The North Lake Tahoe, CA Real Estate Market Sets a Number of New Records in 2017!
2017 was a record-breaking year for North Lake Tahoe, CA and Truckee real estate sales with 1,160 single family homes trading hands for a combined value of $1.17B! The Tahoe-Sierra MLS has only had 2 years of single-family home sales over $1B, so this is a significant record. Although we had a tenacious finish to the year, 2017 had an abysmal start as severe weather, deep snowpack and treacherous road conditions kept buyers at bay. Plus, inventory levels were historically low throughout most of the year. Once the Tahoe area melted out (July) the real estate markets came alive with vigor and we saw homes selling at a feverish pace. September through December saw $529M in single-family home sales accounting for 45% of total dollar volume and 49% of unit volume, which was record setting!
Lake Tahoe Real Estate Market Report Year End 2017 Highlights
- December 2017 dollar volume is up 53% over December 2016
- September – December 2017 dollar volume is up 31% over 2016, setting a new record
- On average homes are selling in 75 days which is 17% faster than in 2016
- The median home price is $671,000 which is up 7.6% over 2016. The median home value is now only 5% below the peak market pricing (2006).
- 2017 now holds the record for most single-family home sales (2016 was previous record year)
- 2017 is the record year for home sales over $1M and sales over $3M
Year over Year Lake Tahoe, CA Real Estate Market Conditions and Value Trends
2017 Statistics
- 1,160 Single-Family Home Sales Up 4.8%
- Avg. Marketing Time: 75 Days Down 17%
- Avg. List to Sold Discount: 3.8% Up 7.9%
- Total Sales Volume: $1.17B Up 6.8%
- Average Price: $1.008M Up 2.3%
- Median Price: $671K Up 7.6%
- 17 REO & Short Sales Down 29%
- 28 Sales Below $300K Down 7%
- 277 Sales over $1M Up 12%
- 66 Sales over $3M Up 1.5%
- High Sale Price: $15M Down 14%
- Low Sale Price: $138K Down 28
2016 Statistics
- 1,104 Single-Family Homes
- Average Marketing Time: 90 Days
- Avg. List to Sold Discount: 3.5%
- Total Sales Volume: $1.09B
- Average Price: $985K
- Median Price: $620K
- 24 REO & Short Sales
- 30 Sales Below $300K
- 245 Sales over $1M
- 65 Sales over $3M
- High Sale Price: $17.5M
- Low Sale Price: $192K
Lake Tahoe Real Estate Market Report Year End 2017 – Sales Chart
Click Image to Enlarge Chart
Year Over Year Lake Tahoe Real Estate Sales Volume Chart Year-End 2017
Click Image to Enlarge Chart
2018 North Lake Tahoe, CA Real Estate Outlook
Going into 2018, we continue to see strong buyer demand and low inventory levels which is a recipe for an increasing market. With the stock market at record highs, we are seeing people shift money into tangible assets (Tahoe real estate) and this trend should continue into 2018. As the new tax laws come into place, we will see how these changes will affect our real estate markets. It appears that the tax rate on income properties will be reduced and that will benefit the Tahoe region which has a significant number of second homes, many of which are used as short-term rentals. This is not good news for first-time buyers or locals looking to buy up as they will be competing against buyers with higher levels of wealth. I’m optimistic that 2018 has the potential to be a good year for Lake Tahoe real estate and I anticipate another year of low inventory, solid demand, and my forecast is that North Lake Tahoe, CA will see moderate appreciation in the New Year.
Lake Tahoe Market Report Archive
- View All Tahoe Real Estate Market Reports
- Year-End 2016 Lake Tahoe Market Report
- Year-End 2015 Lake Tahoe Market Report
*North Lake Tahoe, CA and Truckee Single Family Home sales including lakefronts. Data is taken from the Tahoe-Sierra Board of Realtors, MLS Areas 1-9.
Do you have questions about Lake Tahoe Real Estate? Please call me at (530) 448-9882 if you would like to discuss Lake Tahoe market conditions in more detail or to talk about how I can help you achieve your real estate goals.
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OLIVER LUXURY REAL ESTATE
P: 530-448-9882
David@WestallRealEstate.com
CA BRE# 01796995
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