Residential Properties – Single Family Homes and Condominiums
Week of: May 13th to May 19th
Active Inventory Summary:
Active Listings: The current inventory of residential properties went up 8% from the previous week to 700 residential properties for sale; 515 single family homes and 185 condominiums for sale.
REO-Short Sale Active Listings: Of the active listings, there are only 10 properties listed as short sales in Truckee, (1.4%) and 9 properties listed as REO sales, (1.3%).
Months of Inventory: Based on the current active inventory and sales for the previous 30-day period, the market has a little over 6-months of inventory available.
Sales Summary: Year-To-Date
Total Sales 2013 Vs. 2012:
Total Sales: For 2013, there have been 461 residential properties sold in the market which slightly higher than the 436 properties sold in 2012 for the same period. Of the total sales in the market this year, 360 have been single family homes, while 101 or 21% of the sales are condominiums. In 2012 for the same period, condominiums represented a little over 23% of the sales.
REO & Short Sales: Distressed property sales are down significantly for the year with 32 REO sales, (7%), and 63 Short Sales, (14%) which results in 21% of the properties sold being distressed properties. In 2012 for the same period, there were 89 REO sales and 81 short sales or 39% of the total sales being distressed properties.
Sales by Price Range: In 2013, there have been 265 residential properties sold priced below $500,000, 135 properties sold between $500,000 and $1,000,000 and 61 properties sold over $1,000,000.
Median and Average Sales Prices: The median sales price for properties sold year to date is $440,000 while the average sales price is $674,347. For the same period in 2012, the median sales price was $372,500 and the average sales price was $510,239 which is an increase of 18% in median sales price and an increase of 32% in average sales price.
Last Week’s Sales: For the week of May 13th a total of 20 properties sold which was down slightly from the prior week’s sales of 26 properties. Of the properties sold last week only 1 property sold at a price above $1,000,000.
Pending Sales: Currently there are 203 pending residential sales in the market which is similar to the previous week’s pending sales. Of the pending properties, 25% are distressed properties with 41 being short sales and 9 being REO’s.
Market Activity Summary:
Residential sales activity for 2013 has been encouraging as sales are higher than in 2012. Thus far, 461 residential properties sold year to date which is up 6% from the 436 sales for the same period last year. We are continuing to see significant buyer interest for this market with multiple offer situations occurring more frequently than what we experienced last year. For the month of May 2013, there have been 63 residential sales in the market as compared to 77 in May 2012 which is down 18%.
Coldwell Banker Residential Brokerage as was the case in 2012 continues to be #1 in the entire market in terms of both unit sides sold, (203 sales) and sales volume sold, ($89 million) for 2013.
The median sales price for residential properties reached 440,000 last week which is up 18% from the median sales price of $372,500 in 2012. Similarly the average sales price has gone up a whopping 32% to $674,262 as compared to last year’s average sales price of $510,239 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 activity continues to be homes priced under $500,000 as 58% of the sales or 265 properties have sold in this price range which is similar to 2012 where over 66% of sales or 289 properties sold in this price range.
Luxury home sales, Tahoe Lakefront Cabins, and homes priced above $1,000,000, have almost doubled from 2012 with 61 luxury properties selling since the beginning of the year as compared to only 32 luxury properties sold for the same period in 2012. Luxury properties sold represent over 13% of sales thus far this year. The median sales price for luxury properties in 2013 is $1,685,000 as compared to a median price of $1,335,000 in 2012 which is up 26%. Similarly, the average sales price of luxury homes in 2013 is $2,185,262 as compared to $1,930,928 in 2012 which is a 13% increase.
The mid range market sales, $500,000 to $1,000,000 are up nicely from last year with 135 properties sold in this segment or 29% of sales as compared to 115 properties sold or 26% of sale in this range in 2012.
Distressed properties, (REO’s and Short Sales), have really lagged 2012 thus far. For 2013, short sale properties closed have gone down 22% with 63 closed short sales in 2013 as compared to 81 closed short sales in 2012. Similarly, Lake Tahoe Cabin foreclosure properties closed in 2013 have gone down (64%) with 32 properties closed in 2013 as compared to 89 properties closed in 2012. Overall, distressed property sales, (REO and Short Sales) represent 21% of the sales in 2013 which is less than the 39% in 2012.
The active inventory on a year over year basis is down roughly 23% as we currently have 700 residential properties listed for sale as compared to 915 a year ago at this time. However, this past week we had an 8% increase in inventory with a total of 700 residential properties on the market; 515 single family homes and 185 condominiums listed for sale. As is the case in many California markets, low inventory levels are the norm and the Tahoe-Truckee market is experiencing similar trends.
Contact Bret Churchman today to Find Out More about the Opportunities Available in the Tahoe-Truckee Market.
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 # 01209726