2011 Weekly Real Estate Market Report
North Lake Tahoe-Truckee Region MLS
Residential Properties – Single Family Homes and Condominiums
Week of: July 25th to July 31st
Active Inventory Summary:
Active Listings: The inventory for residential properties went up slightly to 1,337 active listings in the market; 1,039 single family homes and 298 condominiums for sale. Coldwell Banker has over 17% of the active listings in the market and continues to be the market leader for listings.
REO-Short Sale Listings: Of the active listings, there are 146 properties listed as short sales, (10.9%) and 40 properties listed as REO sales, (3.0%).
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 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 626 residential properties sold in the market as compared to 601 for the same period in 2010 which is a 4.2% increase in sales. Of the total sales in the market for 2011, 483 have been single family homes, while 143 were condominium.
REO & Short Sales: Of the properties sold, 134 have been REO’s, (21.4%), and 93 have been Short Sales, (14.9%) which results in 36% of the properties sold being a distressed property. In 2010 for the same period, there were 118 REO sales and 87 short sales or roughly 34% of the total sales.
Price Range: For the year, there have been 419 properties sold priced below $500,000, 161 properties sold between $500,000 and $1,000,000 and 46 properties sold over $1,000,000.
Median and Average Sales Prices: The median sales price for properties sold year to date is $395,500 while the average sales price is $511,525. For the same period in 2010, the median sales price was $435,000 and the average sales price was $613,389 which is an (9.1%) and (16.6%) decline in price respectively year over year.
Last Week’s Sales: For the week of July 25th a total of 31 properties sold which went up 82% from the previous week’s sales of 17 properties. Of the properties sold last week, three (3) of the properties sold were priced over $750,000 and two of those were over $1.0 million.
Pending Sales: Currently there are 170 pending residential sales in the market which is down slightly from the previous week. Of the pending sales, 14 are short sales and 20 are REO properties.
Market Activity Summary:
July ended with a great week of sales which was one of the highest sales weeks of the year with 31 properties closed. We are continuing to see greater buyer activity in the market as we enter August. The next 45-60 days should be very busy as truly interested buyers look to take advantage of remarkable home values which we have not seen in ten years.
Median sales prices have decreased from last year by 9.1% to $395,500 while the average sales prices have decreased by 16.6% to $613,389. These price trends are one of the major factors influencing steady home sales.
The hottest segment of the market continues to be homes priced under $500,000 as roughly 67% or 419 properties have sold in this price range. Luxury home sales, homes priced above $1,000,000, continue lag behind 2010 sales as 46 properties or 7.3%, have sold year to date as compared to 67 properties last year which is a 37% drop. The mid range market, sales $500,000 to $1,000,000 are down as well from last year with 161 properties sold or 26% of sales as compared to 176 properties sold in 2010.
Distressed properties, REO and Short Sales represent 36% of the sales in the market which is almost identical to the quantity of REO and Short sales in 2010. Interestingly enough while 36% of the sales are distressed properties only 14% of the active listings are distressed properties.
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 late summer and end of the year trend 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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