Truckee – North Lake Tahoe Year End Market Review
2011 Truckee – North Lake Tahoe Year End Market Review Real Estate Report:
(North Lake Tahoe-Truckee Region MLS)
Residential Properties – Single Family Homes and Condominiums
2011 Year End Summary:
Sales Summary 2011:
Overall, residential sales for 2011 were up 7.1% from the 2010 calendar year which was encouraging for the Truckee-Tahoe real estate market.
Total Sales:
For 2011, there were 1,217 residential properties sold in the market as compared to 1,136 residential properties sold for the same period in 2010. Of the total sales in the market for 2011, 956 were single family homes, while 261 or 21% of the sales were condominiums. I n 2010, condominiums represented 31% of the sales or 270 units and single family home sales represented 866 units.
REO & Short Sales:
Of the properties sold in Truckee and North Lake Tahoe this year, 206 were REO’s, (16.9%), and 186 were Short Sales, (15.3%) which results in over 32% of the properties sold being distressed properties. In 2010, there were 218 REO sales and 141 short sales or just over 31% of the total sales which was almost identical to this year.
Sales Price Range:
The hottest segment of the Truckee and Tahoe real estate market in 2011 were homes priced under $500,000 as 66% or 808 properties have sold in this price range. In 2010, 60% or 682 properties sold in this price range which was significantly lower than this year. Certainly the price declines in the market influenced this trend as home buyers took advantage of these buying opportunities in the market.
Luxury home sales, homes in Truckee priced above $1,000,000, were down 24% from 2010 sales as 101 properties or 8.3% of sales occurred in this segment as compared to the 133 properties sold last year. The median sales price of the luxury properties sold in 2011 were $1,625,000 which was up 1.5% from last year’s median sales price of $1,600,000. Conversely, the average sales price of the luxury sales in 2011 was $2,016,821 which was 9% lower than last year’s average price of $2,199,131.
The mid-range market, homes priced between $500,000 and $1,000,000, resulted in 308 properties sold or 25.3% of sales as compared to 321 properties sold or 28.3% of sales in this range in 2010. The mid-range market was very consistent in terms of year over year sales.
Median and Average Sales Prices:
The median sales price for properties sold in Truckee and Tahoe in 2011 was $397,700 while the average sales price was $535,834. For the same period in 2010, the median sales price was $430,000 and the average sales price was $640,727 which is a (7.5%) and (16.4%) decline in price respectively year over year.
Active Inventory Summary:
Active Listings: The active inventory for residential properties for sale in Truckee and Tahoe reached a high for the year in August with 1,378 properties listed for sale. At the end of the year, the active listings for residential properties was at the annual low of 854 active listings in the market; 622 single family homes and 232 condominiums for sale. Coldwell Banker has over 15% 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 132 properties listed as short sales, (15.5%) and 45 properties listed as REO sales, (5.3%).
Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has roughly 6-months of inventory available.
2011 Summary and 2012 Outlook:
The 2011 Tahoe-Truckee real estate market was almost identical to the 2010 market as we saw an increase in total residential sales which were fueled by decreasing median and average home sales prices. The distressed sales market for both REO’s and short sales was almost identical year over year with roughly 32% of all residential sales being distressed.
While none of us have a crystal ball as to what 2012 has in store, it seems likely that the trends of the past two years may carry forward for 2012 with increased sales, continued pressure on home prices and the existence of distressed properties in the overall sales mix.
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
Truckee – Tahoe Real Estate Market Update
Weekly Real Estate Market Report
North Lake Tahoe-Truckee Region MLS
Residential Properties – Single Family Homes and Condominiums
Week of: December 12th to December 18th
Active Inventory Summary:
Active Listings: The inventory for residential properties for sale in Truckee and North Lake Tahoe is currently at its lowest level of the year with 938 active listings in the market; 695 single family homes and 243 condominiums for sale. Coldwell Banker has over 15% 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 150 properties listed as short sales, (16.0%) and 41 properties listed as REO sales, (4.4%).
Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has roughly 7-months of inventory available.
