2011 Weekly Real Estate Market Report
North Lake Tahoe-Truckee Region MLS
Residential and Lot/Land Properties
Week of: February 21st to February 27th
Active Inventory Summary:
Active Listings: The active inventory for residential and lot listings went down slightly from the previous week. There are 1,530 active listings in the market; 1,057 residential properties and 473 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 137 properties listed as short sales, (9.0%) and 51 properties listed as REO sales, (3.3%).
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 142 properties sold in the market as compared to 166 for the same period in 2010 which is a 14.5% decrease in sales.
Of the properties sold, 35 have been REO’s, (23.6%), and 21 have been Short Sales, (14.8%) which results in 38.4% of the properties sold being a distressed property. In 2010 for the same period, there were 48 REO sales and 18 short sales or 41% of the total sales which is slightly higher than this year thus far.
For the year, there have been 100 properties sold priced below $500,000, 35 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 went down from last week to $329,000 while the average sale price went down slightly to $445,086. For the same period in 2010, the median sales price was $402,500 and the average sales price was $525,599 which is an (18.3%) and (15.3%) decline in price respectively year over year.
Last Week’s Sales: For the week of February 21st a total of 17 properties sold which was down 32% from the previous week’s sales of 25 properties. Of the properties sold last week, three (3) of the properties sold was priced over $750,000.
Pending Sales: Currently there are 155 pending sales in the market which went down slightly from the previous week with 13 being a short sale and 42 being an REO.
Market Activity Summary:
The last week of February was another average week with only 17 sales occurring whereas the previous week saw 25 sales in the market. In 2010, the last week of February had 29 sales which were significantly higher than this year. Market sales are choppy as the New Year is off to a slower than anticipated start. Overall, sales year to date are down 14.5% as compared to the same period for 2010.
The hottest segment of the market are homes priced under $500,000 as roughly 70% or 100 properties have sold in this price range. Sales of homes priced above $1,000,000 are half of what they were last year 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 38.4% 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 18.3% to $329,000 while the average sales prices have decreased by 15.3% to $445,086. Because we are still early in the year and 18% of the sales have been low priced lots and land selling, the lower price averages at this level may not continue.
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