Lake Tahoe Real Estate Market Sees 51% Increase in Home Sales Over $3M in 2014
Lake Tahoe, CA (PRWEB) January 14, 2015 -- Fueled by an increase in buyer confidence, the Lake Tahoe real estate market was dominated by upward movement in the luxury segment in 2014.
For the 12 month period, the median sale price of single-family homes rose 11% to $575K in the North Lake Tahoe and Truckee region. Similarly, the average sale price of single family homes rose 22% to $931K in the same time period.
“This significant growth can be attributed to the increase in homes purchased in the luxury segment of the market where we saw a 51% increase in Lake Tahoe home sales over $3M” said Dave Westall, agent at Oliver Luxury Real Estate.
“We continue to see high buyer demand, low inventory levels, lower levels of distressed home sales (REO and Short Sales) and a huge increase in the number of homes sold in the luxury segment of the market; all of which have led to solid increases in home values. These are all signs of a healthy increasing market and we anticipate 2015 to be even stronger.” Said Westall.
2014 Lake Tahoe Real Estate Statistics
- 925 Single Family Home Sales (Down 12% over 2013)
- Average Marketing Time: 91 Days (Up 2% over 2013)
- Average Price: $931K (Up 22% over 2013)
- Median Price: $575K (Up 11% over 2013)
- 49 REO & Short Sales (Down 58% over 2013)
- 8 Sales Below $200K (Down 72% over 2013)
- 190 Sales over $1M (Up 27% over 2013)
- 55 Sales over $3M (Up 51% over 2013)
- High Sale Price: $14M (Up 32% over 2013)
- Low Sale Price: $76K (Up 5% over 2013)
2015 Lake Tahoe Real Estate Market Predictions
- Pricing will continue on an upward trend but will rise at a slower pace.
- Mortgage rates will rise and be closer to 5% by the end of 2015.
- A higher number of millennials (born between 1981 and 2000) will enter the market.
- There will be a rise in new construction starts
- There will be fewer short sales and foreclosures in the market.
- Rental rates will increase, especially long term rental rates.
For more information on Lake Tahoe Real Estate, visit WestallRealEstate.com or contact Dave Westall at dave(at)westallrealestate(dot)com or call 530-448-9882
About Westall Real Estate
Westall Real Estate is a marketing team at Oliver Luxury Real Estate in Tahoe City, CA offering professional consultation and exceptional results in the Lake Tahoe real estate markets. With 12 years of real estate experience, Dave Westall is the premiere Lake Tahoe real estate agent and specializes in helping clients buy or sell lakefront properties as well as homes in Tahoe City, Squaw Valley, Alpine Meadows and Carnelian Bay.
Dave Westall, Westall Real Estate, http://www.WestallRealEstate.com, +1 530-448-9882, [email protected]
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