Patience Lewis’ Weekly North Lake Tahoe-Truckee Market Watch – Week Of: May 27th to June 2nd
2013 Weekly Real Estate Market Report
North Lake Tahoe-Truckee Region
Residential Properties – Single Family Homes and Condominiums
Week of: May 27th to June 2nd
Active Inventory Summary:
Active Listings: The current inventory of residential properties went up 10% from the previous week to 771 residential properties for sale; 575 single family homes and 196 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 8 properties listed as short sales, (1%) and 11 properties listed as REO sales, (1.4%).
Months of Inventory: Based on the current active inventory and sales for the previous 30-day period, the market has a over 6-months of inventory available.
Sales Summary: Year-To-Date
Total Sales 2013 Vs. 2012:
Total Sales: For 2013, there have been 518 residential properties sold in the market which slightly higher than the 491properties sold in 2012 for the same period. Of the total sales in the market this year, 405 have been single family homes, while 113 or 22% of the sales are condominiums. In 2012 for the same period, condominiums represented a little over 24% of the sales.
REO & Short Sales: Distressed property sales are down significantly for the year with 34 REO sales, (6%), and 68 Short Sales, (13%) which results in 19% of the properties sold being distressed properties. In 2012 for the same period, there were 96 REO sales and 92 short sales or 38% of the total sales being distressed properties.
Sales by Price Range: In 2013, there have been 301 residential properties sold priced below $500,000, 152 properties sold between $500,000 and $1,000,000 and 65 properties sold over $1,000,000.
Median and Average Sales Prices: The median sales price for properties sold year to date is $438,000 while the average sales price is $672,687. For the same period in 2012, the median sales price was $380,000 and the average sales price was $532,704 which is an increase of 15% in median sales price and an increase of 26% in average sales price.
Last Week’s Sales: For the week of May 27th a total of 24 properties sold which was down slightly from the prior week’s sales of 28 properties. Of the properties sold last week only 1 property sold at a price above $1,000,000.
Pending Sales: Currently there are 234 pending residential sales in the market which is up 15% from the previous week’s pending sales. Of the pending properties, 20% are distressed properties with 40 being short sales and 8 being REO’s.
Market Activity Summary:
Residential sales activity for 2013 have not disappointed as they continue to outpace 2012 residential sales. Thus far, 518 residential properties have sold year to date which is up almost 6% from the 491 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. For the month of May 2013, there were a total of 120 residential sales in the market as compared to 123 in May 2012 which is almost identical.
Coldwell Banker Residential Brokerage for the fourth straight year is #1 in the entire market in terms of both unit sides sold, (236 sales) and sales volume sold, ($100 million) for 2013.
The median sales price for residential properties reached 438,000 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 26% to $672,687 as compared to last year’s average sales price of $532,704 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 301 properties have sold in this price range which is similar to 2012 where over 65% of sales or 320 properties sold in this price range.
Luxury home sales, homes priced above $1,000,000, have almost doubled from 2012 with 65 luxury properties selling since the beginning of the year as compared to only 35 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 $1,750,000 as compared to a median price of $1,370,000 in 2012 which is up 27%. The average sales price of luxury homes in 2013 is $2,282,259 as compared to $2,214,992 in 2012 which is a 3% increase.
The mid-range market sales, $500,000 to $1,000,000 are trending up from last year with 152 properties sold in this segment or 29% of sales as compared to 136 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 26% with 68 closed short sales in 2013 as compared to 92 closed short sales in 2012. Similarly, REO properties closed in 2013 have gone down, (64%) with 34 properties closed in 2013 as compared to 96 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 15% as we currently have 771 residential properties listed for sale as compared to 915 a year ago at this time. However, this past week we had a 10% increase in inventory with a total of 771 residential properties on the market; 575 single family homes and 196 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.
SUMMER IS AROUND THE CORNER…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