Lake Tahoe - Truckee, CA Real Estate for Sale

Tahoe City Home Values | Market Report – Year End 2018

Tahoe City Home Values | Market Report – Year End 2018

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Tahoe City Home Values | Market Report – Year End 2018

Tahoe City Home Values | Market Report - Year End 2018Looking for sold, year-end 2018 single-family home market data for the Tahoe City area? Here is the year-end 2018 review for Tahoe City.

The Tahoe City real estate market conditions continue to be strong, and favor Sellers.  

Inventory levels of available homes for sale in Tahoe City remain critically low.

The selection of homes Buyers have to choose from is very limited, regardless of the price point. 

On January 13, 2019, there were only 23 home for sale. Here are the current listings: Here are the Tahoe City homes for sale, all price points:

Single family home prices move up significantly in 2018, and part of tha

t increase was because we had a number of record lakefront sales on both the West Shore of Tahoe City, and the North Shore of Tahoe City.  Tahoe City lakefront home sales ranged from $2.8 million to a high of $22+ million on the North Shore of Tahoe City.  On the West Shore of Tahoe City, the sales prices were even more impressive with a low of $4,750,000 to a record cash sale of $40 million. The volume of Tahoe City lakefront home sales also increased from one (1) in 2017 to eleven (11) in 2018, a reflection of just how strong the luxury, high-end Tahoe City market was last year.

You can see on the graph below that the over-all Tahoe City home price

 trend for the average median home sold sales price move up.  

Tahoe City Home Values | Market Report - Year End 2018

The Tahoe City single family home prices were up +14.2% for 2018, with a median 

average sales price of $825,000 (TSMLS Areas 3-4).

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 99.5% of the their listed price to the sold average median sales price in the greater Tahoe City area (MLS Areas 3-4).  

This is higher than the over-all region, which was slightly lower at 98.9%. 

In every day terms, this means Sellers are very close to their full asking price, if they have priced their property correctly.

It also means Tahoe Buyers that want to low-ball, or be really aggressive on their offered price are going to have a hard time in this market. 

Real Estate Market Homes Sold Activity for the Tahoe City Area:

Year-End 2018 YTD Period:  01-01-2018 to 12-31-2018 | MLS Areas 3-4

  • Number of Homes Sold in Tahoe City: 113
  • Median Average Sold Sales Price for Tahoe City: $825,000
  • Average Sold Sales Price in Tahoe City: $2,330,726
  • Sold Price Range in Tahoe City:  $425,000 – $40 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 Tahoe City as of 01-13-2019:  23 (TSMLS Areas 3-4)
  • Pending Home Sales in Tahoe City as of 01-13-2019: 2

    Number of Distressed Available Listing – As of 01-13-2019:  Zero  (0) listings:  Zero (0) Court Approval, Zero (0) Short Sale, Zero (0) REO|Bank Foreclosures (MLS Areas 3-4)

Other interesting Tahoe City single family home market observations:

Tahoe City Home Values | Market Report - Year End 2018

Days on Market (DOM) remained almost unchanged from 2017 to 2018.  For 2018 is the number of days on the market for single family homes is now at 67 days, which is up 1 day from 2017, but is down 26% from the 90 DOM in 2016.

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

Inventory – Current inventory levels are critically low.  Again, another sign of the market favoring Sellers.

High Number of Lakefront Home Sales – The high number of lakefront sales in 2018 may have distorted the over-all increase for our non-lakefront home values given that the North Lake Tahoe – Truckee regional single family home prices were 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. North Lake Tahoe – Truckee Home Values | Market Report – Year End 2018

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.

Tahoe Home Buyers should do the following:

  • See new listings as soon as possible.  Tahoe second home Buyers should try to driving up the next day to see the property and not wait until the weekend.
  • Ready, set, go!  Be prepared to make a buying decision immediately.
  • Work with an experienced local Tahoe Real Estate Agent.  They understand the market conditions, and many Buyer Agents know how the other side negotiation tactics.  
  • If you will need a loan, make sure your lender has approved you.  You will need to move quickly and not having your loan lined up will put you at a disadvantage. 
  • 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.  One, you will have the confidence that the lender has already reviewed their HOA docs and previously approved the development, increasing 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’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. 

Tahoe City Sold Single Family Homes MLS Areas 3-4 | 01/01 – 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* 113 $825,000 $2,330,726 67 $435,000 $40,000,000 11 Lakefronts 30% 0% 0 REO’s 0 Short Sales
2017 90 $722,500 $878,560 66 $299,900 $7,000,000 1 Lakefronts 26% 3.3% 3 REO’s 0 Short Sales
2016 120 $705,000 $1,209,682 90 $330,000 $17,500,000 7 Lakefronts 37% 2.5% 2 REO’s 1 Short Sales
2015 105 $650,000 $989,403 90 $315,000 $8,199,000 4 Lakefronts 34% 1% 1 REO’s 0 Short Sales
2014 84 $670,000 $1,064,987 76 $290,000 $6,500,000 4 Lakefronts 44% 5% 2 REO’s 3 Short Sales
2013 85 $592,500 $831,934 99 $214,000 $6,750,000 3 Lakefronts 37% 38% 1 REO’s 3 Short Sales
2012 109 $568,000 $1,100,159 119 $179,000 $17,250,000 9 Lakefronts 39% 23% 11 REO’s 13 Short Sales 1 Court Approval Sale
2011 64 $555,000 $932,290 134 $257,000 $6,450,000  5 Lakefronts 34% 25% 7 REO’s 9 Short Sales
2010 70 $653,000 $1,121,282 123 $219,900 $7,100,000 7 Lakefronts 39% 19% 7 REO’s 6 Short Sale
2009 65 $635,000 $936,142 146 $340,000 $6,288,000 4 Lakefronts 26% 17% 5 REO’s 6 Short Sale
2008 50 $741,500 $1,501,905 137 $350,000 $20,000,000 5 Lakefronts 26% 0% 0 REO’s 0 Short Sale
2007 56 $883,500 $1,495,640 136 $525,000 $12,400,000 4 Lakefronts 21% 0% 0 REO’s 0 Short Sale
2006 89 $926,000 $1,429,484 100 $425,000 $16,700,000 6 Lakefronts 18% 0% 0 REO’s 0 Short Sale

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.

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

Want to see other Tahoe City Market Reports?

Here are recent past market reports for single family home sales for the entire North Lake Tahoe – Truckee homes for the region:

Want to know what is going on in the North Lake Tahoe – Truckee Condo / Townhouse market?
When you’re ready to buy, or sell in the North Lake Tahoe – Truckee Region, call Laura Allen,  530.414.1260, with Coldwell Banker the top real estate brokerage 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, CA CalRE#01908304
All information is deemed reliable, but is subject to change, and/or correction without notice.
 
Tahoe City Home Values | Market Report – Year End 2018