North Lake Tahoe-Truckee Region
Residential Properties – Single Family Homes and Condominiums
Week of: April 23rd to 29th
Active Inventory Summary:
Active Listings: The inventory for Lake Tahoe Cabins went down slightly from last week to 789 residential properties for sale; 562 single family homes and 227 condominiums for sale. Active inventory for residential properties continues to be off from last year at this time by roughly 30%.
REO-Short Sale Active Listings: Of the active listings, there are 102 properties listed as Lake Tahoe short sales, (12.9%) and 26 properties listed as REO sales, (3.3%). The total percentage of distressed properties listed for sale, (16.2%) is vastly different that the percentage of distressed properties sold on a year to date basis which is roughly 42% of sales.
Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has roughly 8-months of inventory available.
Sales Summary: Year-To-Date
Total Sales 2012 Vs 2011:
Total Sales: For 2012, there have been 344 residential properties sold in the market as compared to 318 for the same period in 2011 which is a year over year increase in sales of 8.2%. Of the total sales in the market this year, 284 have been single family homes, while 60 or 17.4% of the sales are condominiums. In 2011 for the same period, condominiums represented 29.3% of the sales which is significantly higher than we are experiencing in 2012.
REO & Short Sales: Of the properties sold this year, 77 have been REO’s, (22.4%), and 67 have been Short Sales, (19.5%) which results in just under 42% of the properties sold being distressed properties. In 2011 for the same period, there were 83 foreclosure sales in Truckee and Lake Tahoe and 46 short sales or just over 40% of the total sales.
Sales Price Range: For the year, there have been 228 residential properties sold priced below $500,000, 92 properties sold between $500,000 and $1,000,000 and 24 properties sold over $1,000,000.
Median and Average Sales Prices: The median sales price for properties sold year to date is $363,282 while the average sales price is $510,246. For the same period in 2011, the median sales price was $401,000 and the average sales price was $547,020 which is a (9.4%) decline in median sales price and a (6.7%) decline in average sales price from 2011 to 2012.
Last Week’s Sales: For the week of April 23rd a total of 14 properties sold which was significantly lower than last week’s sale of 23 properties. Of the properties sold last week, none of the sales were for properties priced above $750,000.
Pending Sales: Currently there are only 160 pending residential sales in the Truckee real estate market which up 10% from the previous week. Of the pending sales, 18 are short sales and 26 are REO properties which are roughly 27% of the pending sales being distressed properties.
Market Activity Summary:
While the month of April got off to a brisk start in terms of weekly sales. Last week was a big departure from the previous week’s sales with only 14 residential properties selling for the final week of the month. For the month of April, there were 80 sales in the market as compared to 84 sales for April in 2011. For the month of March, there were 117 sales in the market as a comparison. All in all, April has been the second strongest sales month thus far for the year. On a year to date basis, there have been 344 residential properties sold as compared to 318 for 2011 which is an overall favorable increase of 8.2%.
Median sales prices have decreased from last year by (9.4%) to $363,282. In addition, average sales prices have decreased by (6.7%) to $510,246.
The hottest segment of the market continues to be Lake Tahoe Cabins priced under $500,000 as roughly 66% or 228 properties have sold in this price range as compared to 2011 where 206 properties sold in this price range or 64.8% of sales.
Luxury home sales, Tahoe Lakefront Cabins, and homes priced above $1,000,000, are down (11% for the first time this year from 2011. There have been 24 luxury properties sold or 7.0% of sales this year as compared to 27 properties sold last year in this segment. The median sales price for luxury properties in 2012 is $1,335,000 as compared to a median price of $1,800,000 in 2011 which is down (25.8%). Similarly, the average sales price of luxury homes in 2012 is $2,068,958 as compared to $2,102,925 in 2011 which is a decrease of roughly (1.7%).
The mid range market sales, $500,000 to $1,000,000 are up 8.2% from last year with 92 properties sold in this segment or 26.7% of sales as compared to 85 properties sold or 26.7% 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 45% with 67 closed short sales in 2012 as compared to only 46 closed short sales in 2011. Conversely REO properties closed in 2012 have gone down (7.2%) with 77 properties closed in 2012 as compared to 83 properties closed in 2011. Overall, distressed property sales, (REO and Short Sales) represent almost 42% of the sales in 2012 as compared to 2011 where they represented roughly 40% of sales.
The active inventory of Lake Tahoe cabins went down slightly from last week to 789 residential properties for sale. On a year over year bases, residential listings are down 30% from last year at this time. As spring and summer approach we certainly expect inventory to increase. However, the real question is whether or not it mirrors the inventory levels of 2011.
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 # 1908304
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