Sales Summary: Year-To-Date
Total Sales 2011 Vs 2010:
Total Sales: For 2011, there have been 1,157 residential properties sold in the market as compared to 1,090 for the same period in 2010 which is a year over year 6.1% increase in sales. Of the total sales in the market for 2011, 909 have been single family homes, while 248 or 21% of the sales are condominiums. I n 2010, condominiums represented 31% of the sales which is significantly higher than we are experiencing in 2011.
REO & Short Sales: Of the properties sold this year, 199 have been REO’s, (17.2%), and 167 have been Short Sales, (14.4%) which results in over 31% of the properties sold being distressed properties. In 2010 for the same period, there were 206 REO sales and 135 short sales or just over 31% of the total sales which is identical to this year.
Sales Price Range: For the year, there have been 760 residential properties sold in Truckee and North Lake Tahoe priced below $500,000, 297 properties sold between $500,000 and $1,000,000 and 100 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 $541,747. For the same period in 2010, the median sales price was $431,000 and the average sales price was $647,421 which is a (7.2%) and (16.3%) decline in price respectively year over year.
Last Week’s Sales: For the week of December 12th, a total of 24 properties sold which was down from the previous week’s sales of 32 properties. Of the properties sold last week, seven (7) of the properties sold were priced over $750,000 and of those, three were sold over $1.8 million.
Pending Sales: Currently there are only 130 pending residential sales in the market which up slightly from the previous week. Of the pending sales, 16 are short sales and 29 are REO properties which are roughly 35% of the pending sales being distressed properties.
Market Activity Summary:
Thus far, sales for the first three weeks of December have been excellent with an average of 29 sales per week. December sales have far exceeded sales for the same period last year which is always encouraging.
Last week’s residential sales in Truckee and Tahoe represented a decrease from the week before with 24 total properties closing escrow. Within last week’s sales, seven properties sold with a price above $750,000 and three of these sales were priced above $1,800,000. Coldwell Banker continues to be the market leader in terms of units sold and sales volume with roughly 16.5% market share in the north Lake Tahoe and Truckee area.
Median sales prices have decreased from last year by 7.2% to $400,000 while the average sales prices have decreased by 16.3% to $541,747. The overall decline in sales prices continues to be one of the driving factors influencing home sales on a year to date basis for astute investors looking to own a property in this remarkable resort area.
The hottest segment of the Truckee market continues to be homes for sale priced under $500,000 as roughly 66% or 760 properties have sold in this price range. In 2010, 60% or 649 properties sold in this price range which was lower than this year. Certainly the price declines have influenced this trend.
Luxury home sales, homes priced above $1,000,000, are down 23% from 2010 sales as 100 properties or 8.6% of sales have sold year to date as compared to 130 properties sold last year in this segment. The median sales price of the luxury properties sold in 2011 is $1,613,000 which is up 1% from last year. Conversely, the average sales price of the luxury sales this year is $2,005,489 which is 9% lower than last year.
The mid range market sales, $500,000 to $1,000,000 are down slightly from last year with 297 properties sold or 25.7% of sales as compared to 311 properties sold or 28.5% in this range in 2010.
Distressed properties, REO and Short Sales represent just over 31% of the sales in the Truckee real estate market which is identical to the quantity of REO and Short sales sold in 2010. On a comparative basis, 31% of the sales are distressed properties while 20% of the active listings and 35% of the pending sales are distressed properties.
The active inventory of residential properties is at its lowest point for the entire year to 938 residential properties. This is not uncommon this time of year as homeowners take their homes off the market for the winter or place them on a ski lease program.
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
Truckee – Tahoe Real Estate Update
2011 Weekly Truckee and North Lake Tahoe Real Estate Market Report
North Lake Tahoe-Truckee Region MLS
Residential Properties – Single Family Homes and Condominiums
Week of: December 5th to December 11th
Active Inventory Summary:
Active Listings: The inventory for residential properties in Truckee has dropped to its lowest level of the year to 965 active listings in the market; 720 single family homes and 245 condominiums for sale. Coldwell Banker has over 15% 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 154 properties listed as short sales, (16.0%) and 45 properties listed as REO sales, (4.7%).
Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has roughly 8-months of inventory available.
Sales Summary: Year-To-Date
Total Sales 2011 Vs 2010:
Total Sales: For 2011, there have been 1,132 residential home and condos sold in the Truckee and Tahoe homes market as compared to 1,067 for the same period in 2010 which is a year over year 6.1% increase in sales. Of the total sales in the market for 2011, 893 have been single family homes, while 239 or 21% of the sales were condominiums. I n 2010, condominiums represented 31% of the sales which is significantly higher than in 2011.
REO & Short Sales: Of the properties sold this year, 198 have been REO’s, (17.5%), and 161 have been Short Sales, (14.2%) which results in over 31% of the properties sold being distressed properties. In 2010 for the same period, there were 203 REO sales and 130 short sales or just over 31% of the total sales which is identical to this year.
Sales Price Range: For the year, there have been 744 residential properties sold priced below $500,000, 291 properties sold between $500,000 and $1,000,000 and 97 properties sold over $1,000,000.
Median and Average Sales Prices: The median sales price for a home in Truckee that has sold year to date is $400,000 while the average sales price is $539,589. For the same period in 2010, the median sales price was $432,000 and the average sales price was $648,439 which is a (7.4%) and (16.8%) decline in price respectively year over year.
Last Week’s Sales: For the week of December 5th, a total of 32 properties sold which was up slightly from the previous week’s sales of 30 properties. Of the properties sold last week, seven (7) of the properties sold were priced over $750,000 and of those, three were sold over $1.0 million.
Pending Sales: Currently there are only 128 pending residential sales in the Truckee real estate market which the lowest week for pending sales for the year. Of the pending sales, 12 are short sales and 24 are REO properties which are roughly 28% of the pending sales being distressed properties.
Market Activity Summary:
The first two weeks of December have been excellent in terms of closed sales with an average of 31 sales per week. These sales volumes resemble the sales volumes in September and October which are typically the busiest sales months of the year.
Last week’s residential sales represented an increase from the week before with 32 total properties closing escrow. Coldwell Banker continues to be the market leader in terms of units sold and sales volume with roughly 16.5% market share in the north Lake Tahoe and Truckee area.
Median sales prices have decreased from last year by 7.4% to $400,000 while the average sales prices have decreased by 16.8% to $539,589. The percentage drop in sales has been rather consistent for the past 2-3 months and continues to be one of the driving factors influencing home sales on a year to date basis for astute investors looking to own a property in this remarkable resort area.
The hottest segment of the market continues to be homes priced under $500,000 as roughly 66% or 744 properties have sold in this price range. In 2010, 59% or 635 properties sold in this price range which was lower than this year. Certainly the price declines have influenced this trend.
Luxury home sales, homes priced above $1,000,000, are down 24% from 2010 sales as 97 properties or 8.6% of sales have sold year to date as compared to 128 properties last year in this segment. The median sales price of the luxury properties sold in 2011 is $1,580,000 which is down 2% from last year. Conversely, the average sales price of the luxury sales this year is $2,000,844 which is 9% lower than last year.
The mid range market sales, $500,000 to $1,000,000 are down slightly from last year with 291 properties sold or 25.7% of sales as compared to 304 properties sold or 28.5% in this range in 2010.
Distressed properties, REO and Short Sales represent just over 31% of the home sales in the Truckee real estate market which is identical to the quantity of REO and Short sales sold in 2010. On a comparative basis, 31% of the sales are distressed properties while 20% of the active listings and 28% of the pending sales are distressed properties.
The active inventory of residential properties is at its lowest point for the entire year to 965 residential properties. This is not uncommon this time of year as homeowners take their homes off the market for the winter or place them on a ski lease program.
