In the North Tahoe – Truckee area we are still low on inventory but our sales activity is very strong. As of March 14, in the last 30 days we closed escrow on 70 Single Family homes with a Median Price of $667,500 compared to 35 closed escrows with a Median Price of $595,000 in the same 30 day period last year. That is a 100% increase in units sold and a 12% increase in Median Price.
The number of new Single Family home listings in the last 30 days was 72, two units less than the same period last year but with a Median Price of $914,500, a 17% increase above the same period last year. Currently there are 263 Single Family listings, 78 of those are in escrow (30%) which leaves 185 as active listings.
Here is the listing price breakdown of the 78 listings in escrow.
- $300,000 – $500,000 9
- $500,000 – $600,000 13
- $600,000 – $700,000 11
- $700,000 – $1,000,000 19
- $1,000,000 – $1,500,000 10
- $1,500,000 – $2,000,000 7
- $2,000,000 – $6,000,000 9
Here is the listing price breakdown of the 185 active listings.
- $300,000 – $500,000 7
- $500,000 – $600,000 11
- $600,000 – $700,000 3
- $700,000 – $1,000,000 50
- $1,000,000 – $1,500,000 39
- $1,500,000 – $2,000,000 20
- $2,000,000 – $6,000,000 45
- $6,000,000 + 10
As you can see, 55% of the properties in escrow and 35% of the active listings are priced between $500,000 and $1,000,000. 33% in escrow and 61% of active listings are priced over $1,000,000.
A small percentage of the listings in escrow (12%) and the active listings (4%) are priced below $500,000. As of this date there have been 148 Single Family home sales this year, only 18% of those have been priced under $500,000. That price range for Single Family homes is quickly becoming a thing of the past. That is causing a lot of buyers to turn to purchasing Condominiums which is causing an increase in Condominium prices. The Average List Price of Condominiums currently is 18% higher than last year.
Counting both Single Family home sales and Condominium sales, the under $500,000 price range used to have the largest percentage of sales in our market. It has been getting smaller over the last three years; 2015 – 48%, 2016 – 44% and 2017 – 36%. Currently it is only 18% of the active listings.
What do all these numbers mean?
- North Tahoe and Truckee property values are going up as well as interest rates. We are in a seller’s market. I think this will continue due to low inventory and high demand. Interested buyers in the lower price ranges should act quickly before they get priced out of the market. Buyers in the higher price ranges should also act quickly to not have to pay more in the near future.
- Property owners interested in selling should list their properties now before raising interest rates slow the market down and while low inventory gives them a bargaining advantage.
If you own a property in this area and are considering selling, contact me for a free no obligation Strategic Pricing Analysis.
If you are a potential buyer, contact me for a free no obligation Preferred Buyer Services Package.
I can be reached at 530-913-6020 or grankin@chaseinternational.com
Greg Rankin and Chase International do not guarantee the accuracy of this information. Statistical information gathered from the Tahoe Sierra Multiple Listing Service. Not all real estate transactions in our area go through MLS, therefore, this information may not be completely accurate. CalBRE License #00826938
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