Residential Properties – Truckee Real Estate and Condominiums
Week of: November 12th to November 18th
Active Inventory Summary:
Active Listings: The inventory for Lake Tahoe Cabins has been declining weekly for the past few weeks and this past week was no different. The current inventory of residential properties stands at 736 properties for sale; 530 single family homes and 206 condominiums for sale. The current inventory level is at the lowest point for the entire 2012 year. Coldwell Banker has almost 13% 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 84 properties listed as Lake Tahoe and Truckee short sales, (11.4%) and 8 properties listed as REO sales, (1.1%).
Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has a little over 4-months of inventory available.
Sales Summary: Year-To-Date
Total Sales 2012 Vs 2011:
Total Sales: For 2012, there have been 1,247 residential properties sold in the market as compared to 1,055 for the same period in 2011 which is a year over year increase in sales of over 18.2%. Of the total sales in the market this year, 990 have been single family homes, while 257 or 20.6% of the sales are condominiums. In 2011 for the same period, condominiums represented 27% of the sales.
REO & Short Sales: For distressed properties sold this year, 170 have been Lake Tahoe Cabin Foreclosures (13.6%), and 178 have been Short Sales, (14.3%) which results in almost 28% of the properties sold being distressed properties. In 2011 for the same period, there were 184 REO sales and 143 short sales or 31% of the total sales.
Sales by Price Range: For the year, there have been 797 residential properties sold priced below $500,000, 336 properties sold between $500,000 and $1,000,000 and 114 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 $554,780. For the same period in 2011, the median sales price was $400,000 and the average sales price was $543,022. Median sales prices are identical to 2011 and the average sales price has increase roughly 2.2%.
Last Week’s Sales: For the week of November 12th, a total of 30 properties sold which was down slightly from the prior week’s sales of 33 properties. Of the properties sold last week, eight (8) properties sold at a price above $750,000 and of the eight, five (5) were greater than $1 million.
Pending Sales: Currently there are 171 pending residential sales in the market which is down (6%) from the previous week. Currently 17% of the pending sales are distressed properties with 14 being short sales and 15 being REO’s.
Market Activity Summary:
The first two weeks of November has resulted in very solid sales activity as 72 residential properties sold during this period. The month of October was the most active month of the year for residential sales with 175 properties sold. The first two weeks of November sales while not as active as October is trending to be the second best month for sales for all of 2012.
On a year to date basis, there have been 1,247 residential properties sold as compared to 1,055 for 2011 which is an overall favorable increase of over 18%. 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 units sold, (541 sales) and sales volume sold, ($220 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 risen 2.2% to $554,780. Both median and average sales prices are at their highest point of the 2012 year which strongly indicates that the Tahoe-Truckee market has reached or is nearing the bottom.
The segment of the market with the highest level of activity continues to be homes priced under $500,000 as over 63% of the sales or 797 properties have sold in this price range which is similar on a percentage basis to 2011 where over 65% of sales or 695 properties sold in this price range.
Luxury home sales and Lake Tahoe Lakefront Cabins, homes priced above $1,000,000, are up 25% from 2011. There have been 114 luxury properties sold which represents over 9% of sales this year as compared to 91 properties sold last year in this segment. The median sales price for luxury properties in 2012 is $1,544,500 as compared to a median price of $1,650,000 in 2011 which is down (6%). Similarly, the average sales price of luxury homes in 2012 is $2,028,758 as compared to $2,053,202 in 2011 which is a decrease of (1.2%). Coldwell Banker is the market leader for Luxury properties sold over $1.0 million with 26 properties sold with a sales volume of $38 million.
The mid range market sales, $500,000 to $1,000,000 are up 25% from last year with 336 properties sold in this segment or 27% of sales as compared to 269 properties sold or 25% 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 24% with 178 closed short sales in 2012 as compared to 143 closed short sales in 2011. Short sales closed have surpassed REO properties closed in 2012. REO properties closed in 2012 have gone down (7.6%) with 170 properties closed in 2012 as compared to 184 properties closed in 2011. Overall, foreclosures in Truckee and Lake Tahoe (REO and Short Sales) represent almost 28% 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 6-weeks and is at the lowest point this year with 736 residential properties for sale. There are 530 single family homes and 206 condominiums listed for sale in the market. On a year over year bases, residential listings are down 28% 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