Patience Lewis’ Weekly North Lake Tahoe-Truckee Market Watch – Week Of: June 17th to June 23rd
2013 Weekly Real Estate Market Report
North Lake Tahoe-Truckee Region
Residential Properties – Single Family Homes and Condominiums
Week of: June 17th to June 23rd
Active Inventory Summary:
Active Listings: The current inventory of residential properties went up 7% from the previous week 843 residential properties for sale; 633 single family homes and 210 condominiums for sale. Coldwell Banker has over 16% 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 4 properties listed as short sales, (0.5%) and 5 properties listed as REO sales, (0.6%).
Months of Inventory: Based on the current active inventory and sales for the previous 30-day period, the market has just over 7-months of inventory available.
Sales Summary: Year-To-Date
Total Sales 2013 Vs. 2012:
Total Sales: For 2013, there have been 609 residential properties sold in the market which is 8% higher than the 564 properties sold in 2012 for the same period. Of the total sales in the market this year, 480 have been single family homes, while 129 or 21% of the sales are condominiums. In 2012 for the same period, condominiums represented just over 24% of the sales.
REO & Short Sales: Distressed property sales are down significantly for the year with 40 REO sales, (6%), and 73 Short Sales, (12%) which results in 18% of the properties sold being distressed properties. In 2012 for the same period, there were 103 REO sales and 105 short sales or 37% of the total sales being distressed properties.
Sales by Price Range: In 2013, there have been 346 residential properties sold priced below $500,000, 190 properties sold between $500,000 and $1,000,000 and 73 properties sold over $1,000,000.
Median and Average Sales Prices: The median sales price for properties sold year to date is $450,000 while the average sales price is $660,755. For the same period in 2012, the median sales price was $380,000 and the average sales price was $525,274 which is an increase of 18% in median sales price and an increase of 26% in average sales price.
Last Week’s Sales: For the week of June 17th a total of 31 properties sold which was up slightly from the prior week’s sales of 28 properties. Of the properties sold last week two (2) properties sold at a price above $1,000,000.
Pending Sales: Currently there are 235 pending residential sales in the market which is down 3% from the previous week’s pending sales. Of the pending properties, 20% are distressed properties with 38 being short sales and 9 being REO’s.
Market Activity Summary:
Residential sales activity for 2013 has been very favorable as we continue to see the market outpace 2012 for residential sales. Thus far, 609 residential properties have sold year to date which is up 8% from the 564 sales for the same period last year. We are continuing to see significant buyer interest for the Tahoe-Truckee market with multiple offer situations occurring more frequently than what we experienced last year. June sales month to date have mirrored June sales from last year with 81 sales thus far as compared to 82 a year ago. All indications are that June will close at or better than last year.
Coldwell Banker Residential Brokerage for 2013 is #1 in the entire market in terms of both unit sides sold, (296 sales) and sales volume sold, ($128 million).
The median sales price for residential properties reached 450,000 last week which is up 18% from the median sales price of $380,000 in 2012. Similarly the average sales price has gone up a whopping 26% to $660,755 as compared to last year’s average sales price of $525,274 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 57% of the sales or 346 properties have sold in this price range which is down slightly from 2012 where over 65% of sales or 371 properties sold in this price range.
Luxury home sales, homes priced above $1,000,000, have gone up 78% from 2012 with 73 luxury properties selling since the beginning of the year as compared to only 41 luxury properties sold for the same period in 2012. Luxury properties sold represent over 12% of sales thus far this year. The median sales price for luxury properties in 2013 is $1,740,000 as compared to a median price of $1,300,000 in 2012 which is up 34%. The average sales price of luxury homes in 2013 is $2,216,532 as compared to $2,111,115 in 2012 which is a 5% increase.
The mid range market sales, $500,000 to $1,000,000 have gone up 25% from last year with 190 properties sold in this segment or 31% of sales as compared to 152 properties sold or 27% 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 73 closed short sales in 2013 as compared to 105 closed short sales in 2012. Similarly, REO properties closed in 2013 have gone down (61%) with 40 properties closed in 2013 as compared to 103 properties closed in 2012. Overall, distressed property sales, (REO and Short Sales) represent 18% of the sales in 2013 which is less than the 37% in 2012.
The active inventory on a year over year basis is down roughly 15% as we currently have 843 residential properties listed for sale as compared to 996 a year ago at this time. However, this past week we had a 7.5% increase in inventory bringing our total to 843 residential properties on the market; 633 single family homes and 210 condominiums listed for sale.
SUMMER IS HERE…THIS MIGHT BE A GREAT TIME TO BUY! While inventory levels are lower than normal, there are still many quality properties to choose from throughout the north Lake Tahoe and Truckee area. 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