2011 Weekly Real Estate Market Report
North Lake Tahoe-Truckee Region MLS
Residential and Lot/Land Properties
Week of: May 23rd to 29th
Active Inventory Summary:
Active Listings: The active inventory for residential and lot listings increased 3% from 1,681 the previous week to 1,728 active listings in the market; 1,207 residential properties and 521 lots and land listed for sale. We are continuing to the typical trend for this time of year with more homeowners listing their homes to take advantage of the summer selling season. Coldwell Banker has over 15% of the active listings in the market.
REO-Short Sale Listings: Of the active listings, there are 163 properties listed as short sales, (9.4%) and 44 properties listed as an REO sale, (2.5%).
Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has over 16-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:
Sales: For 2011, there have been 463 properties sold in the market as compared to 511 for the same period in 2010 which is an (9.4%) decrease in sales.
REO & Short Sales: Of the properties sold, 115 have been REO’s, (24.8%), and 65 have been Short Sales, (14.0%) which results in over 38% of the properties sold being a distressed property. In 2010 for the same period, there were 115 REO sales and 72 short sales or roughly 37% of the total sales.
Price Range: For the year, there have been 325 properties sold priced below $500,000, 107 properties sold between $500,000 and $1,000,000 and 31 properties sold over $1,000,000.
Median and Average Sales Prices: The median sales price for properties sold year to date is $359,500 while the average sales price is $465,315. For the same period in 2010, the median sales price was $400,000 and the average sales price was $519,560 which is a (10.1%) and (10.4%) decline in price respectively year over year.
Last Week’s Sales: For the week of May 23rd a total of 24 properties sold which was up slightly from the previous week’s sales of 23 properties. Of the properties sold last week, two of the properties sold were priced over $750,000.
Pending Sales: Currently there are 191 pending sales in the market which is up slightly from the previous week. Of the pending sales, 18 are short sales and 30 are REO properties.
Market Activity Summary:
The first two weeks of May was very slow in terms of weekly sales while the last two weeks picked up nicely with average weekly sales of 23 properties closed. Overall sales year to date as compared to last year are down 9.4% from 511 sales in 2010 versus 463 sales in 2011. More and more homes are coming on the market which if priced competitively could spur a favorable change in sales. Winter is hanging on longer than expected as evidenced by snow over the Memorial Day weekend. However, spring is underway and summer is around the corner where more activity is anticipated.
The hottest segment of the market continues to be homes priced under $500,000 as roughly 70% or 325 properties have sold in this price range. Sales of homes priced above $1,000,000 continue to lag behind 2010 sales in this price range as 31 properties have sold year to date as compared to 48 properties last year which is a 35% drop. The mid range market sales, $500,000 to $1,000,000 are down as well from last year with 107 properties sold or 23% of the total sales as compared to 134 properties sold in 2010.
Distressed properties, REO and Short Sales represent 38% of the sales in the market which is almost identical to REO and Short sales in 2010. Interestingly enough while 38% of the sales are distressed properties only 12% of the active listings are distressed properties.
Median sales prices have decreased by 10% to $359,500 while the average sales prices have also decreased by 10% to $519,500. While other parts of California are reporting median prices stabilizing or increasing slightly, that is not the case thus far in the Tahoe-Truckee market.
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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