Lake Tahoe -Truckee Cabins and Homes and Condominiums
Week of: April 9th – 15th
Active Inventory Summary:
Active Listings: The inventory for cabins in Lake Tahoe and Truckee went up slightly from last week to 794 residential properties for sale; 561 single family homes and 233 condominiums for sale. Active inventory for residential properties continues to be off from last year at this time by roughly 26%. 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 104 properties listed as short sale Cabins in Lake Tahoe, (13.1%) and 26 properties listed as foreclosure cabins in Lake Tahoe, (3.3%). The total percentage of distressed properties listed for sale, (16.4%) is vastly different that the percentage of distressed properties sold on a year to date basis which is roughly 42% of sales.
Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has roughly7-months of inventory available.
Sales Summary: Year-To-Date
Total Sales 2012 Vs 2011:
Total Sales: For 2012, there have been 304 residential properties sold in the Truckee real estate market as compared to 275 for the same period in 2011 which is a year over year increase in sales of 10.5%. Of the total sales in the market this year, 254 have been single family homes, while 50 or 16.4% of the sales are condominiums. In 2011 for the same period, condominiums represented 28.5% of the sales which is significantly higher than we are experiencing in 2012.
REO & Short Sales: Of the properties sold this year, 68 have been REO’s, (22.4%), and 62 have been Short Sales, (20.4%) which results in just over 42% of the properties sold being distressed properties. In 2011 for the same period, there were 74 REO sales and 38 short sales or just over 40% of the total sales.
Sales Price Range: For the year, there have been 202 residential properties sold priced below $500,000, 78 properties sold between $500,000 and $1,000,000 and 24 properties sold over $1,000,000.
Median and Average Sales Prices: The median sales price for properties sold year to date is $363,282 while the average sales price is $525,834. For the same period in 2011, the median sales price was $403,000 and the average sales price was $545,297 which is a (9.9%) decline in median sales price and a (3.6%) decline in average sales price from 2011 to 2012.
Last Week’s Sales: For the week of April 9th a total of 10 properties sold which was significantly lower than last week’s sale of 30 properties and was the single lowest week of sales this year. Of the properties sold last week, only one (1) of the properties sold were priced over $750,000.
Pending Sales: Currently there are only 151 pending residential sales in the market which up 10% from the previous week. Of the pending sales, 19 are short sales and 27 are REO properties which are roughly 30% of the pending sales being distressed properties.
Market Activity Summary:
While the month of April got off to a brisk start in terms of weekly sales. Last week was a big departure from the previous week with only 10 residential properties selling for the week. It is likely that due to spring break and the Easter Holiday we could have seen a slight lull in sales closed. The 10 residential sales this past week was the single lowest week thus far in 2012. On a year to date basis, there have been 304 residential properties sold as compared to 275 for 2011 which is an overall favorable increase of 10.5%.
Median sales prices have decreased from last year by (9.9%) to $363,282. In addition, average sales prices have decreased by (3.6%) to $525,834.
The hottest segment of the Lake Tahoe Cabin market continues to be homes priced under $500,000 as roughly 66% or 202 properties have sold in this price range as compared to 2011 where 177 properties sold in this price range or 64% of sales.
Luxury home sales, homes priced above $1,000,000, are up 14% from 2011. There have been 24 luxury properties sold or 8.0% of sales this year as compared to 21 properties sold last year in this segment. The median sales price for luxury properties in 2012 is $1,335,000 as compared to a median price of $1,875,000 in 2011 which is down (28%). Similarly, the average sales price of luxury homes in 2012 is $2,068,958 as compared to $2,256,617 in 2011 which is a decrease of roughly (8%). 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 almost identical to last year with 78 properties sold in this segment or 25.7% of sales as compared to 77 properties sold or 28% in this range in 2011.
One of the biggest changes this year is in the area of distressed properties as short sales in Lake Tahoe closed have gone up by 63% with 62 closed short sales in 2012 as compared to only 38 closed short sales in 2011. Conversely REO properties closed in 2012 have gone down (8%) with 68 properties closed in 2012 as compared to 74 properties closed in 2011. Overall, distressed property sales, (REO and Short Sales) represent 42% of the sales in 2012 as compared to 2011 where they represented 40% of sales.
The active inventory of residential properties went up slightly from last week to 794 residential properties for sale. On a year over year bases, residential listings are down 26% 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.
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