Lake Tahoe Cabins – Single Family Homes and Condominiums
Week of: April 2nd – 8th
Active Inventory Summary:
Active Listings: The inventory for Lake Tahoe Cabins and Truckee Real Estate for sale went down slightly from last week to 791 properties for sale; 548 single family homes and 253 condominiums for sale. We are at the lowest point of active residential listings over the last 15 months. Coldwell Banker has over 15% of the active listings in the market and continues to be the market leader for listings.
REO-Short Sale Active Listings: Of the active listings, there are 106 properties listed as Lake Tahoe short sales, (13.4%) 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 44% of sales.
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.
Sales Summary: Year-To-Date
Total Sales 2012 Vs 2011:
Total Sales: For 2012, there have been 292 residential properties sold in the market as compared to 257 for the same period in 2011 which is a year over year increase in sales of 13.6%. Of the total sales in the market this year, 245 have been single family homes, while 47 or 16.1% of the sales are condominiums. In 2011 for the same period, condominiums represented 27% of the sales which is significantly higher than we are experiencing in 2012.
REO & Short Sales: Of the properties sold this year, 66 have been REO’s, (23.6%), and 60 have been Short Sales, (20.5%) which results in just over 44% of the properties sold being distressed properties. In 2011 for the same period, there were 70 REO sales and 37 short sales or just over 41% of the total sales.
Sales Price Range: For the year, there have been 192 residential properties sold priced below $500,000, 77 properties sold between $500,000 and $1,000,000 and 23 properties sold over $1,000,000.
Median and Average Sales Prices: The median sales price for Lake Tahoe Cabins and Truckee Real Estate sold year to date is $372,500 while the average sales price is $531,515. For the same period in 2011, the median sales price was $403,000 and the average sales price was $547,406 which is a (7.6%) decline in median sales price and a (2.9%) decline in average sales price from 2011 to 2012.
Last Week’s Sales: For the week of April 2nd a total of 30 properties sold which was up nicely from the previous week’s sales of 23 properties. Of the properties sold last week, eight (8) of the properties sold were priced over $750,000 and three of those properties were over $1.0 million.
Pending Sales: Currently there are only 138 pending residential sales in the market which down from the previous week. Of the pending sales, 14 are short sales and 27 are REO properties in Tahoe and Foreclosures in Truckee which are roughly 29% of the pending sales being distressed properties.
Market Activity Summary:
The month of April is off to a brisk start in terms of weekly sales and is picking up where March left off. The 30 residential sales in the first week of April was the single largest sales week this far this year. For the year there have been 292 residential properties sold as compared to 257 for 2011 which is an overall favorable increase of 13.6%.
Median sales prices have decreased from last year by (7.6%) to $372,500. In addition, average sales prices have decreased slightly by (2.9%) to $547,406.
The hottest segment of the market continues to be homes priced under $500,000 as roughly 66% or 192 properties have sold in this price range as compared to 2011 where 166 properties sold in this price range or 65% of sales.
Luxury home sales, homes priced above $1,000,000, are up 28% from 2011. There have been 23 luxury properties sold or 8.0% of sales this year as compared to 18 properties sold last year in this segment. The median sales price for luxury properties in 2012 is $1,370,000 as compared to a median price of $1,900,000 in 2011 which is down (28%). Similarly, the average sales price of luxury homes in 2012 is $2,113,260 as compared to $2,399,166 in 2011 which is a decrease of roughly (12%). 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 up 6% from last year with 77 properties sold in this segment, or 26.4% of sales as compared to 73 properties sold or 28.4% in this range in 2011.
One of the biggest changes this year is in the area of distressed properties as short sales closed have gone up by 62% with 60 closed short sales in 2012 as compared to only 37 closed short sales in 2011. Conversely REO properties closed in 2012 have gone down (6%) with 66 properties closed in 2012 as compared to 73 properties closed in 2011. Overall, distressed property sales, (REO and Short Sales in Lake Tahoe) represent 44% of the sales in 2012 as compared to 2011 where they represented 41% of sales.
The active inventory of residential properties is at its lowest point in fifteen months with 791 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 on the market, 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