2012 Weekly Real Estate Market Report
North Lake Tahoe-Truckee Region
Residential Properties – Single Family Homes and Condominiums
Week of: May 28th to June 3rd
Active Inventory Summary:
Active Listings: The inventory for Lake Tahoe Cabins and real estate in Truckee went up 9% from the previous week to 915 residential properties for sale; 685 single family homes and 230 condominiums for sale. The current inventory is at its highest level for the 2012 calendar year. Coldwell Banker has over 15% of the active listings in the market and continues to be the market leader for listings.
REO-Short Sale Active Listings: Of the active listings, there are 96 properties listed as short sales in Lake Tahoe and Truckee, (10.5%) and 23 properties listed as REO and foreclosure sales in Truckee, (2.5%). The total percentage of distressed properties listed for sale, (13%) is vastly different than the percentage of distressed properties sold on a year to date basis which is roughly 38% of sales.
Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has a little over 6-months of inventory available.
Sales Summary: Year-To-Date
Total Sales 2012 Vs 2011:
Total Sales: For 2012, there have been 486 residential properties sold in the market as compared to 416 for the same period in 2011 which is a year over year increase in sales of over 16%. Of the total sales in the market this year, 390 have been single family homes, while 96 or 19.8% of the sales are condominiums in Lake Tahoe and Truckee. In 2011 for the same period, condominiums represented 31% of the sales which is significantly higher than what we are experiencing in 2012.
REO & Short Sales: Of the properties sold this year, 96 have been REO’s, (19.8%), and 90 have been Short Sales, (18.5%) which results in just over 38% of the properties sold being distressed properties. In 2011 for the same period, there were 99 REO sales and 63 short sales in Truckee or just over 38% of the total sales.
Sales Price Range: For the year, there have been 317 residential properties sold priced below $500,000, 134 properties sold between $500,000 and $1,000,000 and 35 properties sold over $1,000,000.
Median and Average Sales Prices: The median sales price for properties sold year to date is $377,000 while the average sales price is $532,842. For the same period in 2011, the median sales price was $399,500 and the average sales price was $530,251 which is a (5.6%) decline in median sales price and a 1% increase in the average sales price from 2011 to 2012.
Last Week’s Sales: For the week of May 28th, a total of 32 properties sold which was up nicely from last week’s sale of 19 properties. Of the properties sold last week, six (6) properties sold at a price above $750,000 with one of those properties selling for $11,000,000 (a North Lake Tahoe lakefront in Sunnyside) which was the largest sale in the market so far in 2012.
Pending Sales: Currently there are only 160 pending residential sales in the market which is up slightly from the previous week. Currently, 28% of the pending sales are distressed properties with 22 being short sales and 23 being REO’s.
Market Activity Summary:
The month of May was the strongest month for sales for 2012 with 119 residential properties closed. May sales for 2012 were up 45% from May sales in 2011. Sales for the week of May 28th were the best single week of closed sales for 2012 with 32 residential properties closed. On a year to date basis, there have been 486 residential properties sold as compared to 416 for 2011 which is an overall favorable increase of 16.8%.
For 2012 in the Tahoe-Truckee market, Coldwell Banker Residential Brokerage is the market leader in terms of both residential units sold, (207 properties) and sales volume sold, ($86 million).
The median sales prices for residential properties have decreased from last year by (5.6%) to $377,000, while average sales prices have increased by almost 1% to $532,842. The average sales price increase has been somewhat influenced by a few very large multi-million dollar sales in the market for 2012.
The hottest segment of the market continues to be homes priced under $500,000 as roughly 65% or 317 properties have sold in this price range which is similar to 2011 where 273 properties sold in this price range or 66% of sales.
Luxury home sales, homes priced above $1,000,000, are up 6% from 2011. There have been 35 luxury properties sold or 7.0% of sales this year as compared to 33 properties sold last year in this segment. The median sales price for luxury properties in 2012 is $1,370,000 as compared to a median price of $1,675,000 in 2011 which is down (18%). Conversely, the average sales price of luxury homes in 2012 is $2,214,992 as compared to $2,019,059 in 2011 which is an increase of roughly 10%. Coldwell Banker is the market leader for Luxury properties sold over $1.0 with eleven properties sold for the year.
The mid range market sales, $500,000 to $1,000,000 are up 22% from last year with 134 properties sold in this segment or 28% of sales as compared to 110 properties sold or 26% 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 43% with 90 closed short sales in 2012 as compared to only 63 closed short sales in 2011. Conversely REO properties closed in 2012 have gone down (3%) with 96 properties closed in 2012 as compared to 99 properties closed in 2011. Overall, distressed property sales, (REO and Short Sales) represent over 38%% of the sales in 2012 which is identical to 2011.
The active inventory of residential properties went up 9% from last week to 915 residential properties for sale. There are 685 single family homes and 230 condominiums listed for sale in the market. On a year over year bases, residential listings are down 30% from last year at this time. We do anticipate that inventory over the next 30-45 days will rise as more homeowners are getting their homes back on the market after the winter.
With the adequate level of inventory of residential properties on the market, homes priced at 12-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.
Leave a Reply