Lake Tahoe Market Report

Unit Sales Offset by Higher Median Prices

The Lake Tahoe market report shows that in the third quarter of 2018, sales of homes had an increase of only 2% over last year. However, the luxury market continues to drive an increase in overall sales volume, which is up 26% percent over 2017. 263 homes sold over $1 million, which is 32% higher than last year. At less than $1 million, only 741 homes sold compared to 781 units sold in 2017.

Tahoe City and East Shore Drive Overall Sales Volume

Because of the higher average sale price of homes sold in Tahoe City and on the east shore, sales volume was up almost 60%. The median price rose for homes in Lake Tahoe at 12%, currently at $655,000. Luxury home sales in Truckee also rose 20% over last year where the median price is currently $729.000.

Declining Inventory Drives Prices Up

The decline in inventory drove prices upward and affordability appeared to hinder buyers in moderate price points. Condo sales under $500,000 saw a decline of 14% over last year, while condos selling for more than $500,000 showed a 14% increase.

Truckee Sales Trends

In 2017, the highest sold price for a Truckee single family home was $1,950,000. In 2018, this figure rose to $2,425,000, up 24%. 181 properties sold in Truckee in 2017, while there were only 160 sales in 2018. Again, the decrease in inventory and affordability seems to have been the major factor. The median price for a condo in Truckee rose 13% from $508,500 to $575,750.

Northstar Market Information

In Northstar, the average days on market dropped a whopping 36% from 154 days in 2017 to 99 days on market in 2018.  The highest sales price also saw a dramatic increase of 39% from $3,400,000 to $4,740,000 year over year. The median price for a Northstar single family residence only showed a 6% change from $1,140,000 to $1,210,000. While 24 properties sold in Northstar in 2017, only 21 homes sold in 2018.

Northstar Condo Market Strong

The condo market in Northstar also showed a dramatic increase of 54% in highest sold price from $2 million in 2017 to $3 million in 2018. Condo sales also held steady year over year with only an 8% decrease in unit sales. The median price for a condo in Northstar rose 18% from $450,000 to $530,000 in 2018.

Because of the declining inventory and dramatic increase in sales prices, there has never been a better time to list your property for sale. Contact me today for a no obligation market assessment of your home.