Week of: October 29th to November 4th
Active Inventory Summary:
Active Listings: The inventory for Lake Tahoe Cabins has been declining weekly for the past few weeks this past week dropped to 771 residential properties for sale; 560 single family homes and 211 condominiums for sale. The current inventory level is at the lowest point for the entire 2012 year. Coldwell Banker has almost 15% of the active listings in the market and continues to be the market leader for listings.
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 1,182 residential properties sold in the market as compared to 1,002 for the same period in 2011 which is a year over year increase in sales of over 18%. Of the total sales in the market this year, 935 have been single family homes, while 247 or 20.9% of the sales are condominiums. In 2011 for the same period, condominiums represented 27% of the sales which is much higher than what we are experiencing in 2012.
REO & Short Sales: For distressed properties sold this year, 169 have been REO’s, (14.3%), and 169 have been Lake Tahoe Short Sale Cabins, (14.3%) which results in just over 28% of the properties sold being distressed properties. In 2011 for the same period, there were 175 REO sales and 134 short sales or just over 30% of the total sales.
Sales by Price Range: For the year, there have been 759 residential properties sold priced below $500,000, 316 properties sold between $500,000 and $1,000,000 and 107 properties sold over $1,000,000.
Median and Average Sales Prices: The median sales price for Truckee real estate sold year to date is $399,475 while the average sales price is $552,167. For the same period in 2011, the median sales price was $400,000 and the average sales price was $544,270. Median sales prices are almost identical to 2011 and the average sales price has increase roughly 1.5%.
Last Week’s Sales: For the week of October 29th, a total of 39 properties sold which was up nicely from the prior week’s sales of 30 properties. Of the properties sold last week, five (5) properties sold at a price above $750,000.
Pending Sales: Currently there are 182 pending Lake Tahoe Cabin residential sales in the market which is down (11%) from the previous week. Currently 15% of the pending sales are distressed properties with 16 being short sales and 12 being REO’s.
Market Activity Summary:
The month of October finished with a bang with 39 properties closing this past sales week. For the entire month of October 2012, there were 174 properties sold as compared to only 114 properties sold in October of 2011 which is a 52% increase in sales. On a year to date basis, there have been 1,182 residential properties sold as compared to 1,002 for 2011 which is an overall favorable increase of 18%. This is by far the strongest sales year in the past four years.
Coldwell Banker Residential Brokerage is #1 in the entire market in terms of both residential units sold, (516 sales) and sales volume sold, ($211 million).
The median sales price for residential properties is $399, 475 which is almost identical to last year at this time. The average sales price has risen 1.5% to $552,167. These price trends over the past 90-120 days continue to suggest 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 64% of the sales or 759 properties have sold in this price range which is similar on a percentage basis to 2011 where 66% of sales or 662 properties sold in this price range.
Luxury home sales and Tahoe Lakefront Cabins, homes priced above $1,000,000, are up 16% from 2011. There have been 100 luxury properties sold which represents over 8% of sales this year as compared to 86 properties sold last year in this segment. The median sales price for luxury properties in 2012 is $1,500,000 as compared to a median price of $1,650,000 in 2011 which is down (9%). Similarly, the average sales price of luxury homes in 2012 is $2,022,511 as compared to $2,081,179 in 2011 which is a decrease of (2.8%). Coldwell Banker is the market leader for Luxury properties sold over $1.0 million with 25 properties sold with a sales volume of $35 million.
The mid range market sales, $500,000 to $1,000,000 are up 23% from last year with 316 properties sold in this segment or 27% of sales as compared to 253 properties sold or 25% in this range in 2011.
In the area of distressed properties we 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 26% with 169 closed short sales in 2012 as compared to 134 closed Truckee short sales in 2011. Short sales closed are identical to REO properties closed. REO properties closed in 2012 have gone down (3.5%) with 169 properties closed in 2012 as compared to 175 properties closed in 2011. Overall, distressed property sales, (REO and Short Sales) represent over 28% of the sales in 2012 which is less than the 30.9% 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 771 residential properties for sale. There are 560 single family homes and 211 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