In 2018, 29 homes closed escrow, 11 more than in 2017. At the end of the year there were only 4 active listings available ranging in price from $975,000 to $1,475,000.
The most sales in 2018 were for homes between $1M and $2M with 16 homes sold compared to 8 in 2017 and 11 in 2016. In the under $1M market, 11 homes sold compared to 10 in 2017 and 11 in 2016. In the over $2M market there were 5 sales last year versus none in 2017.
The sales in the $1M to $2M range reflect the stronger market in 2018. In this range the average sales price was up by 13.9%, but the average price per square foot was up by only 1% as basically the homes sold were larger. The average days on market for homes sold dropped from 42 days to 40 days, but of the 3 homes still looking for a buyer at year end the average days on market is 108. There were three homes in this price range that were withdrawn without a buyer.
The average sales price for homes under $1M was $32,000 (+3.9%) higher than 2017, and the average price per square foot was up by 3.2%, a fairly close correlation. The average days on market for homes under $1M was up from 27 days in 2016 to 59 days. At year end there was only one active listing under $1M.
The the return of buyers and sellers in the over $2M price range is a very positive sign for the market going forward.
2018 Dollar Point Home Sales*
|All||Below $1M||$1M to $2M||Over $2M|
|Lowest Sale price||$720,000||$720,000||$1,100,000||$2,212,000|
|Highest sale price||$5,050,000||$999,000||$1,925,000||5,050,000|
|Avg. sale price||$1,619,025||$866,750||$1,509,732||$3,172,400|
|Avg. $ per sq. ft.||$571||$452||$567||$751|
|Avg. days on market||40||59||40||10|
*Source: Tahoe Sierra Multiple Listing Service 2019
Should you be considering the sale of your home I always welcome the opportunity to explain the unique benefits of working with Sierra Sotheby’s International Realty. I am also happy to assist you with a review of the value of your home in Dollar Point should you just need an update.