2011 Weekly Real Estate Market Report
North Lake Tahoe-Truckee Region MLS
Residential and Lot/Land Properties
Week of: February 14th to February 20th
Active Inventory Summary:
Active Listings: The active inventory for residential and lot listing remained relatively unchanged from the previous week. There are 1,556 active listings in the market; 1,071 residential properties and 485 lots and land listed for sale. Coldwell Banker has over 15% of the active listings in the market.
REO-Short Sale Listings: Of the active listings, there are 142 properties listed as short sales, (9.1%) and 57 properties listed as REO sales, (3.7%).
Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has over 19-months of inventory available. The inventory of homes and land at today’s prices continues to favor the buyer interested in an investment property, vacation home or moving up to a larger home or better location.
Sales Summary: Year-To-Date
Total Sales 2011 Vs 2010:
For 2011, there have been 124 properties sold in the market as compared to 137 for the same period in 2010 which is a 9.5% decrease in sales. Based on a very good week of sales this past week, this year’s total sales compared to last year’s have improved to only a 9.5% decrease in sales as compared to the week prior report which had sales down by 22%.
Of the properties sold, 29 have been REO’s, (23.4%), and 19 have been Short Sales, (15.3%) which results in 38.7% of the properties sold being a distressed property. In 2010 for the same period, there were 38 REO sales and 17 short sales or 40% of the total sales which is slightly higher than this year thus far.
For the year, there have been 90 properties sold priced below $500,000, 28 properties sold between $500,000 and $1,000,000 and 7 properties sold over $1,000,000.
Median and Average Sales Prices 2011 Vs 2010:
The median sales price for properties sold year to date improved to $346,000 while the average sale price went down slightly to $447,907. For the same period in 2010, the median sales price was $410,000 and the average sales price was $541,751 which is an (15.6%) and (17.3%) decline in price respectively year over year.
Last Week’s Sales: For the week of February 14th a total of 25 properties sold which was up significantly from the previous week’s sales of 13 properties. The total number of properties sold for the past week was the single largest week of sales since January 1st. Of the properties sold last week, three (3) of the properties sold was priced over $750,000.
Pending Sales: Currently there are 169 pending sales in the market which went up slightly from the previous week with 12 being a short sale and 45 being an REO.
Market Activity Summary:
As reported last week, the first six weeks of the 2011 New Year was off to a slower start than was the case in 2010. However, with the burst in sales last week it was encouraging to see and only time will tell if the trend will continue. Overall, sales year to date are down 9.5% as compared to the same period for 2010.
The hottest segment of the market are homes priced under $500,000 as roughly 73% or 90 properties have sold in this price range. Homes priced above $1,000,000 are off to a slower start than last year by half the number of sales and the mid range market, $500,000 to $1,000,000 is roughly the same on a percentage basis.
Distressed properties, REO and Short Sales represent 38.7% of the sales in the market. However, there is still considerable interest in non distressed properties as many are priced at levels that are too good to pass up.
The median sales prices for properties have decreased by an amazing 15.6% to $346,000 while the average sales prices have decreased by 17.3% to $541,751. Because we are still early in the year and there have been a higher percentage of low priced lots and land selling, the lower price trends at this level may not continue.
All in all, with the existing inventory levels, the lower median and average sales prices, favorable interest rates available to qualified Buyers, now may be the right time for that investment in a vacation home or investment property especially before the spring.
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