2011 Weekly Real Estate Market Report
North Lake Tahoe-Truckee Region MLS
Residential Properties – Single Family Homes and Condominiums
Week of: July 18th to July 24th
Active Inventory Summary:
Active Listings: The inventory for residential properties went up 3% to 1,321 active listings in the market; 1,024 single family homes and 297 condominiums for sale. Inventory as expected has grown weekly since early May as Sellers are putting homes on the market for the summer and fall selling season. Coldwell Banker has roughly 15% of the active listings in the market and continues to be the market leader for listings.
REO-Short Sale Listings: Of the active listings, there are 147 properties listed as short sales, (11.1%) and 36 properties listed as REO sales, (2.7%).
Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has over 13-months of inventory available. The inventory of homes 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:
Sales: For 2011, there have been 588 residential properties sold in the market as compared to 570 for the same period in 2010 which is a 3.2% increase in sales. Of the total sales in the market for 2011, 453 have been single family homes, while 135 were condominium.
REO & Short Sales: Of the properties sold, 129 have been REO’s, (21.9%), and 88 have been Short Sales, (15.0%) which results in 37% of the properties sold being a distressed property. In 2010 for the same period, there were 115 REO sales and 82 short sales or roughly 34% of the total sales.
Price Range: For the year, there have been 390 properties sold priced below $500,000, 154 properties sold between $500,000 and $1,000,000 and 44 properties sold over $1,000,000.
Median and Average Sales Prices: The median sales price for properties sold year to date is $398,350 while the average sales price is $515,011. For the same period in 2010, the median sales price was $435,000 and the average sales price was $614,679 which is an (8.4%) and (16.2%) decline in price respectively year over year.
Last Week’s Sales: For the week of July 18th a total of 17 properties sold which went down 26% from the previous week’s sales of 23 properties. Of the properties sold last week, two (2) of the properties sold were priced over $750,000.
Pending Sales: Currently there are 175 pending residential sales in the market which is up slightly from the previous week. Of the pending sales, 17 are short sales and 22 are REO properties.
Market Activity Summary:
July is off to a good start with 71 residential properties sold in the first three weeks which is slightly better than 2010 for the same period. Of the properties sold thus far in July, four (4) of the properties were priced over $750,000 and five (5) were priced over $1.0 million.
Median sales prices have decreased from last year by 8.4% to $398,350 while the average sales prices have decreased by 16.2% to $515,011. These price trends are one of the major factors influencing steady home sales.
The hottest segment of the market continues to be homes priced under $500,000 as roughly 66% or 390 properties have sold in this price range. Luxury home sales, homes priced above $1,000,000, continue lag behind 2010 sales as 44 properties or 7.5%, have sold year to date as compared to 62 properties last year which is a 29% drop. The mid range market, sales $500,000 to $1,000,000 are down as well from last year with 154 properties sold or 26% of sales as compared to 170 properties sold in 2010.
Distressed properties, REO and Short Sales represent 37% of the sales in the market which is almost identical to the quantity of REO and Short sales in 2010. Interestingly enough while 37% of the sales are distressed properties only 14% of the active listings are distressed properties.
With the summer selling season now in full swing, we are seeing more and more visitor traffic to the area and certainly more home buying interest. Sales for this past week were good with 17 residential properties closing.
With the inventory of great residential properties on the market, homes priced at 10-year lows and favorable interest rates, we are anticipating a strong second half of the year in terms of sales.
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.
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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