2011 Weekly Real Estate Market Report
North Lake Tahoe-Truckee Region MLS
Residential and Lot/Land Properties
Week of: February 28th to March 6th
Active Inventory Summary:
Active Listings: The active inventory for residential and lot listings went up slightly from the previous week. There are 1,537 active listings in the market; 1,064 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 140 properties listed as short sales, (9.1%) and 53 properties listed as REO sales, (3.4%).
Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has over 15-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 183 properties sold in the market as compared to 188 for the same period in 2010 which is a (2.7%) decrease in sales.
Of the properties sold, 46 have been REO’s, (25.1%), and 27 have been Short Sales, (14.8%) which results in 39.9% of the properties sold being a distressed property. In 2010 for the same period, there were 53 REO sales and 19 short sales or 38% of the total sales.
For the year, there have been 128 properties sold priced below $500,000, 48 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 up from last week to $355,750 while the average sale price went down slightly to $429,089. For the same period in 2010, the median sales price was $407,500 and the average sales price was $540,472 which is an (12.7%) and (20.6%) decline in price respectively year over year.
Last Week’s Sales: For the week of February 28th a total of 40 properties sold which was up 135% from the previous week’s sales of 17 properties. Of the properties sold last week, two (2) of the properties sold were priced over $750,000.
Pending Sales: Currently there are 149 pending sales in the market which went down slightly from the previous week with 13 being a short sale and 40 being REO properties.
Market Activity Summary:
Last week’s sales were outstanding with 40 properties sold. Sales for last week were the single largest week of sales since April 2010 which is definitely encouraging. We continue to see an up a down trend of weekly sales thus far in 2011 will no real trend or momentum to point to. With the large sales jump last week, the overall sales year to date is only down 2.7% as compared to the same period for 2010. As you may recall from previous reports, 2011 sales had been off 15-18% depending on the week.
The hottest segment of the market continues to be homes priced under $500,000 as roughly 70% or 128 properties have sold in this price range. Sales of homes priced above $1,000,000 are down significantly from last year as we have only sold 7 properties in this price range this as compared to 20 last year for the same period. The mid range market sales, $500,000 to $1,000,000 is roughly the same on both a unit and percentage basis.
Distressed properties, REO and Short Sales represent 39.9% 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 12.7% to $355,750 while the average sales prices have decreased by 20.6% to $429,089.
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.
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 # 00313415
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