2011 Weekly Real Estate Market Report
North Lake Tahoe-Truckee Region MLS
Residential Properties – Single Family Homes and Condominiums
Week of: August 1st to August 7th
Active Inventory Summary:
Active Listings: The inventory for residential properties went up slightly to 1,352 active listings in the market; 1,044 single family homes and 308 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 144 properties listed as short sales, (10.7%) and 46 properties listed as REO sales, (3.4%).
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 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:
Total Sales: For 2011, there have been 643 residential properties sold in the market as compared to 615 for the same period in 2010 which is a 4.6% increase in sales. Of the total sales in the market for 2011, 495 have been single family homes, while 148 were condominium.
REO & Short Sales: Of the properties sold, 136 have been REO’s, (21.2%), and 98 have been Short Sales, (15.2%) which results in 36% of the properties sold being a distressed property. In 2010 for the same period, there were 124 REO sales and 87 short sales or roughly 34% of the total sales.
Sales Price Range: For the year, there have been 429 properties sold priced below $500,000, 163 properties sold between $500,000 and $1,000,000 and 51 properties sold over $1,000,000.
Median and Average Sales Prices: The median sales price for properties sold year to date is $397,700 while the average sales price is $519,575. For the same period in 2010, the median sales price was $429,671 and the average sales price was $611,289 which is an (7.4%) and (15.0%) decline in price respectively year over year.
Last Week’s Sales: For the week of August 1st a total of 13 properties sold which went down58% from the previous week’s sales of 31 properties. Of the properties sold last week, five (5) of the properties sold were priced over $750,000 and ironically all five properties were over $1.0 million with one sale at $3.3 million.
Pending Sales: Currently there are 190 pending residential sales in the market which is up 12% from the previous week. Of the pending sales, 18 are short sales and 18 are REO properties.
Market Activity Summary:
The first week of August sales was off to a slower start than in the previous six weeks but similar to last year for the first week of August where 15 properties were sold. An encouraging sign is that pending sales went up almost 12% to 190 properties reported in escrow. 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 7.9% to $397,700 while the average sales prices have decreased by 15.0% to $519,575. 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 429 properties have sold in this price range. Luxury home sales, homes priced above $1,000,000, continue lag behind 2010 sales as 51 properties or 7.9%, have sold year to date as compared to 68 properties last year which is a 25% drop. However, it was encouraging to see that five properties closed last week with a sales price over $1.0 million. The mid range market, sales $500,000 to $1,000,000 are down as well from last year with 163 properties sold or 25% of sales as compared to 177 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 rally towards the end of the year. One area we will certainly keep our eye on is the impact of the recent issues in the financial markets internationally and home 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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