Patience Lewis' North Lake Tahoe-Truckee Weekly Real Estate Market Watch – Week Of: August 27 to September 2
North Lake Tahoe-Truckee Region
Residential Properties – Single Family Homes and Condominiums
Week of: August 27th to September 2nd
Active Inventory Summary:
Active Listings: The inventory for residential properties went down 3% from the previous week to 998 residential properties for sale; 758 single family homes and 240 condominiums for sale. The inventory has been going down over the past few weeks as the sales activity has increased. 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 100 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 32%.
Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has a little over 6-months of inventory available.
Sales Summary: Year-To-Date
Total Sales 2012 Vs 2011:
Total Sales: For 2012, there have been 857 residential properties sold in the market as compared to 735 for the same period in 2011 which is a year over year increase in sales of over 17%. Of the total sales in the market this year, 685 have been single family homes, while 172 or 20% of the sales are condominiums. I n 2011 for the same period, condominiums represented 29% of the sales which is significantly higher than what we are experiencing in 2012.
REO & Short Sales: Of the properties sold this year, 141 have been REO’s, (16.5%), and 133 have been Short Sales, (15.5%) which results in 32% of the properties sold being distressed properties. In 2011 for the same period, there were 147 REO sales and 113 short sales or just over 35% of the total sales.
Sales by Price Range: For the year, there have been 554 residential properties sold priced below $500,000, 228 properties sold between $500,000 and $1,000,000 and 70 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 $545,152. For the same period in 2011, the median sales price was $397,700 and the average sales price was $535,211 which is a (1.9%) decline in median sales price and a 1.9% increase in the average sales price from 2011 to 2012.
Last Week’s Sales: For the week of August 27th, a total of 41 properties sold which was up 57% from the prior week’s sales of 26 properties. Of the properties sold last week, ten (10) properties sold at a price above $750,000 and 5 of those properties were above $1.0 million.
Pending Sales: Currently there are 219 pending residential sales in the market which is down slightly from the previous week. Currently 16% of the pending sales are distressed properties with 17 being short sales and 18 being REO’s.
Market Activity Summary:
The month of August was the most active month of the year in terms of overall residential properties sold. Total residential sales for the month of August 2012 were 152 as compared to 88 properties sold in August of 2011 which is an increase of 73%. We continue to experience brisk activity from interested Buyers and on a number of properties we are seeing multiple offer scenarios which have not been the case in the past few years. On a year to date basis, there have been 857 residential properties sold as compared to 735 for 2011 which is an overall favorable increase of 17%.
Thus far in 2012, Coldwell Banker Residential Brokerage is #1 in the entire market in terms of both residential units sold, (395 Units Sold) and sales volume sold, ($158 million in Sales Volume).
The median sales price for residential properties has decreased from last year by almost (2%) to $390,000, while average sales prices have increased by almost 2% to $545,152. 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 90-days.
The segment of the market with the highest level of activity continues to be homes priced under $500,000 as over 64% of the sales or 554 properties have sold in this price range which is similar to 2011 where 66% of sales or 490 properties sold in this price range.
Luxury home sales, homes priced above $1,000,000, are up 23% from 2011. There have been 75 luxury properties sold which represents over 8% of sales this year as compared to 61 properties sold last year in this segment. The median sales price for luxury properties in 2012 is $1,479,000 as compared to a median price of $1,665,000 in 2011 which is down (11%). Similarly, the average sales price of luxury homes in 2012 is $2,039,835 as compared to $2,081,645 in 2011 which is a decrease of (2%). Coldwell Banker is the market leader for Luxury properties sold over $1.0 million with 20 properties sold or 27% with a sales volume of $27 million.
The mid range market sales, $500,000 to $1,000,000 are up 24% from last year with 228 properties sold in this segment or 26% of sales as compared to 184 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 18% with 133 closed short sales in 2012 as compared to 113 closed short sales in 2011. Conversely REO properties closed in 2012 have gone down (4%) with 141 properties closed in 2012 as compared to 147 properties closed in 2011. Overall, distressed property sales, (REO and Short Sales) represent over 32% 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 998 residential properties for sale. There are 758 single family homes and 240 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