Patience Lewis’ Weekly North Lake Tahoe-Truckee Market Watch – Week Of: February 18th – 24th
2013 Weekly Real Estate Market Report
North Lake Tahoe-Truckee Region
Residential Properties – Single Family Homes and Condominiums
Week of: February 18th – 24th
Active Inventory Summary
Active Listings: The current inventory of residential properties stands at 507 properties for sale; 328 single family homes and 179 condominiums for sale. The current inventory level has not been this low for at least four (4) years. Coldwell Banker has almost 12% 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 only 6 properties listed as short sales, (1.2%) and 9 properties listed as REO sales, (1.8%
Months of Inventory: Based on the current active 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 2013 Vs. 2012:
Total Sales: For 2013, there have been 134 residential properties sold in the market as compared to 133 for the same period in 2013 which is identical on a year over year basis. Of the total sales in the market this year, 99 have been single family homes, while 35 or 26.1% of the sales are condominiums. In 2012 for the same period, condominiums represented only 17.7% of the sales.
REO & Short Sales: Distressed property sales thus far for the year shows 10 REO sales, (7.5%), and 23 Short Sales, (17.2%) which results in almost24.6% of the properties sold being distressed properties. In 2012 for the same period, there were 34 REO sales and 33 short sales or 50% of the total sales.
Sales by Price Range: For the year, there have been 86 residential properties sold priced below $500,000, 30 properties sold between $500,000 and $1,000,000 and 18 properties sold over $1,000,000.
Median and Average Sales Prices: The median sales price for properties sold year to date is $375,000 while the average sales price is $747,324. For the same period in 2012, the median sales price was $354,000 and the average sales price was $445,088 which is an increase of 5.9% in median sales price and an increase of 67.9% in average sales price.
Last Week’s Sales: For the week of February 18th, a total of 15 properties sold which was down slightly from the prior week’s sales of 16 properties. Of the properties sold last week, two (2) properties sold at a price above $1,000,000.
Pending Sales: Currently there are 238 pending residential sales in the market which is up nicely from the previous week. Of the pending properties, 33% are distressed properties with 66 being short sales and 13 being REO’s.
Market Activity Summary:
The 2013 year through February 24th has almost mirrored 2012 in terms of total sales as there have been 134 residential properties sold as compared to 133 for 2012 which is a slight 1% increase.
Month to date sales in February yielded 51 properties sold as compared to 61 units sold in 2012 for the same period which is a (16%) decline. Interesting enough, the month of January saw total sales for 2013 of 83 properties as compared to 72 properties for the same period in 2012 which is a 15% increase.
Coldwell Banker Residential Brokerage as was the case in 2012 continues to be #1 in the entire market in terms of both unit sides sold, (56 sales) and sales volume sold, ($24 million).
The median sales price for residential properties reached 354,000 which is up 5.9% from the median sales price of $354,000 in 2012. Similarly the average sales price has gone up a whopping 67.9% to $747,324 as compared to last year’s average sales price of $445,088 due in large part to the higher number of luxury sales in the market since the beginning of the new year.
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 86 properties have sold in this price range which is similar on a percentage basis to 2012 where over 68% of sales or 91 properties sold in this price range.
Luxury home sales, homes priced above $1,000,000, are up 157% from 2012 with 18 luxury properties selling since the beginning of the year as compared to only 7 luxury properties sold for the same period in 2012. Luxury properties sold represents over 13% of sales thus far this year. The median sales price for luxury properties in 2013 is $1,661,250 as compared to a median price of $1,200,000 in 2012 which is up 38.4%. Even more dramatically, the average sales price of luxury homes in 2013 is $2,967,972 as compared to $1,403,571 in 2012 which is an 111% increase.
The mid-range market sales, $500,000 to $1,000,000 are almost identical to last year with 30 properties sold in this segment or 22% of sales as compared to 35 properties sold or 26% of sale in this range in 2012.
Distressed properties, (REO’s and Short Sales), have really lagged 2012 thus far. For 2013, short sale properties closed have gone down 30% with 23 closed short sales in 2013 as compared to 33 closed short sales in 2012. Similarly, REO properties closed in 2013 have gone down (70%) with 10 properties closed in 2013 as compared to 34 properties closed in 2012. Overall, distressed property sales, (REO and Short Sales) represent 26% of the sales in 2013 which is less than the 50% in 2012.
The active inventory of residential properties has been steadily declining the past year and as of this report is down 37% from last year at this time. There are a total of 507 residential properties on the market with 328 single family homes and 179 condominiums listed for sale in the market. As is the case in many California markets, low inventory levels are the norm and the Tahoe-Truckee market is experiencing similar trends.
IT’S NOT TOO LATE! While inventory levels are at the low, there are still many quality properties to choose from throughout the north Lake Tahoe and Truckee area which is not the case in many areas of California. When you compound the inventory available with homes still priced at 10-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.
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