Lake Tahoe - Truckee, CA Real Estate for Sale

North Lake Tahoe – Truckee Condo Values | Market Report Mid -Year 2020

North Lake Tahoe – Truckee Condo Values | Market Report Mid -Year 2020

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North Lake Tahoe – Truckee Condo Values | Market Report Mid -Year 2020

North Lake Tahoe - Truckee Condo Values | Market Report Mid -Year 2020Here is your mid-year Tahoe real estate review for the North Lake Tahoe – Truckee region for condos and townhouses sold.

It is important to note that the data is for the cumulative first six months of 2020.

Due to the COVID-19 interruption, we have had a change in market conditions.

Prior to the COVID-19 shut-down in Mid-March 2020, the Tahoe market was just starting to wake up from one of our slowest selling seasons – our winter months when everything came to an immediate stop.

Out current Tahoe real estate market conditions are significantly different today, and strongly favor sellers as of the date of this post.

Buyers and Sellers that are looking to do a transaction in our area are advised to get the most current market data for the past 30-60 days and to talk with a local real estate professional as the year-to-date numbers may not be really reflective of the current market conditions.

The mid-year update for the North Lake Tahoe – Truckee condominium/townhouse market is strong and there is good Buyer demand for units. 

Ready to dig into the data and details?

Here is the mid-year 2020 condo/townhouse review for the entire region.  

You can see that the over-all North Lake Tahoe – Truckee condo/townhome price chart below values continue to be moving up.

You will also see on that chart that the North Lake Tahoe – Truckee regional condo/townhome prices for the mid-year 2020 are up  +4.8% for 2020 when compared to the entire previous year. 

Condos/townhouses closed a median average sales price of $450,500 (MLS Areas 1-9). North Lake Tahoe - Truckee Condo Values | Market Report Mid -Year 2020 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 mid-year 2020, Condo/Townhouse Sellers realized 98.5% of the listed price to the sold average median sales price in the North Lake Tahoe – Truckee area (MLS Areas 1-9).  

What does this mean for Buyers and Sellers? 

In everyday terms, this means Sellers are still getting close to their full asking price.

It is important to also look at the current market conditions since the COVID-19 virus altered the markets. 

Active inventory levels remain critically low.  On January 1, 2020, there were 119 condos/townhomes for sale, on July 23, 2020, there were still only 119 condos/townhomes for sale – unchanged.

What happened to the seasonal increase?  If we are still at January levels when seasonally we should be at peak unit levels for sale, which tells us inventory levels are not favoring Buyers.

An example of how different the first cumulative six month results are to just the past forty-three (43) days (beginning of June 2020) you can be seen the change in the days on market as a measurement tool.

Looking at a much shorter time period, for those units listed for sale since June 1, 2020 (past 43 days), that have either sold or are currently sale pending, the number of days for new listings on market is currently at fifteen (15) days. 

This shows the extreme comparison from current marketing time at an average of fifteen (15) days on market compared to the cumulative number for the past six months of sixty-eight (68) days on the market.

An increase in multiple offers, combination with critically low inventory levels, puts Sellers in a very strong position.  Buyers are being pushed to make immediate decisions on new listings as they hit the market – buy, or to not buy now.

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

North Lake Tahoe – Truckee Condo Values | Market Report – Mid-Year 2020 

Period:  01-01-2020 to 06-30-2020| MLS Areas 1-9

  • Number of Condos/Townhomes Sold in North Lake Tahoe – Truckee: 116
  • Median Average Sold Sales Price for North Lake Tahoe – Truckee: $450,500
  • Average Sold Sales Price in North Lake Tahoe – Truckee: $629,583
  • Sold Price Range in North Lake Tahoe – Truckee:  $123,000 – $4,075,000
  • Percent (%) List to Sold Price Ratio:  98.5%
  • Average Days on Market (DOM in MLS):  68 DOM
  • Number of Active and Available Condos/Townhomes in North Lake Tahoe – Truckee as of 07-23-2020:  119 (TSMLS areas 1-9)
  • Pending Condo/Townhome Sales in North Lake Tahoe – Truckee as of 07-23-2020: 78
  • Number of Distressed Condos Sold:  0%  Zero (0) | Zero (0) court approval | Zero (0) 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, but that is not the case this year.

For the entire area, we continue to have extremely low condo/townhouse inventory levels, which means prices will continue to have support, or move higher as Buyer demand continues to be strong.

Here are the condos/townhouses for sale in the North Lake Tahoe area, all price points starting with the lowest price first.

For those focused on the Truckee area, here are condos/townhouses for sale in the greater Truckee area – all price points starting with the lowest price first:

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 | 01/01/2020 – 06/30/2020 (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
2020 116 $450,500 $629,583 68 $123,000 $4,075,000 47.4% 0% 0 REO’s 0 Short Sales 0 Court Approval
2019 353 $430,000 $558,190 88 $60,000 $2,861,000 43.1% 0% 0 REO’s 0 Short Sales 0 Court Approval
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= 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 01/01/2020 – 06/30/2020

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. 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

 

Search by community:

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 one of the top real estate brokerages 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 – Truckee, CA
 
All information is deemed reliable, but is subject to change, and/or correction without notice.

North Lake Tahoe – Truckee Condo Values | Market Report Mid -Year 2020