Patience Lewis’ Weekly North Lake Tahoe-Truckee Market Watch – Week Of: March 25th to 31st
2013 Weekly Real Estate Market Report
North Lake Tahoe-Truckee Region
Residential Properties – Single Family Homes and Condominiums
Week of: March 11th to 17th
Active Inventory Summary:
Active Listings: The current inventory of residential properties went up slightly from the previous report to 542 residential properties for sale; 354 single family homes and 188 condominiums for sale. Coldwell Banker has roughly 13% 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, (1.0%) and 9 properties listed as REO sales, (2.0%).
Months of Inventory: Based on the current active 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 2013 Vs. 2012:
Total Sales: For 2013, there have been 287 residential properties sold in the market which is reasonably higher than the 264 properties sold in 2012 for the same period. Of the total sales in the market this year, 219 have been single family homes, while 68 or 24% of the sales are condominiums. In 2012 for the same period, condominiums represented a little over 20% of the sales.
REO & Short Sales: Distressed property sales are down significantly for the year with 24 REO sales, (8%), and 42 Short Sales, (15%) which results in 23% of the properties sold being distressed properties. In 2012 for the same period, there were 64 REO sales and 58 short sales or 46% of the total sales being distressed properties.
Sales by Price Range: In 2013, there have been 171 residential properties sold priced below $500,000, 74 properties sold between $500,000 and $1,000,000 and 42 properties sold over $1,000,000.
Median and Average Sales Prices: The median sales price for properties sold year to date is $417,000 while the average sales price is $694,791. For the same period in 2012, the median sales price was $359,000 and the average sales price was $518,560 which is an increase of 16% in median sales price and an increase of 34% in average sales price.
Last Week’s Sales: For the week of March 25th a total of 35 properties sold which was up nicely from the prior week’s sales of 28 properties. Last week sales were the single largest week of sales thus far for 2013. Of the properties sold last week, 8 properties sold at a price above $1,000,000.
Pending Sales: Currently there are 206 pending residential sales in the market which is down from the previous week’s pending sales of 210. Of the pending properties, 30% are distressed properties with 54 being short sales and 7 being REO’s.
Market Activity Summary:
Real estate activity for 2013 is slightly ahead of 2012 in terms of total sales as there have been 287 residential properties sold year to date which is up 9% from the 264 sales for the same period last year. The month of March yielded 135 properties sold as compared to 117 in 2012 for the same period 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, (114 sales) and sales volume sold, ($46 million) on a year to date basis.
The median sales price for residential properties reached 417,000 which is up 16% from the median sales price of $359,000 in 2012. Similarly the average sales price has gone up a whopping 34% to $694,791 as compared to last year’s average sales price of $518,560 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 59% of the sales or 171 properties have sold in this price range which is similar to 2012 where over 67% of sales or 176 properties sold in this price range.
Luxury home sales, homes priced above $1,000,000, have doubled from 2012 with 42 luxury properties selling since the beginning of the year as compared to only 21 luxury properties sold for the same period in 2012. Luxury properties sold represents over 14% of sales thus far this year. The median sales price for luxury properties in 2013 is $1,667,500 as compared to a median price of $1,300,000 in 2012 which is up 28%. Similarly, the average sales price of luxury homes in 2013 is $2,300,690 as compared to $2,083,571 in 2012 which is a 20% increase.
The mid range market sales, $500,000 to $1,000,000 are up slightly from last year with 74 properties sold in this segment or 25% of sales as compared to 67 properties sold or 25% 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 42 closed short sales in 2013 as compared to 58 closed short sales in 2012. Similarly, REO properties closed in 2013 have gone down (62%) with 24 properties closed in 2013 as compared to 64 properties closed in 2012. Overall, distressed property sales, (REO and Short Sales) represent 23% of the sales in 2013 which is less than the 46% in 2012.
The active inventory on a year over year basis is down roughly 35%. However, this past week we had a slight increase in inventory once again with a total of 542 residential properties on the market; 354 single family homes and 188 condominiums listed for sale. 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 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