Residential Properties – Single Family Homes and Condominiums
Week of: October 17th to October 23rd
Active Inventory Summary:
Active Listings: The inventory for residential properties in Truckee and North Lake Tahoe went up slightly from the previous week to 1,214 active listings in the market; 943 single family homes and 271 condominiums for sale. Coldwell Banker has over 16% of the active listings in the market and continues to be the market leader for listings.
REO-Short Sale Listings: Of the active listings, there are 174 properties listed as short sales, (14.3%) and 45 properties listed as REO sales, (4.1%).
Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has roughly 9-months of inventory available.
Sales Summary: Year-To-Date
Total Sales 2011 Vs 2010:
Total Sales: For 2011, there have been 945 residential properties sold in the Truckee and Tahoe market as compared to 879 for the same period in 2010 which is a year over year 7.5% increase in sales. Of the total sales in the market for 2011, 746 have been single family homes, while 199 or 21% of the sales were condominiums. I n 2010, condominiums represented 32% of the sales which is significantly higher than in 2011.
REO & Short Sales: Of the properties sold this year, 168 have been REO’s, (17.8%), and 130 have been Short Sales, (13.8%) which results in over 31% of the properties sold being distressed properties. In 2010 for the same period, there were 172 REO sales and 110 short sales or roughly 32% of the total sales which is almost identical to this year.
Sales Price Range: For the year, there have been 623 homes in Truckee and North Lake Tahoe priced below $500,000, 238 properties sold between $500,000 and $1,000,000 and 84 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 $548,746. For the same period in 2010, the median sales price was $430,000 and the average sales price was $639,713 which is a (7.0%) and (14.2%) decline in price respectively year over year.
Last Week’s Sales: For the week of October 17th, a total of 27 properties sold which was a significant increase from the previous week’s sales of 16 properties. Of the properties sold last week, seven (7) of the properties sold were priced over $750,000 and of these seven, 5 were greater than $1.0 million. Of the million sales, one property was $2.5 million and another was $3.0 million. Coldwell Banker was involved in 35% of the closed transactions, including a multimillion dollar sale.
Pending Sales: Currently there are 175 pending residential sales in the Truckee and Tahoe real estate market which is identical to the previous week. Of the pending sales, 16 are short sales and 27 are REO properties which are roughly 25% of the pending sales being distressed properties.
Market Activity Summary:
Sales for the week of October 17th went back up nicely from the previous week with 27 residential properties closing escrow. October 2011 as expected is turning into a great month of sales and is outpacing sales for October of 2010. What was particularly encouraging about last week’s sales was the number of sales over $1.0 million with five properties in this range. Coldwell Banker has roughly 16% market share in the north Tahoe and Truckee area and is the market leader in terms of both units sold and sales volume.
Median sales prices have decreased from last year by 7.0% to $400,000 while the average sales prices have decreased by 14.2% to $548,746. The continued downward trend in price in our market is one of the major factors influencing home sales on a year to date basis for astute investors looking to own a property in this remarkable resort area.
The hottest segment of the market continues to be homes priced under $500,000 as roughly 66% or 623 properties have sold in this price range. In 2010, 60% or 525 properties sold in this price range which was lower than this year primarily because of the drop in home prices.
Luxury home sales, homes priced above $1,000,000, are down 21% from 2010 sales as 84 properties or 8.9% of sales have sold year to date as compared to 107 properties last year in this segment.
The mid range market sales, $500,000 to $1,000,000 are down slightly from last year with 238 properties sold or 25.2% of sales as compared to 247 properties sold or 28.1% in this range in 2010. The gap in this segment of the market has narrowed in the past 90-days as more sales in this price range have occurred of late.
Distressed properties, REO and Short Sales represent 31% of the sales in the market which is almost identical to the quantity of REO and Short sales in 2010. Interestingly enough while 31% of the sales are distressed properties only 17% of the active listings and 25% of the pending sales are distressed properties.
The active inventory of residential properties leveled off last week with a slight increase in active listings occurring. The inventory for single family homes is fairly significant as compared to other parts of California where inventory is limited.
With the inventory of great residential properties on the market, homes priced at 10-year lows and some of the lowest interest rates in history, savvy real estate investors are taking advantage of this market for real estate in the 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 # 00313415