2013 Weekly Real Estate Market Report
North Lake Tahoe-Truckee Region
Truckee and Lake Tahoe Homes and Condominiums
Week of: April 29th to May 5th
Active Inventory Summary:
Active Listings: The current inventory of homes for sale in Truckee and Tahoe went up 5% from the previous week to 648 residential properties for sale; 465 single family homes and 183 condominiums for sale. Coldwell Banker has roughly 13% 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 only 11 properties listed as short sales in Truckee, (1.7%) and 5 properties listed as Lake Tahoe cabin foreclosure sales, (0.8%).
Months of Inventory: Based on the current active 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 2013 Vs. 2012:
Total Sales: For 2013, there have been 412 residential properties sold in the market which slightly higher than the 375 properties sold in 2012 for the same period. Of the total sales in the market this year, 326 have been single family homes, while 86 or 21% of the sales are condominiums. In 2012 for the same period, condominiums represented a little over 23% of the sales.
REO & Short Sales: Distressed property sales are down significantly for the year with 31 REO/foreclosure sales in Truckee, (7%), and 59 Short Sales, (14%) which results in 21% of the properties sold being distressed properties. In 2012 for the same period, there were 79 REO sales and 71 short sales or 40% of the total sales being distressed properties.
Sales by Price Range: In 2013, there have been 238 residential properties sold priced below $500,000, 119 properties sold between $500,000 and $1,000,000 and 55 properties sold over $1,000,000.
Median and Average Sales Prices: The median sales price for homes sold in Truckee and Tahoe this year to date is $439,500 while the average sales price is $675,428. For the same period in 2012, the median sales price was $370,000 and the average sales price was $509,699 which is an increase of 18% in median sales price and an increase of 32% in average sales price.
Last Week’s Sales: For the week of April 29th a total of 25 properties sold which was identical to the prior week’s sales. Of the properties sold last week only 1 property sold at a price above $1,000,000.
Pending Sales: Currently there are 203 pending residential sales in the Truckee and Tahoe market which is down slightly from the previous week’s pending sales of 204. Of the pending properties, 27% are distressed properties with 45 being short sales and 10 being REO’s.
Market Activity Summary:
Truckee homes for sale activity for 2013 is higher than in 2012 in terms of total sales as there have been 412 residential properties sold year to date which is up 9% from the 375 sales for the same period last year. We are continuing to see significant buyer interest for Truckee and Tahoe real estate markets with multiple offer situations occurring more frequently than what we experienced last year. For the month of April 2013, there were 103 residential sales in the market as compared to 95 in April 2012 which is up 8%.
The median sales price for residential properties reached 439,500 last week which is up 18% from the median sales price of $370,000 in 2012. Similarly the average sales price has gone up a whopping 32% to $675,428 as compared to last year’s average sales price of $509,699 due in large part to the higher number of luxury sales in the market since the beginning of the new year.
The segment of the market with the highest level of activity continues to be homes priced under $500,000 as 58% of the sales or 238 properties have sold in this price range which is similar to 2012 where over 66% of sales or 249 properties sold in this price range.
Luxury home sales, homes priced above $1,000,000, and Tahoe Lakefront Cabins have more than doubled from 2012 with 55 luxury properties selling since the beginning of the year as compared to only 26 luxury properties sold for the same period in 2012. Luxury properties sold represent over 13% of sales thus far this year. The median sales price for luxury properties in 2013 is $1,650,000 as compared to a median price of $1,335,000 in 2012 which is up 23%. Similarly, the average sales price of luxury homes in 2013 is $2,215,954 as compared to $2,025,000 in 2012 which is a 9% increase.
The mid range market sales, $500,000 to $1,000,000 are up slightly from last year with 119 properties sold in this segment or 28% of sales as compared to 100 properties sold or 26% of sale in this range in 2012.
Distressed properties, (REO’s and Short Sales), have really lagged 2012 thus far. For 2013, short sale properties closed have gone down 17% with 59 closed short sales in 2013 as compared to 71 closed short sales in 2012. Similarly, REO properties closed in 2013 have gone down (60%) with 31 properties closed in 2013 as compared to 79 properties closed in 2012. Overall, distressed property sales, (REO and Short Sales) represent 21% of the sales in 2013 which is less than the 40% in 2012.
The active inventory on a year over year basis is down roughly 18% as we currently have 648 residential properties listed for sale as compared to 789 a year ago at this time. However, this past week we had a 5% increase in inventory with a total of 648 residential properties on the market; 465 single family homes and 183 condominiums listed for sale. As is the case in many California markets, low inventory levels are the norm and the Tahoe-Truckee market is experiencing similar trends.
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 # 01209726
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