2011 Weekly Real Estate Market Report
North Lake Tahoe-Truckee Region MLS
Residential and Lot/Land Properties
Week of: March 7th to March 13th
Active Inventory Summary:
Active Listings: The active inventory for residential and lot listings went up slightly from 1,537 the previous week to 1,550 active listings in the market; 1,074 residential properties and 476 lots and land listed for sale. Coldwell Banker has over 15% of the active listings in the market.
REO-Short Sale Listings: Of the active listings, there are 153 properties listed as short sales, (9.9%) and 53 properties listed as REO sales, (3.4%).
Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has over 13-months of inventory available. The inventory of homes and land at today’s prices continues to favor the buyer interested in an investment property, vacation home or moving up to a larger home or better location.
Sales Summary: Year-To-Date
Total Sales 2011 Vs 2010:
For 2011, there have been 215 properties sold in the market as compared to 204 for the same period in 2010 which is a 5.4% increase in sales. Because of the last two weeks of sales, this is the first time this year that sales have exceeded 2010 sales which is exciting.
Of the properties sold, 56 have been REO’s, (26.0%), and 31 have been Short Sales, (14.4%) which results in 40.4% of the properties sold being a distressed property. In 2010 for the same period, there were 57 REO sales and 21 short sales or 38% of the total sales.
For the year, there have been 148 properties sold priced below $500,000, 55 properties sold between $500,000 and $1,000,000 and 12 properties sold over $1,000,000.
Median and Average Sales Prices 2011 Vs 2010:
The median sales price for properties sold year to date went up from last week to $364,250 and the average sales price tool a sizeable increase to $476,989. For the same period in 2010, the median sales price was $402,500 and the average sales price was $527,799 which is an (9.5%) and (9.6%) decline in price respectively year over year.
Last Week’s Sales: For the week of March 7th a total of 27 properties sold which reflects yet another solid week of sales in the market. Of the properties sold last week, six (6) of the properties sold were priced over $750,000. Of the sales over $750,000, two of the sold properties were priced at $6.3 million and $3.2 million.
Pending Sales: Currently there are 142 pending sales in the market which went down slightly from the previous week with 13 being a short sale and 34 being REO properties.
Market Activity Summary:
Last week’s sale of 27 properties was another great week in the market and the second largest week for sales year to date. We have had two strong weeks of sales back to back. For the first time this year, year to date sales has exceeded sales for the same period in 2010. With spring approaching we are hopeful of good things to come.
The hottest segment of the market continues to be homes priced under $500,000 as roughly 69% or 148 properties have sold in this price range. Sales of homes priced above $1,000,000 took a nice bump last week as five properties sold in this range bringing the total year to date to 12 sales. The mid range market sales, $500,000 to $1,000,000 are almost identical as in 2010 on both a unit and percentage basis.
Distressed properties, REO and Short Sales represent 40.4% of the sales in the market. However, there is still considerable interest in non distressed properties as many are priced at levels that are too good to pass up.
Because of the large sales last week, the median and average sales prices for properties have gone from double digit decreases to a more reasonable single digit decreases. Median sales prices have decreased by 9.5% to $364,250 while the average sales prices have decreased by 9.6% to $476,989.
All in all, with the existing inventory levels, the lower median and average sales prices, favorable interest rates available to qualified Buyers, now may be the right time for that investment in a vacation home or investment property especially before the spring.
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
