Patience Lewis' Weekly North Lake Tahoe-Truckee Market Watch – Week Of: October 22nd to October 28th
2012 Weekly Real Estate Market Report
North Lake Tahoe-Truckee Region
Residential Properties – Single Family Homes and Condominiums
Week of: October – 22nd to 28th
Active Inventory Summary:
Active Listings: The inventory for residential properties has been declining weekly for the past few weeks to 815 residential properties for sale; 602 single family homes and 213 condominiums for sale. The current inventory level is at the lowest point since April of this year. 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 85 properties listed as short sales, (10.4%) and 8 properties listed as REO sales, (1.0%). The total percentage of distressed properties listed for sale, (11.4%) is vastly different than the percentage of distressed properties sold on a year to date basis which is just over 28%.
Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has a little over 4-months of inventory available.
Sales Summary: Year-To-Date
Total Sales 2012 Vs 2011:
Total Sales: For 2012, there have been 1,136 residential properties sold in the market as compared to 973 for the same period in 2011 which is a year over year increase in sales of over 16.8%. Of the total sales in the market this year, 902 have been single family homes, while 234 or 20.6% of the sales are condominiums. I n 2011 for the same period, condominiums represented 27% of the sales which is much higher than what we are experiencing in 2012.
REO & Short Sales: Of the properties sold this year, 163 have been REO’s, (14.3%), and 165 have been Short Sales, (14.5%) which results in just over 28% of the properties sold being distressed properties. In 2011 for the same period, there were 172 REO sales and 132 short sales or just over 32% of the total sales.
Sales by Price Range: For the year, there have been 732 residential properties sold priced below $500,000, 304 properties sold between $500,000 and $1,000,000 and 100 properties sold over $1,000,000.
Median and Average Sales Prices: The median sales price for properties sold year to date is $396,000 while the average sales price is $547,057. For the same period in 2011, the median sales price was $400,000 and the average sales price was $548,391 which is a(1.0%) decline in median sales price and a (0.2%) decline in the average sales pricefrom 2011 to 2012.
Last Week’s Sales: For the week of October 22nd, a total of 30 properties sold which was down slightly from the prior week’s sales of 34 properties. Of the properties sold last week, eight (8) properties sold at a price above $750,000.
Pending Sales: Currently there are 205 pending residential sales in the market which is down slightly from the previous week. Currently 16% of the pending sales are distressed properties with 18 being short sales and 14 being REO’s.
Market Activity Summary:
The month of October has been on fire with 137 properties closing through the 28th. The 137 properties sold thus far in October are up 32% from the same period in October of 2011 where 104 properties sold. On a year to date basis, there have been 1,136 residential properties sold as compared to 973 for 2011 which is an overall favorable increase of 16.8%.
Coldwell Banker Residential Brokerage is #1 in the entire market in terms of both residential units sold, (504 sales) and sales volume sold, ($202 million).
The median sales price for residential properties has decreased from last year by a slight (1.0%) to $396,000, while the average sales price is almost identical to last year with a less than 1% decrease to $547,057. These price trends over the past 90-120 days continue to suggest that the Tahoe-Truckee market has reached or is nearing the bottom.
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 732 properties have sold in this price range which is similar on a percentage basis to 2011 where 66% of sales or 640 properties sold in this price range.
Luxury home sales, homes priced above $1,000,000, are up 16% from 2011. There have been 100 luxury properties sold which represents over 8% of sales this year as compared to 86 properties sold last year in this segment. The median sales price for luxury properties in 2012 is $1,500,000 as compared to a median price of $1,650,000 in 2011 which is down (9%). Similarly, the average sales price of luxury homes in 2012 is $2,022,511 as compared to $2,081,179 in 2011 which is a decrease of (2.8%). Coldwell Banker is the market leader for Luxury properties sold over $1.0 million with 25 properties sold with a sales volume of $35 million.
The mid range market sales, $500,000 to $1,000,000 are up 23% from last year with 304 properties sold in this segment or 27% of sales as compared to 247 properties sold or 25% in this range in 2011.
In the area of distressed properties we are mirroring the national trend of more banks supporting short sales as compared to last year. For 2012, short sale properties closed have gone up by 25% with 165 closed short sales in 2012 as compared to 132 closed short sales in 2011. For the first time this year, short sales closed exceeded REO properties closed. Conversely REO properties closed in 2012 have gone down (5%) with 163 properties closed in 2012 as compared to 172 properties closed in 2011. Overall, distressed property sales, (REO and Short Sales) represent over 28% of the sales in 2012 which is less than the 32% in 2011.
The active inventory of residential properties has been steadily declining the past 6-weeks and is at the lowest point since April of this year with 815 residential properties for sale. There are 602 single family homes and 213 condominiums listed for sale in the market. On a year over year bases, residential listings are down 28% from last year at this time as inventory at this time in 2011 was 1,139 residential properties as compared to today’s inventory of 815 properties.
NOW MAY THE BEST TIME TO BUY! 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