Residential Properties – Single Family Homes and Condominiums
Week of: December 10th to December 16th
Active Inventory Summary:
Active Listings: The inventory for Lake Tahoe Cabins has continued its downward trend for the last 12-weeks. The current inventory of residential properties stands at 668 properties for sale; 482 single family homes and 186 condominiums for sale. The current inventory level is at the lowest point for the entire 2012 year. Coldwell Banker has almost 12% 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 72 properties listed as short sale cabins in Lake Tahoe and Truckee short sales, (10.8%) and 9 properties listed as REO sales, (1.3%).
Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has a little over 5-months of inventory available.
Sales Summary: Year-To-Date
Total Sales 2012 Vs. 2011:
Total Sales: For 2012, there have been 1,353 residential properties sold in the market as compared to 1,170 for the same period in 2011 which is a year over year increase in sales of almost 16%. Of the total sales in the market this year, 1,072 have been single family homes, while 284 or 20.8% of the sales are condominiums. In 2011 for the same period, condominiums represented 27% of the sales.
REO & Short Sales: Distressed property sales thus far for the year shows 179 REO sales, (13.2%), and 190 Short Sales, (14%) which results in almost 28% of the properties sold being distressed properties. In 2011 for the same period, there were 201 Lake Tahoe Cabin Foreclosure sales and 169 short sales or 31% of the total sales.
Sales by Price Range: For the year, there have been 866 residential properties sold priced below $500,000, 364 properties sold between $500,000 and $1,000,000 and 123 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 $567,835. For the same period in 2011, the median sales price was an identical $400,000 and the average sales price was $539,417. Median sales prices are identical to 2011 and the average sales price has increased 5.3%.
Last Week’s Sales: For the week of December 10th, a total of 19 properties sold which was down slightly from the prior week’s sales of 24 properties. Of the properties sold last week, five (5) properties sold at a price above $750,000 and of the two of those were sold at a price greater than $1 million.
Pending Sales: Currently there are 151 pending residential sales in the market which is down slightly from the previous week. Of the pending properties, 22% are distressed properties with 21 being short sales and 12 being REO’s.
Market Activity Summary:
The first 16 days of December has gotten off to a slower start than was the case in 2011 for the same period. Month to date sale saw 43 properties sold as compared to 78 units sold in 2011 for the same period which is a 44% decline. Give the extremely strong year we have had for sales, it appears the market has taken a breather this far for December.
On a year to date basis, there have been 1,353 residential properties sold as compared to 1,170 for 2011 which is an overall favorable increase of almost 16%. This is by far the strongest sales year in the past four years in the north Lake Tahoe and Truckee market.
Coldwell Banker Residential Brokerage is #1 in the entire market in terms of both unit sides sold, (590 sales) and sales volume sold, ($245 million).
The median sales price for residential properties reached $400,000 which is identical to last year at this time. The average sales price has gone up 5% to $567,835 as compared to last year because of the higher number of luxury sales in the market. With the last 12-week trend in both median and average sales prices and the fact that they have reached their highest point of the 2012 one could surmise the bottom has been reached in the north Lake Tahoe and Truckee market.
The segment of the market with the highest level of activity continues to be homes priced under $500,000 as over 64% of the sales or 866 properties have sold in this price range which is similar on a percentage basis to 2011 where over 65% of sales or 771 properties sold in this price range.
Luxury home sales, homes priced above $1,000,000, and Tahoe Lakefront Cabin sales are up 23% from 2011 which has been the largest growing segment of the market for the year on a percentage basis. There have been 123 luxury properties sold which represents over 9% of sales this year as compared to 100 properties sold last year in this segment. The median sales price for luxury properties in 2012 is $1,575,000 as compared to a median price of $1,613,000 in 2011 which is down (2.3%). Conversely, the average sales price of luxury homes in 2012 is $2,172,889 as compared to $2,005,489 in 2011 which is an 8.3% increase. Coldwell Banker is the market leader for Luxury properties sold over $1.0 million with 28 properties sold representing a sales volume of over $46 million.
The mid range market sales, $500,000 to $1,000,000 are up 22% from last year with 364 properties sold in this segment or 27% of sales as compared to 299 properties sold or 26% of sale in this range in 2011.
Distressed properties, (REO’s and Short Sales), are mirroring the national trend of more banks supporting short sales as compared to last year. For 2012, short sale properties closed have gone up by 12% with 190 closed short sales in 2012 as compared to 169 closed short sales in 2011. Short sales closed have surpassed REO properties closed in 2012. Truckee foreclosures and REO properties closed in 2012 have gone down (11%) with 179 properties closed in 2012 as compared to 201 properties closed in 2011. Overall, distressed property sales, (REO and Short Sales) represent 27% of the sales in 2012 which is less than the 31% in 2011.
The active inventory of residential properties has been steadily declining the past 12-weeks and is at the lowest point this year with 668 residential properties for sale. There are 482 single family homes and 186 condominiums listed for sale in the market. On a year over year bases, residential listings are down 29% from last year.
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