It's time for yet another year-end real estate wrap up! What market trends did we see in 2015 and what can we expect moving forward?
A combination of fresh snow and the threat of rising interest rates has resulted in an increase in the sales volume. Believe it or not, the sales in November outpaced the sales in August. This is great news for all of our sellers who kept their homes on the market, and for those who are thinking about listing soon.
In August, there were 781 homes on the market and 103 sold, which is a sold rate of about 13%. In November, there were 911 homes, but 128 homes sold, which is a 12.8% sold rate. This is very different from what you would usually expect from the Truckee real estate market.
Even though inventory is limited right now, buyers have a lot of great options. Because of this, they're going to pick the home that is going to get them the biggest bang for their buck. As a seller, this means you need to ensure your home as a much or more benefits and features than the homes you're competing with.
When you compare 2014 pricing to this year, we actually have seen very little growth in the actual pricing. Last year, the median sold price was $560,000. In 2015, it's currently $550,000. The average price in 2014 was $893,000 while this year it was $823,000. As you can see, prices have declined, but only slightly. Additionally, the average days on market stayed just about the same, from 97 days in 2014 to 103 days in 2015.
What do these numbers say about our market? Well, if the snow continues like it has been, we expect to see a lot more buyers looking for second homes in the area. This will likely result in a slight price bump as we get through the spring. Like last year, we'll probably see a bump in inventory in the summer and fall before the market stabilizes once again toward the end of the year.
If you have any questions about our market, or if you need real estate assistance, please don't hesitate to reach out to us. We would love to hear from you!