Patience Lewis' North Lake Tahoe – Truckee Weekly Real Estate Market Watch – Week of: June 18th to June 24th
Week of: June 18th to June 24th
North Lake Tahoe-Truckee Region Residential Properties
Single Family Homes and Condominiums
Active Inventory Summary:
Active Listings: The inventory for residential properties went up 5% from the previous week to 996 residential properties for sale; 755 single family homes and 241 condominiums for sale. The current inventory is at its highest level for the 2012 calendar year. Coldwell Banker has over 14% 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 102 properties listed as short sales, (10%) and 23 properties listed as REO sales, (2%). The total percentage of distressed properties listed for sale, (12%) is vastly different than the percentage of distressed properties sold on a year to date basis which is roughly 37% of sales.
Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has a little over 8-months of inventory available.
Sales Summary: Year-To-Date
Total Sales 2012 Vs 2011:
Total Sales: For 2012, there have been 555 residential properties sold in the market as compared to 485 for the same period in 2011 which is a year over year increase in sales of over 14%. Of the total sales in the market this year, 445 have been single family homes, while 110 or 20% of the sales are condominiums. I n 2011 for the same period, condominiums represented 31% of the sales which is significantly higher than what we are experiencing in 2012.
REO & Short Sales: Of the properties sold this year, 101 have been REO’s, (18%), and 104 have been Short Sales, (19%) which results in just over 37% of the properties sold being distressed properties. In 2011 for the same period, there were 112 REO sales and 71 short sales or just over 37% of the total sales.
Sales Price Range: For the year, there have been 365 residential properties sold priced below $500,000, 150 properties sold between $500,000 and $1,000,000 and 40 properties sold over $1,000,000.
Median and Average Sales Prices: The median sales price for properties sold year to date is $378,400 while the average sales price is $525,418. For the same period in 2011, the median sales price was $403,000 and the average sales price was $525,418 which is a (6%) decline in median sales price and a <1% increase in the average sales price from 2011 to 2012.
Last Week’s Sales: For the week of June 18th, a total of 33 properties sold which was up significantly from last week’s sales of 17 properties. Of the properties sold last week, two (2) properties sold at a price above $1.0 million. One of those million dollar sales was $3,451,000.
Pending Sales: Currently there are 176 pending residential sales in the market which is down slightly from the previous week. Currently 23% of the pending sales are distressed properties with 15 being short sales and 28 being REO’s.
Market Activity Summary:
While the month of June got off to a slow start in terms of closed sales, last week’s sales erased that distinction with the single largest week of close sales of 33 properties. On a year to date basis, there have been 555 residential properties sold as compared to 485 for 2011 which is an overall favorable increase of 14%.
For 2012 in the Tahoe-Truckee market, Coldwell Banker Residential Brokerage is #1 in the entire market in terms of both residential units sold, (249 properties) and sales volume sold, ($101 million).
The median sales prices for residential properties has decreased from last year by (6%) to $378,400, while average sales prices has only increased slightly by <1% to $525,418. The lower median price has obviously played a role in the increased sales in the market. This trend is not the case in all areas or segments of the market.
The hottest segment of the market continues to be homes priced under $500,000 as over 65% of the sales or 365 properties have sold in this price range which is similar to 2011 where 321 properties sold in this price range or 66% of sales.
Luxury home sales, homes priced above $1,000,000, are up slightly from 2011. There have been 40 luxury properties sold which is 7% of sales this year as compared to 38 properties sold last year in this segment. The median sales price for luxury properties in 2012 is $1,300,000 as compared to a median price of $1,662,500 in 2011 which is down (22%). Conversely, the average sales price of luxury homes in 2012 is $2,131,518 as compared to $1,985,814 in 2011 which is an increase of over 7%. Coldwell Banker is the market leader for Luxury properties sold over $1.0 million with 14 properties sold for the year and $20 million in luxury sales volume.
The mid range market sales, $500,000 to $1,000,000 are up 19% from last year with 150 properties sold in this segment or 27% of sales as compared to 126 properties sold or 26% in this range in 2011.
In the area of distressed properties we are seeing the national trend of more banks supporting short sales as compared to last year. For 2012, short sale properties closed have gone up by 46% with 104 closed short sales in 2012 as compared to only 71 closed short sales in 2011. Conversely REO properties closed in 2012 have gone down (10%) with 101 properties closed in 2012 as compared to 112 properties closed in 2011. Overall, distressed property sales, (REO and Short Sales) represent over 37% of the sales in 2012 which is almost identical to 2011.
The active inventory of residential properties went up 5% from last week to 996 residential properties for sale. There are 755 single family homes and 241 condominiums listed for sale in the market. On a year over year bases, residential listings are down 18% from last year at this time.
WHAT ARE YOU WAITING FOR?
With the inventory of residential properties rising 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 for a home in the Lake Tahoe–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 Lake Tahoe-Truckee market.
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 #01103208