Patience Lewis' North Lake Tahoe-Truckee Weekly Real Estate Market Watch – Week Of: August 13 to August 19
North Lake Tahoe-Truckee Region Residential Properties
Single Family Homes and Condominiums
Week of: August 13th to August 19th
Active Inventory Summary:
Active Listings: The inventory for residential properties went down slightly from the previous week to 1,025 residential properties for sale; 772 single family homes and 253 condominiums for sale. The inventory is leveling off as the sales activity has increased and the new listing are being offset with the sales. Coldwell Banker has almost 15% of the active listings in the market and continues to be the market leader for listings.
REO-Short Sale Active Listings: Of the active listings, there are 104 properties listed as short sales, (10.1%) and 17 properties listed as REO sales, (1.7%). The total percentage of distressed properties listed for sale, (11.8%) is vastly different than the percentage of distressed properties sold on a year to date basis which is over 33% of sales.
Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has a little over 7-months of inventory available.
Sales Summary: Year-To-Date Total Sales 2012 Vs 2011:
Total Sales: For 2012, there have been 787 residential properties sold in the market as compared to 686 for the same period in 2011 which is a year over year increase in sales of over 14.7%. Of the total sales in the market this year, 628 have been single family homes, while 159 or 20% of the sales are condominiums. In 2011 for the same period, condominiums represented 30% of the sales which is significantly higher than what we are experiencing in 2012.
REO & Short Sales: Of the properties sold this year, 138 have been REO’s, (17.5%), and 124 have been Short Sales, (15.8%) which results in just over 33% of the properties sold being distressed properties. In 2011 for the same period, there were 142 REO sales and 102 short sales or just over 35% of the total sales.
Sales by Price Range: For the year, there have been 512 residential properties sold priced below $500,000, 207 properties sold between $500,000 and $1,000,000 and 68 properties sold over $1,000,000.
Median and Average Sales Prices: The median sales price for properties sold year to date is $390,000 while the average sales price is $542,465. For the same period in 2011, the median sales price was $400,000 and the average sales price was $523,186 which is a (2.5%) decline in median sales price and a 3.7% increase in the average sales price from 2011 to 2012.
Last Week’s Sales: For the week of August 13th, a total of 35 properties sold which was up 67% from the prior week’s sales of 21 properties. Of the properties sold last week, seven (7) properties sold at a price above $1,000,000 and of the seven, 3 properties were above $2.0 million.
Pending Sales: Currently there are 222 pending residential sales in the market which is up slightly from the previous week. Currently 17% of the pending sales are distressed properties with 21 being short sales and 16 being REO’s.
Market Activity Summary:
The month of August is off to a hot start in terms of property sales. Total sales for the month of August through the 19th is up 61% from last year with 82 properties sold month to date as compared to 51 properties sold for the same period in 2011. We continue to experience brisk activity from interested Buyers and on a number of properties we are seeing multiple offers scenarios which have not been the case in the past few years. On a year to date basis, there have been 787 residential properties sold as compared to 686 for 2011 which is an overall favorable increase of 14.7%.
Thus far in 2012, Coldwell Banker Residential Brokerage is #1 in the entire market in terms of both residential units sold, (367 Units Sold and 19% Market Share) and sales volume sold, ($148 million in Sales Volume and 16% Market Share).
The median sales price for residential properties has decreased from last year by (2.5%) to $390,000, while average sales prices have increased by 3.7% to $542,465. All indications seem to be indicating that the North Lake Tahoe and Truckee market may be nearing or at the bottom of the market based on the sales activity and sold price trends we have experienced in the past 60-days.
The segment of the market with the highest level of activity continues to be homes priced under $500,000 as over 65% of the sales or 512 properties have sold in this price range which is similar to 2011 where 67% of sales or 457 properties sold in this price range.
Luxury home sales, homes priced above $1,000,000, are up 26% from 2011. There have been 68 luxury properties sold which represents over 8.6% of sales this year as compared to 54 properties sold last year in this segment. The median sales price for luxury properties in 2012 is $1,471,250 as compared to a median price of $1,615,000 in 2011 which is down (9%). Conversely, the average sales price of luxury homes in 2012 is $2,047,679 as compared to $1,995,469 in 2011 which is an increase of 3%. Coldwell Banker is the market leader for Luxury properties sold over $1.0 million with 18 properties sold or 12% of luxury sales for the year for a sales volume of $24 million.
The mid range market sales, $500,000 to $1,000,000 are up 18% from last year with 207 properties sold in this segment or 26% of sales as compared to 175 properties sold or 25% in this range in 2011.
In the area of distressed properties we are seeing similarities with the national trend of more banks supporting short sales as compared to last year. For 2012, short sale properties closed have gone up by 22% with 124 closed short sales in 2012 as compared to 102 closed short sales in 2011. Conversely REO properties closed in 2012 have gone down (3%) with 138 properties closed in 2012 as compared to 142 properties closed in 2011. Overall, distressed property sales, (REO and Short Sales) represent over 33% of the sales in 2012 which is slightly less than the 35% in 2011.
The active inventory of residential properties went down slightly from last week to 1,025 residential properties for sale. There are 772 single family homes and 253 condominiums listed for sale in the market. On a year over year bases, residential listings are down 30% from last year at this time.
WHAT ARE YOU WAITING FOR? With the existing inventory of residential properties in the market, homes priced at 12-year lows and some of the lowest interest rates in history, savvy real estate investors are taking advantage of this market and acquiring homes in many of the Lake Tahoe and Truckee resort communities. Now may be one of the best times for Buyers considering an investment in a vacation home or investment property in the North Lake Tahoe area.
Contact Patience Lewis today to find out more about the opportunities available in the Tahoe-Truckee Market.
Note: Data on this page is based on information from the Tahoe Sierra Board of Realtors, MLS. Due to MLS reporting methods and allowable reporting policy, this data is only informational and may not be completely accurate. Therefore, Coldwell Banker Residential Brokerage does not guarantee the data’s accuracy. Data maintained by the MLS may not reflect all real estate activity in the market. DRE License # 01103208