Patience Lewis' North Lake Tahoe-Truckee Weekly Real Estate Market Watch – Week of: June 11th to June 17th
2012 Weekly Real Estate Market Report
Week of: June 11th to June 17th
North Lake Tahoe-Truckee Region Residential Properties – Single Family Homes and Condominiums
Active Inventory Summary:
Active Listings: The inventory for residential properties went up 4% from the previous week to 951 residential properties for sale; 717 single family homes and 234 condominiums for sale. The current inventory is at its highest level for the 2012 calendar year. Coldwell Banker has over 14% 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 98 properties listed as short sales, (10.3%) and 22 properties listed as REO sales, (2.3%). The total percentage of distressed properties listed for sale, (12%) is vastly different than the percentage of distressed properties sold on a year to date basis which is roughly 37% of sales.
Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has a little over 9-months of inventory available.
Sales Summary: Year-To-Date
Total Sales 2012 Vs 2011:
Total Sales: For 2012, there have been 517 residential properties sold in the market as compared to 469 for the same period in 2011 which is a year over year increase in sales of over 10%. Of the total sales in the market this year, 413 have been single family homes, while 104 or 20% of the sales are condominiums. I n 2011 for the same period, condominiums represented 31% of the sales which is significantly higher than what we are experiencing in 2012.
REO & Short Sales: Of the properties sold this year, 99 have been REO’s, (19.1%), and 94 have been Short Sales, (18.2%) which results in just over 37% of the properties sold being distressed properties. In 2011 for the same period, there were 109 REO sales and 70 short sales or just over 38% of the total sales.
Sales Price Range: For the year, there have been 338 residential properties sold priced below $500,000, 141 properties sold between $500,000 and $1,000,000 and 38 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 $529,093. For the same period in 2011, the median sales price was $403,000 and the average sales price was $530,558 which is a (6.9%) decline in median sales price and a (<1%) decline ib the average sales price from 2011 to 2012.
Last Week’s Sales: For the week of June 11th, a total of 17 properties sold which was up nicely from last week’s sale of 12 properties. Of the properties sold last week, two (2) properties sold at a price above $750,000 with one of those properties selling for $1,000,000 which was a Coldwell Banker listing.
Pending Sales: Currently there are 191 pending residential sales in the market which is up slightly from the previous week. Currently 26% of the pending sales are distressed properties with 21 being short sales and 28 being REO’s.
Market Activity Summary:
The month of June has gotten off to a slow start in terms of closed sales with only 38 properties closed through June 17th which
down 45% from last year’s sales for the same timeframe in June with 69 properties sold. On a year to date basis, there have been 517 residential properties sold as compared to 469 for 2011 which is an overall favorable increase of 10%.
For 2012 in the Tahoe-Truckee market, Coldwell Banker Residential Brokerage is the market leader in terms of both residential units sold, (226 properties) and sales volume sold, ($95 million).
The median sales prices for residential properties have decreased from last year by (6.9%) to $375,000, while average sales prices have only decreased by (<1%) to $529,093.
The hottest segment of the market continues to be homes priced under $500,000 as over 65% or 338 properties have sold in this price range which is similar to 2011 where 309 properties sold in this price range or 66% of sales.
Luxury home sales, homes priced above $1,000,000, are up slightly from 2011. There have been 38 luxury properties sold or 7.4% of sales this year as compared to 37 properties sold last year in this segment. The median sales price for luxury properties in 2012 is $1,300,000 as compared to a median price of $1,675,000 in 2011 which is down (22%). Conversely, the average sales price of luxury homes in 2012 is $2,123,940 as compared to $2,008,891 in 2011 which is an increase of roughly 6%. Coldwell Banker is the market leader for Luxury properties sold over $1.0 million with 14 properties sold for the year.
The mid range market sales, $500,000 to $1,000,000 are up 15% from last year with 141 properties sold in this segment or 27% of sales as compared to 123 properties sold or 26% in this range in 2011.
One of the biggest changes this year is in the area of distressed properties as short sales closed have gone up by 34% with 94 closed short sales in 2012 as compared to only 70 closed short sales in 2011. Conversely REO properties closed in 2012 have gone down (9%) with 99 properties closed in 2012 as compared to 109 properties closed in 2011. Overall, distressed property sales, (REO and Short Sales) represent over 37% of the sales in 2012 which is almost identical to 2011.
The active inventory of residential properties went up 4% from last week to 951 residential properties for sale. There are 717 single family homes and 234 condominiums listed for sale in the market. On a year over year bases, residential listings are down 25% from last year at this time.
With the inventory of residential properties rising in the market, homes priced at 12-year lows and some of the lowest interest rates in history, savvy real estate investors are taking advantage of this market for a home in the Lake Tahoe–Truckee resort communities.
Now may be one of the best times for Buyers considering an investment in a vacation home or investment property in the Lake Tahoe-Truckee market.
Contact Patience Lewis Today…For a Free Market Valuation
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