2011 Weekly Real Estate Market Report
North Lake Tahoe-Truckee Region MLS
Residential Properties – Single Family Homes and Condominiums
(NOTE: This report has been changed from previous reports to eliminate Lot/Land sales and only feature sales of Residential Properties; Single Family Homes and Condominium, as this is where the majority of sales activity is occurring)
Week of: July 4th to July 10th
Active Inventory Summary:
Active Listings: The inventory for residential properties went up slightly to 1,287 active listings in the market; 989 single family homes and 298 condominiums for sale. Inventory as expected has grown weekly since early May as Sellers are putting homes on the market for the summer and fall selling season. Coldwell Banker has roughly 15% of the active listings in the market and is the market leader for listings.
REO-Short Sale Listings: Of the active listings, there are 138 properties listed as short sales, (10.7%) and 30 properties listed as REO sales, (2.3%).
Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has over 12-months of inventory available. The inventory of homes 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 546 residential properties sold in the market as compared to 534 for the same period in 2010 which is only a 2.2% increase in sales. Of the total sales in the market for 2011, 417 were single family homes and 129 were condominium.
REO & Short Sales: Of the properties sold, 122 have been REO’s, (22.3%), and 83 have been Short Sales, (15.2%) which results in 37% of the properties sold being a distressed property. In 2010 for the same period, there were 109 REO sales and 81 short sales or roughly 35% of the total sales.
Price Range: For the year, there have been 361 properties sold priced below $500,000, 145 properties sold between $500,000 and $1,000,000 and 40 properties sold over $1,000,000.
Median and Average Sales Prices: The median sales price for properties sold year to date is $400,000 while the average sales price is $511,837. For the same period in 2010, the median sales price was $443,750 and the average sales price was $621,770 which is an (9.9%) and (17.7%) decline in price respectively year over year.
Last Week’s Sales: For the week of July 4th a total of 20 properties sold which went down significantly from the previous week’s sales of 40 properties. Of the properties sold last week, two (2) of the properties sold were priced over $750,000.
Pending Sales: Currently there are 169 pending residential sales in the market which is up slightly from the previous week. Of the pending sales, 20 are short sales and 24 are REO properties.
Market Activity Summary:
The weekly market report has been revised to only feature the sales activity in the market for residential properties; single family homes and condominiums. The lot sales have been removed from this report.
Mid Year Summary – Through June 30th
The first half of 2011 saw sales increase slightly by 2.2% as compared to the same period in 2010. The biggest change year over year has been in homes prices where median sales prices have decreased by 9.9% to $400,000 while average sales prices have decreased by 17.7% to $511,837.
The hottest segment of the market continues to be homes priced under $500,000 as roughly 66% or 361 properties have sold in this price range. Luxury home sales, homes priced above $1,000,000, continue lag behind 2010 sales as 40 properties have sold year to date as compared to 57 properties last year which is a 30% drop. The mid range market, sales $500,000 to $1,000,000 are down as well from last year with 145 properties sold or 27% of sales as compared to 164 properties sold in 2010.
Distressed properties, REO and Short Sales represent 37% of the sales in the market which is almost identical to the quantity of REO and Short sales in 2010. Interestingly enough while 37% of the sales are distressed properties only 13% of the active listings are distressed properties.
Second Half Outlook:
With the summer selling season now in full swing, we are seeing more and more visitor traffic to the area and certainly more home buying interest. Sales for this past week were good with 20 residential properties closing and considering it was the beginning of the month and the 4th of July celebration week.
With the inventory of great residential properties on the market, homes priced at 10-year lows and favorable interest rates, we are anticipating a strong second half of the year in terms of sales.
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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