2011 Weekly Real Estate Market Report
North Lake Tahoe-Truckee Region MLS
Residential and Lot/Land Properties
Week of: April 25th to May 1st
Active Inventory Summary:
Active Listings: The active inventory for residential and lot listings went up slightly from 1,547 the previous week to 1,568 active listings in the market; 1,081 residential properties and 487 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 165 properties listed as short sales, (10.5%) and 45 properties listed as REO sales, (2.9%).
Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has over 13.5-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 375 properties sold in the market as compared to 408 for the same period in 2010 which is a (8.1%) decrease in sales.
Of the properties sold, 99 have been REO’s, (26.4%), and 51 have been Short Sales, (13.6%) which results in 40% of the properties sold being a distressed property. In 2010 for the same period, there were 100 REO sales and 60 short sales or 39% of the total sales.
For the year, there have been 259 properties sold priced below $500,000, 89 properties sold between $500,000 and $1,000,000 and 27 properties sold over $1,000,000.
Median and Average Sales Prices 2011 Vs 2010:
The median sales price for properties sold year to date was $365,000 and the average sales price went up slightly to $482,530. For the same period in 2010, the median sales price was $400,000 and the average sales price was $514,503 which is an (8.8%) and (6.2%) decline in price respectively year over year.
Last Week’s Sales: For the week of April 25th a total of 27 properties sold which went up nicely from the previous week’s sales of 21 properties. Of the properties sold last week, five (5) of the properties sold were priced over $750,000.
Pending Sales: Currently there are 151 pending sales in the market which is up slightly from the previous week with 14 being a short sale and 22 being REO properties.
Market Activity Summary:
The last week of April saw sales rebound from the two preceding weeks to 27 properties closing escrow. April sales for 2011 were off by 27 sales for the month as compared to April sales in 2010. Because of the slower sales in April, overall sales year to date as compared to last year are down 8.1% from 408 sales in 2010 versus 375 sales in 2011.
The hottest segment of the market continues to be homes priced under $500,000 as roughly 69% or 259 properties have sold in this price range. Sales of homes priced above $1,000,000 have gained nicely in the last 45 days but continued to be off from last year as 27 properties have sold year to date in this price range as compared to 37 properties last year. The mid range market sales, $500,000 to $1,000,000 are down slightly from last year with 89 properties sold or 24% of the total sales.
Distressed properties, REO and Short Sales represent 40% of the sales in the market which is almost identical to REO and Short sales in 2010. However, there is still considerable interest in non distressed properties as many are priced at levels that are too good to pass up.
Median sales prices have decreased by 8.8% to $365,000 while the average sales prices have decreased by 6.2% to $482,530. While other parts of California are reporting median prices stabilizing or increasing slightly, that is not the case across the board in the Tahoe-Truckee market.
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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