2012 Weekly Real Estate Market Report
Lake Tahoe-Truckee Real Estate
Residential Properties – Single Family Homes and Condominiums
Week of: March 19th – 25th
Active Inventory Summary:
Active Listings: The inventory for residential properties in the Lake Tahoe and Truckee cabin market went down slightly from last week to 794 residential properties for sale; 543 single family homes and 251 condominiums for sale. We are at the lowest point of active residential listings over the last 15 months.
REO-Short Sale Active Listings: Of the active listings, there are 109 properties listed as short sales, (13.7%) and 27 properties listed as REO sales, (3.4%). The total percentage of distressed properties listed for sales, (17.1%) is vastly different that the percentage of distressed properties sold on a year to date basis which is roughly 46% of sales.
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 2012 Vs 2011:
Total Sales: For 2012, there have been 230 residential properties sold in the market as compared to 212 for the same period in 2011 which is a year over year increase in sales of 8.5%. Of the total sales in the market this year, 190 have been single family homes, while 40 or 17.4% of the sales are condominiums. In 2011 for the same period, lake tahoe condominium sales represented 25% of the sales which is significantly higher than we are experiencing in 2012.
REO & Short Sales: Of the properties sold this year, 54 have been REO’s, (23.5%), and 51 have been Short Sales, (22.2%) which results in just over 45% of the properties sold being distressed properties. In 2011 for the same period, there were 55 REO sales and 31 short sales or just over 40% of the total sales.
Sales Price Range: For the year, there have been 152 residential properties sold priced below $500,000, 58 properties sold between $500,000 and $1,000,000 and 20 properties sold over $1,000,000.
Median and Average Sales Prices: The median sales price for properties sold year to date is $360,000 while the average sales price is $533,081. For the same period in 2011, the median sales price was $422,500 and the average sales price was $531,502 which is a (14.8%) decline in median sales price and 0.3% increase in average sales price from 2011 to 2012.
Last Week’s Sales: For the week of March 19th a total of 22 properties sold which was identical to the number of sales from the previous week. Of the properties sold last week, four (4) of the properties sold were priced over $750,000 and three of those properties were over $1.0 million. Another very large Tahoe lakefront property sold this past week with a sales price of $5,640,000.
Pending Sales: Currently there are only 138 pending residential sales in the market which down from 152 pending sales the previous week. Of the pending sales, 12 are short sales and 30 are REO properties which are roughly 28% of the pending sales being distressed properties.
Market Activity Summary:
The month of March thus far has been the most active month for residential sales in 2012. There have been a total of 85 properties sold in the month which is slightly higher than the sale in March of 2011. For the year there have been 230 residential properties sold as compared to 212 for 2011 which is an overall favorable increase of 8.5%.
Median sales prices have decreased dramatically from last year by (14.8%) to $360,000. However, average sales prices have increased slightly by 0.3% to $533,081. One of the biggest factors for the increase in average sales price has been a result of a 67% increase in home sales over $1.0 million and most notably a few very large lakefront sales as of late.
The hottest segment of the market continues to be homes priced under $500,000 as roughly 66% or 152 properties have sold in this price range as compared to 2011 where 134 properties sold in this price range or 63% of sales.
Luxury home sales, homes priced above $1,000,000, are up 67% from 2011. There have been 20 luxury properties sold or 8.7% of sales this year as compared to 12 properties sold last year in this segment. The median sales price for luxury properties in 2012 is $1,310,000 as compared to a median price of $1,812,500 in 2011 which is down (38%). Similarly, the average sales price of luxury homes in 2012 is $2,122,750 as compared to $2,345,833 in 2011 which is a decrease of roughly (11%). It is likely that the lower home prices have been the reason for the higher number of sales we are experiencing this far.
The mid range market sales, $500,000 to $1,000,000 are down (12%) from last year with 58 properties sold in this segment, or 25.2% of sales as compared to 66 properties sold or 31.1% in this range in 2011.
One of the biggest changes this year is in the area of distressed properties. REO and Short Sales represent 45.7% of closed sales in the market as compared to 40.5% last year. For 2012, there have been 105 properties sold as distressed sales and 51 of them are short sales.
The active inventory of residential properties is at its lowest point in fifteen months with 794 residential properties for sale. On a year over year bases, residential listings are down 30% from last year at this time. As spring and summer approach we certainly expect inventory to increase. However, the real question is whether or not it mirrors the inventory levels of 2011.
With the adequate level of inventory of residential properties in Lake Tahoe and Truckee Real Estate on, homes priced at 12-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 # 1908304