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
Truckee – Tahoe Real Estate Market Update
2011 Weekly Real Estate Market Report
North Lake Tahoe-Truckee Region MLS
Residential Properties – Single Family Homes and Condominiums
Week of: November 14th to November 20th
Active Inventory Summary:
Active Listings: The inventory for residential properties in Truckee and North Lake Tahoe went down slightly from the previous week to 1,069 active listings in the market; 818 single family homes and 251 condominiums for sale. Coldwell Banker has over 16% 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 165 properties listed as short sales, (15.4%) and 51 properties listed as REO sales, (4.8%).
Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has roughly 9-months of inventory available.
Sales Summary: Year-To-Date
Total Sales 2011 Vs 2010:
Total Sales: For 2011, there have been 1,049 residential properties sold in the Truckee real estate market as compared to 987 for the same period in 2010 which is a year over year 6.3% increase in sales. Of the total sales in the market for 2011, 826 have been single family homes, while 223 or 21% of the sales were condominiums. I n 2010, condominiums represented 32% of the sales which is significantly higher than in 2011.
REO & Short Sales: Of the properties sold this year, 184 have been REO’s, (17.5%), and 141 have been Short Sales, (13.4%) which results in over 30% of the properties sold being distressed properties. In 2010 for the same period, there were 193 REO sales and 121 short sales or just over 31% of the total sales which is almost identical to this year.
Sales Price Range: For the year, there have been 692 residential properties sold priced below $500,000, 266 properties sold between $500,000 and $1,000,000 and 91 properties sold over $1,000,000.
Median and Average Sales Prices: The median sales price for homes in Truckee and Lake Tahoe that have sold year to date is $400,000 while the average sales price is $543,087. For the same period in 2010, the median sales price was $432,000 and the average sales price was $638,111 which is a (7.4%) and (14.9%) decline in price respectively year over year.
Last Week’s Sales: For the week of November 14th, a total of 25 properties sold which was up nicely from the previous week’s sales of 20 properties. Of the properties sold last week, only one of the properties sold were priced over $750,000.
Pending Sales: Currently there are 153 pending residential home sales in the Truckee real estate market which went down slightly from the previous week. Of the pending sales, 21 are short sales and 26 are REO properties which are roughly 31% of the pending sales being distressed properties.
Market Activity Summary:
November sales are slightly better than last year for the first three weeks of the month. Last week’s residential sales represented a nice spike up from the week before with 25 total properties closing escrow.
Median sales prices have decreased from last year by 7.4% to $400,000 while the average sales prices have decreased by 14.9% to $543,087. The percentage drop in sales has been rather consistent for the past 2-3 months and continues to be one of the driving factors influencing home sales on a year to date basis for astute investors looking to own a property in this remarkable resort area.
The hottest segment of the Truckee and Tahoe real estate market continues to be homes priced under $500,000 as roughly 66% or 692 properties have sold in this price range. In 2010, 59% or 589 properties sold in this price range which was lower than this year primarily because of the drop in home prices.
Luxury home sales, homes priced above $1,000,000, are down 25% from 2010 sales as 91 properties or 8.7% of sales have sold year to date as compared to 122 properties last year in this segment. The median sales price of the luxury properties sold in 2011 is $1,650,000 which is up 3% from last year. Conversely, the average sales price of the luxury sales this year is $2,053,202 which is roughly 2% lower than last year.
The mid range market sales, $500,000 to $1,000,000 are down slightly from last year with 266 properties sold or 25.4% of sales as compared to 276 properties sold or 28.0% in this range in 2010.
Distressed properties, REO and Short Sales represent just over 30% of the sales in the market which is almost identical to the quantity of REO and Short sales in 2010. On a comparative basis, 30% of the sales are distressed properties while 20% of the active listings and 31% of the pending sales are distressed properties.
The active inventory of residential properties showed a slight decrease in active listings. The inventory for single family homes is fairly significant as compared to other parts of California where inventory is limited.
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
Truckee – Tahoe Real Estate Market Update
2011 Weekly Real Estate Market Report
North Lake Tahoe-Truckee Region MLS
Residential Properties – Single Family Homes and Condominiums
Week of: November 7th to November 13th
Active Inventory Summary:
Active Listings: The inventory for residential properties in Truckee and North Lake Tahoe went down from the previous week to 1,075 active listings in the market; 825 single family homes and 250 condominiums for sale. Coldwell Banker has over 16% 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 166 properties listed as short sales, (15.4%) and 49 properties listed as REO sales, (4.6%).
Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has roughly 10-months of inventory available.
Sales Summary: Year-To-Date
Total Sales 2011 Vs 2010:
Total Sales: For 2011, there have been 1,023 homes sold in the Truckee real estate market as compared to 966 for the same period in 2010 which is a year over year 5.9% increase in sales. Of the total sales in the market for 2011, 809 have been single family homes, while 214 or 21% of the sales were condominiums. I n 2010, condominiums represented 31% of the sales which is significantly higher than in 2011.
REO & Short Sales: Of the properties sold this year, 177 have been REO’s, (17.3%), and 137 have been Short Sales, (13.4%) which results in over 30% of the properties sold being distressed properties. In 2010 for the same period, there were 192 REO sales and 120 short sales or just over 32% of the total sales which is almost identical to this year.
Sales Price Range: For the year, there have been 673 residential properties sold priced below $500,000, 259 properties sold between $500,000 and $1,000,000 and 91 properties sold over $1,000,000.
Median and Average Sales Prices: The median sales price for Truckee real estate sold year to date is $400,000 while the average sales price is $547,268. For the same period in 2010, the median sales price was $430,000 and the average sales price was $635,401 which is a (7.0%) and (13.9%) decline in price respectively year over year.
Last Week’s Sales: For the week of November 7th, a total of 20 properties sold which was a decrease from the previous week’s sales of 28 properties. Of the properties sold last week, five (5) of the properties sold were priced over $750,000 and of these four (4) were greater than $1.0 million.
Pending Sales: Currently there are 161 pending residential home sales in the Truckee and Tahoe real estate market which went up slightly from the previous week. Of the pending sales, 20 are short sales and 30 are REO properties which are roughly 31% of the pending sales being distressed properties.
Market Activity Summary:
Sales for the first two weeks of November were very similar to the first two weeks of October which was a good month for sales. Last week’s sales went down slightly from the previous week. An encouraging area from last week’s sales was that 20% of the properties sold were at a price over $1.0 million. Coldwell Banker has roughly 16% market share in the north Tahoe and Truckee area and is the market leader in terms of both units sold and sales volume.
Median sales prices have decreased from last year by 7.0% to $400,000 while the average sales prices have decreased by 13.9% to $547,268. This downward trend in price is one of the major factors influencing home sales on a year to date basis for astute investors looking to own a property in this remarkable resort area.
The hottest segment of the Truckee market of homes for sale continues to be properties priced under $500,000 as roughly 66% or 673 properties have sold in this price range. In 2010, 60% or 576 properties sold in this price range which was lower than this year primarily because of the drop in home prices.
Luxury home sales, homes priced above $1,000,000, are down 22% from 2010 sales as 91 properties or 8.9% of sales have sold year to date as compared to 117 properties last year in this segment. The median sales price of the luxury properties sold in 2011 is $1,650,000 which is up 3% from last year. Conversely, the average sales price of the luxury sales this year is $2,053,202 which is roughly 2% lower than last year.
The mid range market sales, $500,000 to $1,000,000 are down slightly from last year with 259 properties sold or 25.3% of sales as compared to 273 properties sold or 28.3% in this range in 2010. The gap in this segment of the market has narrowed in the past 90-days as more sales in this price range have occurred of late.
Distressed properties, REO and Short Sales represent 30% of the sales in the market which is almost identical to the quantity of REO and Short sales in 2010. On a comparative basis, 30% of the sales are distressed properties while 20% of the active listings and 31% of the pending sales are distressed properties.
The active inventory of real estate for sale in Truckee showed a slight decrease in active listings. The inventory for single family homes is fairly significant as compared to other parts of California where inventory is limited.
With the inventory of great residential properties on the market, homes priced at 10-year lows and some of the lowest interest rates in history, savvy real estate investors are taking advantage of this market for a home in the Lake Tahoe – Truckee resort communities.
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
