2011 Weekly Real Estate Market Report
North Lake Tahoe- Truckee Region MLS
Residential Properties – Single Family Homes and Condominiums
Week of: September 19th to September 25th
Active Inventory Summary:
Active Listings: The inventory for residential properties in Truckee and North Lake Tahoe went down for the third straight week to 1,317 active listings in the market; 1,017 single family homes and 300 condominiums for sale. Coldwell Banker has over 16% 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 169 properties listed as short sales, (12.8%) and 50 properties listed as REO sales, (3.8%).
Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has roughly 11-months of inventory available.
Sales Summary: Year-To-Date
Total Sales 2011 Vs 2010:
Total Sales: For 2011, there have been 819 residential properties sold in the Truckee real estate market as compared to 778 for the same period in 2010 which is a year over year 5.4% increase in sales. Of the total sales in the market for 2011, 640 have been single family homes, while 179 or 22% of the sales were condominiums. In 2010, condominiums represented 33% of the sales which is significantly higher than in 2011.
REO & Short Sales: Of the properties sold this year, 156 have been REO’s, (19.0%), and 119 have been Short Sales, (14.5%) which results in over 33% of the properties sold being distressed properties. In 2010 for the same period, there were 152 REO sales and 98 short sales or roughly 32% of the total sales which is almost identical to this year.
Sales Price Range: For the year, there have been 547 residential properties sold priced below $500,000, 204 properties sold between $500,000 and $1,000,000 and 68 properties sold over $1,000,000.
Median and Average Sales Prices: The median sales price for properties sold year to date in Truckee and North Lake Tahoe real estate is $400,000 while the average sales price is $542,791. For the same period in 2010, the median sales price was $430,000 and the average sales price was $642,405 which is a (7.0%) and (15.5%) decline in price respectively year over year.
Last Week’s Sales: For the week of September 19th a total of 18 properties sold which was a significant decrease from the previous week’s sales of 35 properties. Of the properties sold last week, three (3) of the properties sold were priced over $750,000.
Pending Sales: Currently there are 181 pending residential sales in the market which is down slightly from the previous week. Of the pending sales, 12 are short sales and 21 are REO properties which are roughly 18% of the pending sales being distressed properties.
Market Activity Summary:
Sales for this past week slipped from the previous two weeks to 18 total residential sales as compared to an average of 30 residential sales the previous two weeks. All in all, September residential sales trend is much better than the three previous months.
Median sales prices have decreased from last year by 7.0% to $400,000 while the average sales prices have decreased by 15.5% to $543,791. This continued downward trend in price is one of the major factors influencing home sales on a year to date basis.
The hottest segment of the market continues to be homes priced under $500,000 as roughly 67% or 547 properties have sold in this price range. In 2010, 59% or 464 properties sold in this price range which makes sense given the drop in median sales prices.
Luxury home sales, homes priced above $1,000,000, continue to lag behind 2010 sales as 68 properties or 8.3%, have sold year to date as compared to 95 properties last year which is a 28% decline. For 2011, the median sales price for luxury properties is $1,675,000 while the average sales price is $2,148,390 which is slightly higher than the prices for 2010 in this segment.
The mid range market sales, $500,000 to $1,000,000 are down slightly from last year with 204 properties sold or 24.9% of sales as compared to 219 properties sold or 28.1% in this range in 2010. The gap in this segment of the market has narrowed in the past 60-days as more sales in this price range have occurred of late.
Distressed properties, REO and Short Sales in Truckee and North Lake Tahoe represent 33% of the sales in the market which is almost identical to the quantity of REO and Short sales in 2010. Interestingly enough while 33% of the sales are distressed properties only 16% of the active listings and 18% of the pending sales are distressed properties.
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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