2013 Weekly Real Estate Market Report
Truckee, CA Homes for Sale
Residential Properties – Single Family Homes and Condominiums
Week of: August 19th to August 25th
Active Inventory Summary:
Active Listings: The current inventory of residential properties went down slightly from last week with 899 residential properties for sale; 684 single family homes and 215 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 Active Listings: Of the active listings, there are only 5 properties listed as an REO and 13 properties listed as a short sales in Truckee.
Months of Inventory: Based on the current active inventory and sales for the previous 30-day period, the market has over 7-months of inventory available.
Sales Summary: Year-To-Date
Total Sales 2013 Vs. 2012:
Total Sales: For 2013, there have been 897 residential properties sold in the market which is 11% higher than the 818 properties sold in 2012 for the same period. Of the total sales in the market this year, 711 have been single family homes, while 186 or 20% of the sales are condominiums. In 2012 for the same period, condominiums represented 25% of the sales.
REO & Short Sales: Distressed property sales are down significantly for the year with 50 REO sales, (5%), and 84 Short Sales, (9%) which results in 14% of the properties sold being distressed properties. Conversely, in 2012 for the same period, there were 140 REO sales and 128 short sales or 32% of the total sales being distressed properties.
Sales by Price Range: In 2013, there have been 504 residential properties sold with a purchase price below $500,000, 289 properties sold between $500,000 and $1,000,000 and 104 properties sold over $1,000,000.
Median and Average Sales Prices: The median sales price for properties sold year to date is $459,900 while the average sales price is $661,368. For the same period in 2012, the median sales price was $390,000 and the average sales price was $542,216 which is an increase of 18% in median sales price and an increase of 22% in average sales price.
Last Week’s Sales: For the week of August 19th a total of 26 properties sold which was down slightly from the prior week’s sales of 29 properties.
Pending Sales: Currently there are 256 pending residential sales in the market which is down from the previous week’s pending sales of 259. Of the pending properties, 17% are distressed properties with 37 being short sales and 7 being REO’s.
Market Activity Summary:
For the month of August, there have been a total of 101 residential sales as compared to 112 in 2012 which is down 10%. On a year to date basis, a total of 897 residential properties have sold which is up 11% from the 818 sales for the same period last year.
The median sales price for residential properties climbed to its highest point for 2013 at $459,500 which is up 18% from the median sales price of $390,000 in 2012. Similarly the average sales price has gone up a dramatic 22% to $661,368 as compared to last year’s average sales price of $542,216 due in large part to the higher number of luxury sales in the market since the beginning of the new year.
The segment of the market with the highest level of sales continues to be homes priced under $500,000 as 56% of the sales or 504 properties have sold in this price range which is down slightly from 2012 where over 64% of sales or 530 properties sold in this price range.
Luxury home sales and Tahoe Lakefront Cabins, homes priced above $1,000,000, have gone up 48% from 2012 with 104 luxury properties selling since the beginning of the year as compared to only 70 luxury sales for the same period in 2012. Luxury sales represent 11% of sales thus far this year. The median sales price for luxury properties in 2013 is $1,700,000 as compared to a median price of $1,471,250 in 2012 which is up 15%. The average sales price of luxury homes in 2013 is $2,286,452 as compared to $2,048,031 in 2012 which is an 11% increase.
The mid-range market sales, $500,000 to $1,000,000 have gone up 32% from last year with 289 properties sold in this segment or 32% of sales as compared to 218 properties sold or 26% of sales in this price range in 2012.
Distressed properties, REO’s and Short Sales, completely reversed the trend set in 2012. For 2013, short sale properties closed have gone down 34% with 84 closed short sales in 2013 as compared to 128 closed short sales in 2012. Similarly, REO properties closed in 2013 have gone down (64%) with 50 properties closed in 2013 as compared to 140 properties closed in 2012. Overall, distressed property sales, (REO and Short Sales) represent 14% of the sales in 2013 which is significantly less than the 32% in 2012.
The active inventory on a year over year basis is down roughly 10% as we currently have 899 residential properties listed for sale as compared to 998 a year ago at this time.
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. BRE License # 1908304