2011 Weekly Real Estate Market Report
North Lake Tahoe-Truckee Region MLS
Residential Properties – Single Family Homes and Condominiums
Week of: November 7th to November 13th
Active Inventory Summary:
Active Listings: The inventory for residential properties in Truckee and North Lake Tahoe went down from the previous week to 1,075 active listings in the market; 825 single family homes and 250 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 166 properties listed as short sales, (15.4%) and 49 properties listed as REO sales, (4.6%).
Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has roughly 10-months of inventory available.
Sales Summary: Year-To-Date
Total Sales 2011 Vs 2010:
Total Sales: For 2011, there have been 1,023 homes sold in the Truckee real estate market as compared to 966 for the same period in 2010 which is a year over year 5.9% increase in sales. Of the total sales in the market for 2011, 809 have been single family homes, while 214 or 21% of the sales were condominiums. I n 2010, condominiums represented 31% of the sales which is significantly higher than in 2011.
REO & Short Sales: Of the properties sold this year, 177 have been REO’s, (17.3%), and 137 have been Short Sales, (13.4%) which results in over 30% of the properties sold being distressed properties. In 2010 for the same period, there were 192 REO sales and 120 short sales or just over 32% of the total sales which is almost identical to this year.
Sales Price Range: For the year, there have been 673 residential properties sold priced below $500,000, 259 properties sold between $500,000 and $1,000,000 and 91 properties sold over $1,000,000.
Median and Average Sales Prices: The median sales price for Truckee real estate sold year to date is $400,000 while the average sales price is $547,268. For the same period in 2010, the median sales price was $430,000 and the average sales price was $635,401 which is a (7.0%) and (13.9%) decline in price respectively year over year.
Last Week’s Sales: For the week of November 7th, a total of 20 properties sold which was a decrease from the previous week’s sales of 28 properties. Of the properties sold last week, five (5) of the properties sold were priced over $750,000 and of these four (4) were greater than $1.0 million.
Pending Sales: Currently there are 161 pending residential home sales in the Truckee and Tahoe real estate market which went up slightly from the previous week. Of the pending sales, 20 are short sales and 30 are REO properties which are roughly 31% of the pending sales being distressed properties.
Market Activity Summary:
Sales for the first two weeks of November were very similar to the first two weeks of October which was a good month for sales. Last week’s sales went down slightly from the previous week. An encouraging area from last week’s sales was that 20% of the properties sold were at a price over $1.0 million. Coldwell Banker has roughly 16% market share in the north Tahoe and Truckee area and is the market leader in terms of both units sold and sales volume.
Median sales prices have decreased from last year by 7.0% to $400,000 while the average sales prices have decreased by 13.9% to $547,268. This downward trend in price is one of the major factors influencing home sales on a year to date basis for astute investors looking to own a property in this remarkable resort area.
The hottest segment of the Truckee market of homes for sale continues to be properties priced under $500,000 as roughly 66% or 673 properties have sold in this price range. In 2010, 60% or 576 properties sold in this price range which was lower than this year primarily because of the drop in home prices.
Luxury home sales, homes priced above $1,000,000, are down 22% from 2010 sales as 91 properties or 8.9% of sales have sold year to date as compared to 117 properties last year in this segment. The median sales price of the luxury properties sold in 2011 is $1,650,000 which is up 3% from last year. Conversely, the average sales price of the luxury sales this year is $2,053,202 which is roughly 2% lower than last year.
The mid range market sales, $500,000 to $1,000,000 are down slightly from last year with 259 properties sold or 25.3% of sales as compared to 273 properties sold or 28.3% in this range in 2010. The gap in this segment of the market has narrowed in the past 90-days as more sales in this price range have occurred of late.
Distressed properties, REO and Short Sales represent 30% of the sales in the market which is almost identical to the quantity of REO and Short sales in 2010. On a comparative basis, 30% of the sales are distressed properties while 20% of the active listings and 31% of the pending sales are distressed properties.
The active inventory of real estate for sale in Truckee showed a slight decrease in active listings. The inventory for single family homes is fairly significant as compared to other parts of California where inventory is limited.
With the inventory of great residential properties on the market, homes priced at 10-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.
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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