2011 Weekly Real Estate Market Report
North Lake Tahoe-Truckee Region MLS
Residential and Lot/Land Properties
Week of: February 7th to February 13th
Active Inventory Summary:
Active Listings: Since the first of the year, the active listing inventory has grown by 8%. There are 1,555 active listings in the market; 1,069 residential properties and 486 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 143 properties listed as short sales, (9.2%) and 52 properties listed as REO sales, (3.5%).
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 99 properties sold in the market as compared to 127 for the same period in 2010 which is a 22% decrease in sales. The market has gotten off to a slower start than last year but it is still too early to draw any conclusions.
Of the properties sold, 22 have been REO’s, (22%), and 15 have been Short Sales, (15%) which results in 37% of the properties sold being a distressed property. In 2010 for the same period, there were 35 REO sales and 17 short sales or 41% of the total sales which is slightly higher than this year thus far.
For the year, there have been 73 properties sold priced below $500,000, 21 properties sold between $500,000 and $1,000,000 and 6 properties sold over $1,000,000.
Median and Average Sales Prices 2011 Vs 2010:
The median sales price for properties sold year to date is $321,000 while the average sale price is $452,000. For the same period in 2010, the median sales price was $425,000 and the average sales price was $548,791 which is an (24.5%) and (17.6%) decline in price respectively year over year. One of the factors for the lower prices may be attributed to the fact that roughly 20% of the sales in 2011 have been lots/land with a sales price under $100,000 as compared to only 11% of the sales in 2010 being lots/land.
Last Week’s Sales: For the week of February 7th a total of 13 properties sold which was up slightly from the previous week’s sales of 11 properties. Of the properties sold last week, only one (1) of the properties sold was priced over $750,000.
Pending Sales: Currently there are 166 pending sales in the market with 10 being a short sale and 49 being an REO. Pending sales increased slightly from the previous week.
Market Activity Summary:
The first six weeks of the 2011 New Year is off to a slower start than was the case in 2010. Overall, sales year to date are down 22% as compared to the same period for 2010.
The hottest segment of the market are homes priced under $500,000 as roughly 73% or 73 properties have sold in this price range. The remaining market segments above $500,000 are very similar in sales results to 2010 thus far.
Distressed properties, REO and Short Sales represent roughly 37% 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 has been the most dramatic statistic as prices have decreased by an amazing 24.5% to $321,000 while the average sales prices have decreased by 17.6% to $452,000. Because we are still early in the year and there have been a higher percentage of low priced lots/land selling, this decline may be temporary.
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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