Patience Lewis’ Weekly North Lake Tahoe-Truckee Market Watch – Week Of: June 3rd to June 9th
2013 Weekly Real Estate Market ReportNorth Lake Tahoe-Truckee Region
Residential Properties – Single Family Homes and Condominiums
Week of: June 3rd to June 9th
Active Inventory Summary:
Active Listings: The current inventory of residential properties went up 2% from the previous week to 784 residential properties for sale; 589 single family homes and 195 condominiums for sale. Coldwell Banker has over 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 only 4 properties listed as short sales, (0.5%) and 7 properties listed as REO sales, (1%).
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 539 residential properties sold in the market which slightly higher than the 506 properties sold in 2012 for the same period. Of the total sales in the market this year, 422 have been single family homes, while 117 or 22% of the sales are condominiums. In 2012 for the same period, condominiums represented almost 25% of the sales.
REO & Short Sales: Distressed property sales are down significantly for the year with 35 REO sales, (6%), and 69 Short Sales, (13%) which results in 19% of the properties sold being distressed properties. In 2012 for the same period, there were 97 REO sales and 95 short sales or 38% of the total sales being distressed properties.
Sales by Price Range: In 2013, there have been 316 residential properties sold priced below $500,000, 142 properties sold between $500,000 and $1,000,000 and 66 properties sold over $1,000,000.
Median and Average Sales Prices: The median sales price for properties sold year to date is $437,000 while the average sales price is $664,116. For the same period in 2012, the median sales price was $380,000 and the average sales price was $534,681 which is an increase of 15% in median sales price and an increase of 24% in average sales price.
Last Week’s Sales: For the week of June 3rd a total of 16 properties sold which was down significantly from the prior week’s sales of 24 properties. Of the properties sold last week only 1 property sold at a price above $1,000,000.
Pending Sales: Currently there are 243 pending residential sales in the market which is up 4% from the previous week’s pending sales. Of the pending properties, 21% are distressed properties with 41 being short sales and 12 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, 539 residential properties have sold year to date which is up 5% from the 506 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 has gotten off to a slower start this year as compared to last year with 17 sales month to date as compared to 24 a year ago. However, we are still seeing solid activity by interested Buyers.
Coldwell Banker Residential Brokerage for 2013 is #1 in the entire market in terms of both unit sides sold, (253 sales) and sales volume sold, ($107 million).
The median sales price for residential properties reached 437,000 last week which is up 15% from the median sales price of $380,000 in 2012. Similarly the average sales price has gone up a whopping 24% to $664,116 as compared to last year’s average sales price of $534,681 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 58% of the sales or 316 properties have sold in this price range which is similar to 2012 where over 64% of sales or 327 properties sold in this price range.
Luxury home sales, homes priced above $1,000,000, have gone up 78% from 2012 with 66 luxury properties selling since the beginning of the year as compared to only 37 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 $1,745,000 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 $2,262,831 as compared to $2,154,316 in 2012 which is a 5% increase.
The mid range market sales, $500,000 to $1,000,000 are trending up from last year with 157 properties sold in this segment or 29% of sales as compared to 142 properties sold or 28% 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 27% with 69 closed short sales in 2013 as compared to 95 closed short sales in 2012. Similarly, REO properties closed in 2013 have gone down (64%) with 35 properties closed in 2013 as compared to 97 properties closed in 2012. Overall, distressed property sales, (REO and Short Sales) represent 19% of the sales in 2013 which is less than the 38% in 2012.
The active inventory on a year over year basis is down roughly 17% as we currently have 784 residential properties listed for sale as compared to 951 a year ago at this time. However, this past week we had a 2% increase in inventory bringing our total to 784 residential properties on the market; 589 single family homes and 195 condominiums listed for sale.
SUMMER IS AROUND THE CORNERR…IT’S NOT TOO LATE! 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