down, or is it that Sellers may be pushing listing prices to the limit and buyers are not as anxious to jump in? 

Only time will tell if the increase in marketing time is anything more than just needing a few more marketing days.

If you already own a condo/townhouse 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 Condo | Townhome 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*	140	$465,000	$649,738	112	$89,000	$3,535,000	51.4%	0.7%	0 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 – 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:  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. 

North Lake Tahoe Luxury Condos/Townhomes

Truckee Luxury Condos

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

• North Lake Tahoe Condos for Sale under $100,000 
• North Lake Tahoe Condos for Sale under $200,000 
• North Lake Tahoe Condos for Sale under $300,000  
• North Lake Tahoe Condos for Sale under $400,000  
• North Lake Tahoe Condos for Sale under $500,000  
• North Lake Tahoe Condos for Sale under $600,000  
• North Lake Tahoe Condos for Sale under $700,000   
• North Lake Tahoe Condos for Sale under $800,000  
• North Lake Tahoe Condos for Sale under $900,000  
• North Lake Tahoe Condos for Sale under $1 million   
• North Lake Tahoe Luxury Condos for Sale  

North Lake Tahoe – Truckee Condo Values | Market Report – Mid Year 2018