2011 Weekly Real Estate Market Report
North Lake Tahoe-Truckee Region MLS
Residential and Lot/Land Properties
Week of: March 28th to April 3rd
Active Inventory Summary:
Active Listings: The active inventory for residential and lot listings went down slightly from 1,539 the previous week to 1,529 active listings in the market; 1,056 residential properties and 473 lots and land listed for sale. Coldwell Banker has over 15% of the active listings in the market.
REO-Short Sale Listings: Of the active listings, there are 156 properties listed as short sales, (10.2%) and 50 properties listed as REO sales, (3.3%).
Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has over 11-months of inventory available. The inventory of homes and land at today’s prices continues to favor the buyer interested in an investment property, vacation home or moving up to a larger home or better location.
Sales Summary: Year-To-Date
Total Sales 2011 Vs 2010:
For 2011, there have been 287 properties sold in the market as compared to 291 for the same period in 2010 which is a (1.4%) decrease in sales.
Of the properties sold, 77 have been REO’s, (26.8%), and 41 have been Short Sales, (14.3%) which results in 41.1% of the properties sold being a distressed property. In 2010 for the same period, there were 75 REO sales and 36 short sales or 38.2% of the total sales.
For the year, there have been 199 properties sold priced below $500,000, 73 properties sold between $500,000 and $1,000,000 and 15 properties sold over $1,000,000.
Median and Average Sales Prices 2011 Vs 2010:
The median sales price for properties sold year to date stayed the same from last week to $365,000 and the average sales price went up slightly to $467,856. For the same period in 2010, the median sales price was $400,000 and the average sales price was $507,603 which is an (8.8%) and (7.8%) decline in price respectively year over year.
Last Week’s Sales: For the week of March 28th a total of 29 properties sold which is the second highest week of sales in 2011 and up significantly from the previous week’s sales of 18 properties. Of the properties sold last week, three (3) of the properties sold were priced over $1,000,000 with one of the sales sold at $3,350,000.
Pending Sales: Currently there are 136 pending sales in the market which is down slightly from the previous week with 10 being a short sale and 31 being REO properties.
Market Activity Summary:
The last week of March sales was the second largest week of sale in 2011 with 29 properties closing escrow. On top of that, three of the sales were over $1.0 million which has been a segment of the market with the lowest volume of sales. In comparing sales from last year to this year, the good news is that we are right in line with sales results from 2010.
The hottest segment of the market continues to be homes priced under $500,000 as roughly 69% or 199 properties have sold in this price range. Sales of homes priced above $1,000,000 have continued to be off from last year as only 15 properties have sold year to date in this price range as compared to 26 properties last year in this price range. The mid range market sales, $500,000 to $1,000,000 are almost identical with sales in 2010 with 73 properties sold or 25% of the total sales.
Distressed properties, REO and Short Sales represent 41.1% of the sales in the market which is slightly higher than REO and Short sales in 2010. However, there is still considerable interest in non distressed properties as many are priced at levels that are too good to pass up.
Median and average sales prices for properties have gone from double digit decreases to a more reasonable single digit decreases. Median sales prices have decreased by 8.8% to $365,000 while the average sales prices have decreased by 7.8% to $507,603.
All in all, with the existing inventory levels, the lower median and average sales prices, favorable interest rates available to qualified Buyers, now may be the right time for that investment in a vacation home or investment property especially before the spring.
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 # 00313415
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