Weekly Truckee Real Estate Update
2011 Weekly Real Estate Market Report
North Lake Tahoe-Truckee Region MLS
Residential and Lot/Land Properties
Week of: March 21st to March 27th
Active Inventory Summary:
Active Listings: The active inventory for residential and lot listings went up slightly from 1,532 the previous week to 1,539 active listings in the market; 1,060 residential properties and 479 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 150 properties listed as short sales, (9.7%) and 54 properties listed as REO sales, (3.5%).
Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has over 12-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 253 properties sold in the market as compared to 250 for the same period in 2010 which is a 1.2% increase in sales.
Of the properties sold, 67 have been REO’s, (26.5%), and 35 have been Short Sales, (13.8%) which results in 40.3% of the properties sold being a distressed property. In 2010 for the same period, there were 67 REO sales and 32 short sales or 39.6% of the total sales.
For the year, there have been 173 properties sold priced below $500,000, 68 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 down slightly from last week to $365,000 and the average sales price also dropped slightly to $459,838. For the same period in 2010, the median sales price was $400,000 and the average sales price was $508,015 which is an (8.8%) and (9.5%) decline in price respectively year over year.
Last Week’s Sales: For the week of March 21st a total of 18 properties sold which is up slightly from the previous week’s sales of 16 properties. Of the properties sold last week, two (2) of the properties sold were priced over $750,000.
Pending Sales: Currently there are 149 pending sales in the market which is down slightly from the previous week with 14 being a short sale and 38 being REO properties.
Market Activity Summary:
Last week’s sales while slightly better than the previous week were a little below the average of 21 sales per week for the year. When looking at sales from last year to this year, the good news is that we are slightly ahead of last year’s. As you may recall, 2009 sales were 24% higher than in 2008 so the 2011 year sales are trending nicely towards another solid year of sales.
The hottest segment of the market continues to be homes priced under $500,000 as roughly 68% or 173 properties have sold in this price range. Sales of homes priced above $1,000,000 have continued to be off from last year as only 12 properties have sold year to date in this price range as compared to 23 properties last year in this price range. The mid range market sales, $500,000 to $1,000,000 are slightly higher than in 2010 with 68 properties sold or 27% of the total sales.
Distressed properties, REO and Short Sales represent 40.3% of the sales in the market which is almost identical to similar sales in 2010. However, there is still considerable interest in non distressed properties as many are priced at levels that are too good to pass up.
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 8.8% to $365,000 while the average sales prices have decreased by 9.5% to $459,838.
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
