The price of a home at Lake Tahoe jumped 7.3% in 2018 to $720,000 as measured by the median sales price. In Truckee prices rose by 9.66% to $727,000. Squaw Valley & Alpine Meadows experienced a 14.3% rise in the median sales price to $1,044,500.
Luxury Home sales lead the market in 2018 raising overall sales volume for the entire market by 10.5%. Sales above $1,000,000 increased by 6.8%, but more notably sales above $3,000,000 increased by a whopping 25%.
The figures were obtained from the Tahoe Sierra Multiple Listing Service. The numbers compare all MLS residential sales in the areas noted above from January 1, 2018 through December 31, 2018 to the same time frame of 2017.
Some markets such as the lakefront market had a robust year in 2018. There were 28 lakefront sales which is one of the strongest years on record. As of 2/14/2019 there are just 5 lakefronts listed in the Tahoe Sierra MLS. For homes priced under $500,000 on the North & West Shores there are just 4 homes for sale and 45 sold during 2018. At Dollar Point which is considered one of the premier neighborhoods on the North Shore with excellent amenities, there are currently only 3 homes on the market with 29 selling during 2018 posting the highest sales volume in the past 12 years.
We believe the 2019 market will be similar to 2018. While external factors such as rising interest rates, a bumpy stock market and the extreme weather conditions we have experienced so far this year can slow things down, we still believe is Lake Tahoe the backyard playground for the greater Bay Area, Sacramento and even Reno will always be in demand. See below for the full market statistics report.
Total Residential Sales: In the 2017 there were 1,567 residential sales compared to 1,411 sales in 2018. However, the dollar volume in 2018 ($1,390,959,637 vs $1,537,786,907) was up 10.5%.
In 2017 there were 1,160 single family home sales with a dollar volume of $1,167,829,876 representing 84% of the sales volume. Average days on market was 75 days.There were 407 condominium sales with a dollar volume of $223,127,761 representing the remaining 16% of the sales volume. Average days on market was 102 days.
In 2018 there were 1,083 single family home sales with a dollar volume of $1,197,065,594 representing 78% of the sales. Average days on market was 66 days (down 12%) There were 328 condominium sales with a dollar volume of $197,065,594 representing the remaining 22% of the market. Average days on market was 98 days (down -3.9%)
Median and Average Sales Prices for Single Family Homes: In 2017 the median selling price was $671,000. At the end of 2018 the median selling price was $720,000 which is an increase of 7.3%. In 2017 the average selling price was $1,007,618. At the end of 2018 the average selling price was $1,237,969 which is an increase of 23%.
Median and Average Sales Prices for Condominiums: In 2017 the median selling price was $420,000. At the end of 2018 the median selling price was $447,250 which is an increase of 6.5%. In 2017 the average selling price was $548,230. At the end of 2018 the average selling price was $600,809 which is an increase of 9.6%.
Hottest Price Ranges: In both 2017 and 2018, the most sales for single family homes was in the $500,000 to $700,000 price range. For condominiums the most sales in 2017 was in the $$300,000 to $500,000 price range and in 2018 it was in the $500,000 to $700,000 price range.
Luxury Sales: In 2017 there were 324 sales above $1,000,000. In 2018 there were 346 sales which is a 6.8% increase. In 2017 there were 68 sales above $3,000,000. In 2018 there were 85 sales which is a 25% increase.
Percentage of Listings Sold & Sale Price to List Price Ratio:
2017 single family homes: 1,491 total listed. 1,159 listings sold (77.73%) Sale to List Ratio 96.28%
2018 single family homes: 1,482 total listed. 1,083 listings sold (73.08%) Sale to List Ratio 96.26%
2017 condominiums: 523 total listed. 407 listings sold (77.82%) Sale to List Ratio 96.80%
2018 condominiums: 474 total listed. 328 listings sold (69.20%) Sale to List Ratio 97.06%
Current Market as of 2/14/2019: There are currently 380 residential properties for sale (244 homes & 136 condominiums). The median price for homes is $1,200,000 and the average price is $1,893,142. The median price for condominiums is $572,500 and the average price is $864,730.
There are 102 pending sales (78 homes & 24 condominiums) The median price for homes is $699,000 & the average price is $1,370,542. The median price for condominiums is $475,000 and the average price is $520,125.
86 homes sold from 1/1/2018 to 2/14/2018. In the same time period for this year in 2019 there has been 78 sales (down 9.75%). There were 34 condominiums closed sale from 1/1/2018 to 2/14/2018. In the same time period this year in 2019 there were 32 condominium closed sales (down 6%). Overall sales volume, the median sales price and the average sales price are all up compared to last year.