Residential Properties – Single Family Homes and Condominiums
Week of: October 10th to October 16th
Active Inventory Summary:
Active Listings: The inventory for residential properties in Truckee went down significantly from the previous week to 1,211 active listings in the market; 931 single family homes and 280 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 169 properties listed as short sales, (14.0%) and 45 properties listed as REO sales, (3.7%).
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 916 residential properties sold in the Truckee and North Lake Tahoe market as compared to 857 for the same period in 2010 which is a year over year 6.9% increase in sales. Of the total sales in the market for 2011, 724 have been single family homes, while 192 or 21% of the sales were condominiums. I n 2010, condominiums represented 33% of the sales which is significantly higher than in 2011.
REO & Short Sales: Of the properties sold this year, 163 have been REO’s, (17.8%), and 129 have been Short Sales, (14.1%) which results in over 31% of the properties sold being distressed properties. In 2010 for the same period, there were 168 REO sales and 108 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 607 residential properties sold priced below $500,000, 230 properties sold between $500,000 and $1,000,000 and 79 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 $545,472. For the same period in 2010, the median sales price was $429,000 and the average sales price was $637,969 which is a (6.8%) and (14.5%) decline in price respectively year over year.
Last Week’s Sales: For the week of October 10th, a total of 16 properties sold which was a significant decrease from the previous week’s sales of 30 properties. Of the properties sold last week, four (4) of the properties sold were priced over $1,000,000. Coldwell Banker was involved in 23 of the closed transactions or 54% of the sales.
Pending Sales: Currently there are 175 pending residential real estate sales in the Truckee and North Lake Tahoe market which is up slightly from the previous week. Of the pending sales, 14 are short sales and 28 are REO properties which are roughly 24% of the pending sales being distressed properties.
Market Activity Summary:
The first two weeks of October were on fire with 42 sales the first week and 30 sales the second week. This past week sales took a bit of a breather with 16 sales closed for the week. All in all, sales thus far for October are 25% higher than last year for the same period. Coldwell Banker is the market leader in terms of unit sales and sales volume with 393 units sold and $168,000,000 in sales volume. Coldwell Banker has roughly 16% market share in the north Tahoe and Truckee area.
Median sales prices have decreased from last year by 6.8% to $400,000 while the average sales prices have decreased by 14.5% to $545,742. This continued downward trend in price is one of the major factors influencing home sales on a year to date basis for astute investors looking to own real estate in Truckee and North Lake Tahoe.
The hottest segment of the market continues to be homes priced under $500,000 as roughly 67% or 607 properties have sold in this price range. In 2010, 60% or 513 properties sold in this price range which was lower than this year which is influenced because of the reduction in home prices.
Luxury home sales, homes priced above $1,000,000, are down 23% from 2010 sales as 79 properties or 8.6% of sales have sold year to date as compared to 103 properties last year in this segment. For 2011, the median sales price for luxury properties is $1,675,000 while the average sales price is $2,135,635 which is slightly higher than the prices for 2010 for luxury properties.
The mid range market sales, $500,000 to $1,000,000 are down slightly from last year with 230 properties sold or 25.1% of sales as compared to 241 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 23% of the pending sales are distressed properties.
The active inventory of residential properties as anticipated has been declining steadily over the past few weeks with the increase in closed sales as well as homeowners starting to take their homes off the market for the upcoming winter season.
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