Truckee-Tahoe Weekly 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: August 8th to August 14th
Active Inventory Summary:
Active Listings: The inventory for residential properties went up slightly to 1,356 active listings in the market; 1,054 single family homes and 302 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 143 properties listed as short sales, (10.5%) and 48 properties listed as REO sales, (3.5%).
Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has over 13-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 664 residential properties sold in the market as compared to 641 for the same period in 2010 which is a 3.6% increase in sales. Of the total sales in the market for 2011, 511 have been single family homes, while 153 were condominiums.
REO & Short Sales: Of the properties sold, 138 have been REO’s, (20.8%), and 101 have been Short Sales, (15.2%) which results in 36% of the properties sold being distressed properties. In 2010 for the same period, there were 129 REO sales and 88 short sales or roughly 34% of the total sales.
Sales Price Range: For the year, there have been 443 properties sold priced below $500,000, 169 properties sold between $500,000 and $1,000,000 and 52 properties sold over $1,000,000.
Median and Average Sales Prices: The median sales price for properties sold year to date is $398,350 while the average sales price is $516,274. For the same period in 2010, the median sales price was $428,000 and the average sales price was $609,433 which is an (6.9%) and (15.3%) decline in price respectively year over year.
Last Week’s Sales: For the week of August 8th a total of 17 properties sold which went up moderately from the previous week’s sales of 13 properties. Of the properties sold last week, only one (1) of the properties sold were priced over $750,000.
Pending Sales: Currently there are 191 pending residential sales in the market which is up slightly from the previous week. Of the pending sales, 16 are short sales and 19 are REO properties.
Market Activity Summary:
The first two weeks of sales for August 2011 are off to a slower start as compared to 2010 with 30 residential sales this year versus 41 sales for the same period last year. An encouraging sign is that pending sales went up slightly to 191 properties reported in escrow.
Median sales prices have decreased from last year by 6.9% to $398,350 while the average sales prices have decreased by 15.3% to $516,274. These price trends are one of the major factors influencing home sales to date and should bode well for the remainder of the year.
The hottest segment of the market continues to be homes priced under $500,000 as roughly 67% or 443 properties have sold in this price range. Luxury home sales, homes priced above $1,000,000, continue lag behind 2010 sales as 52 properties or 7.8%, have sold year to date as compared to 72 properties last year which is a 28% drop. The mid range market, sales $500,000 to $1,000,000 are down as well from last year with 169 properties sold or 25% of sales as compared to 183 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
Truckee-Tahoe Weekly 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: 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
Truckee Tahoe Weekly 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: 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
Truckee Tahoe Weekly Real Estate Market Report
2011 Weekly Real Estate Market Report
North Lake Tahoe-Truckee Region MLS
Residential Properties – Single Family Homes and Condominiums
Week of: July 18th to July 24th
Active Inventory Summary:
Active Listings: The inventory for residential properties went up 3% to 1,321 active listings in the market; 1,024 single family homes and 297 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 continues to be the market leader for listings.
REO-Short Sale Listings: Of the active listings, there are 147 properties listed as short sales, (11.1%) and 36 properties listed as REO sales, (2.7%).
Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has over 13-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 588 residential properties sold in the market as compared to 570 for the same period in 2010 which is a 3.2% increase in sales. Of the total sales in the market for 2011, 453 have been single family homes, while 135 were condominium.
REO & Short Sales: Of the properties sold, 129 have been REO’s, (21.9%), and 88 have been Short Sales, (15.0%) which results in 37% of the properties sold being a distressed property. In 2010 for the same period, there were 115 REO sales and 82 short sales or roughly 34% of the total sales.
Price Range: For the year, there have been 390 properties sold priced below $500,000, 154 properties sold between $500,000 and $1,000,000 and 44 properties sold over $1,000,000.
Median and Average Sales Prices: The median sales price for properties sold year to date is $398,350 while the average sales price is $515,011. For the same period in 2010, the median sales price was $435,000 and the average sales price was $614,679 which is an (8.4%) and (16.2%) decline in price respectively year over year.
Last Week’s Sales: For the week of July 18th a total of 17 properties sold which went down 26% from the previous week’s sales of 23 properties. Of the properties sold last week, two (2) of the properties sold were priced over $750,000.
Pending Sales: Currently there are 175 pending residential sales in the market which is up slightly from the previous week. Of the pending sales, 17 are short sales and 22 are REO properties.
Market Activity Summary:
July is off to a good start with 71 residential properties sold in the first three weeks which is slightly better than 2010 for the same period. Of the properties sold thus far in July, four (4) of the properties were priced over $750,000 and five (5) were priced over $1.0 million.
Median sales prices have decreased from last year by 8.4% to $398,350 while the average sales prices have decreased by 16.2% to $515,011. 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 66% or 390 properties have sold in this price range. Luxury home sales, homes priced above $1,000,000, continue lag behind 2010 sales as 44 properties or 7.5%, have sold year to date as compared to 62 properties last year which is a 29% drop. The mid range market, sales $500,000 to $1,000,000 are down as well from last year with 154 properties sold or 26% of sales as compared to 170 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 14% of the active listings are distressed properties.
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 17 residential properties closing.
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.
Now may be one of the best times for Buyers considering an investment in a vacation home or investment property in the Lake 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
Truckee Tahoe Weekly Real Estate Market Report
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
