2012 Weekly Real Estate Market Report
North Lake Tahoe-Truckee Region
Lake Tahoe Cabins – Single Family Homes and Condominiums
Week of: February 27th to March 4th
Active Inventory Summary:
Active Listings: The inventory for residential properties in Lake Tahoe and Truckee went down slightly from last week to 814 residential properties for sale; 558 single family homes and 256 condominiums for sale. Coldwell Banker has over 14.5% 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 112 properties listed as short sales, (13.8%) and 30 properties listed as REO sales, (3.7%). The total percentage of distressed properties listed for sales, (17.5%) pales in comparison to the percentage of distressed properties sold on a year to date basis.
Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the Lake Tahoe Cabin and condo market has roughly 10-months of inventory available.
Sales Summary: Year-To-Date
Total Sales 2012 Vs 2011:
Total Sales: For 2012, there have been 149 residential properties sold in the market as compared to 156 for the same period in 2011 which is a year over year decrease of (4.5%) in sales. Of the total sales in the market this year, 124 have been single family homes, while 25 or 16.8% of the sales are condominiums. In 2011 for the same period, condominiums represented 30% of the sales which is significantly higher than we are experiencing in 2012.
REO & Short Sales: Of the properties sold this year, 35 have been REO’s, (23.5%), and 35 have been Short Sales, (23.5%) which results in 47% of the properties sold being distressed properties. In 2011 for the same period, there were 28 REO sales and 21 short sales or just over 40% of the total sales.
Sales Price Range: For the year, there have been 101 residential properties sold priced below $500,000, 37 properties sold between $500,000 and $1,000,000 and 11 properties sold over $1,000,000.
Median and Average Sales Prices: The median sales price for properties sold year to date is $354,000 while the average sales price is $518,507. For the same period in 2011, the median sales price was $400,000 and the average sales price was $494,582 which is a (11.5%) decline and 4.8% increase in price respectively from 2011 to 2012.
Last Week’s Sales: For the week of February 27th, a total of 22 properties sold which was up 37% from the previous week’s sales of 16 properties. Of the properties sold last week, five (5) of the properties sold were priced over $750,000. Of these five properties sold last week, four (4) of the properties were priced above $1.0 million and one of the properties sold was a large lakefront sale priced at $8.6 million.
Pending Sales: Currently there are only 160 pending residential sales in the market which up slightly from the previous week. Of the pending sales, 19 are short sales and 35 are REO properties which are roughly 34% of the pending sales being distressed properties.
Market Activity Summary:
The month of February ended with a strong week of sales with 22 properties sold last week which is the highest single week of sales this year. For February 2012 there were a total of 71 residential sales in the Lake Tahoe and Truckee real estate markets as compared to 63 sales in 2011 which is roughly a 13% increase. For the year there have been 149 residential properties sold as compared to 156 for 2011 which is a decrease in sales of 4.5%.
Median sales prices for Lake Tahoe Cabins and Condos have decreased from last year by 11.5% to $354,000 while the average sales prices have increased by 4.8% to $518,507. One of the major reasons the average sales price has increased this year was due to an $8.5 million Tahoe Lakefront sale this past week which had a significant impact on the average price in the market.
The hottest segment of the market continues to be homes priced under $500,000 as roughly 68% or 101 properties have sold in this price range. In 2011, 100 properties sold in this price range which was almost identical from a percentage basis as this year.
Luxury home sales, homes priced above $1,000,000, are up slightly from 2011 sales as 11 properties or 7.4% of sales have sold year to date as compared to 8 properties sold last year in this segment. As mentioned above, there was an $8.6 million property sold this past week which is one of the largest in the last 18-months. The median sales price for luxury properties in 2012 is $1,250,000 as compared to a median price of $1,640,000 in 2011 which is down 31%. Conversely, the average sales price of luxury homes in 2012 is $2,172,727 as compared to $$1,940,625 in 2011 which is an increase of 12%.
The mid range market sales, $500,000 to $1,000,000 are down from last year with 37 properties sold or 24.8% of sales as compared to 48 properties sold or 30.8% in this range in 2011.
One of the biggest changes in Lake Tahoe Cabin and Condo sales this year are distressed properties, REO and Short Sales which represent 47% of closed sales in the market as compared to 40% last year. Total REO and Short Sales are up 42% from the REO and Short sales sold in 2011. For 2012, there have been 70 properties sold as distressed sales and 35 of them are short sales.
The active inventory of residential properties is at its lowest point in twelve months with 814 residential properties for sale. This is not uncommon this time of year as homeowners take their homes off the market for the winter or place them on a ski lease program.
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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