Residential Properties – Single Family Homes and Condominiums
Week of: December 5th to December 11th
Active Inventory Summary:
Active Listings: The inventory for residential properties in Truckee has dropped to its lowest level of the year to 965 active listings in the market; 720 single family homes and 245 condominiums for sale. Coldwell Banker has over 15% 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 154 properties listed as short sales, (16.0%) and 45 properties listed as REO sales, (4.7%).
Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has roughly 8-months of inventory available.
Sales Summary: Year-To-Date
Total Sales 2011 Vs 2010:
Total Sales: For 2011, there have been 1,132 residential home and condos sold in the Truckee and Tahoe homes market as compared to 1,067 for the same period in 2010 which is a year over year 6.1% increase in sales. Of the total sales in the market for 2011, 893 have been single family homes, while 239 or 21% of the sales were condominiums. I n 2010, condominiums represented 31% of the sales which is significantly higher than in 2011.
REO & Short Sales: Of the properties sold this year, 198 have been REO’s, (17.5%), and 161 have been Short Sales, (14.2%) which results in over 31% of the properties sold being distressed properties. In 2010 for the same period, there were 203 REO sales and 130 short sales or just over 31% of the total sales which is identical to this year.
Sales Price Range: For the year, there have been 744 residential properties sold priced below $500,000, 291 properties sold between $500,000 and $1,000,000 and 97 properties sold over $1,000,000.
Median and Average Sales Prices: The median sales price for a home in Truckee that has sold year to date is $400,000 while the average sales price is $539,589. For the same period in 2010, the median sales price was $432,000 and the average sales price was $648,439 which is a (7.4%) and (16.8%) decline in price respectively year over year.
Last Week’s Sales: For the week of December 5th, a total of 32 properties sold which was up slightly from the previous week’s sales of 30 properties. Of the properties sold last week, seven (7) of the properties sold were priced over $750,000 and of those, three were sold over $1.0 million.
Pending Sales: Currently there are only 128 pending residential sales in the Truckee real estate market which the lowest week for pending sales for the year. Of the pending sales, 12 are short sales and 24 are REO properties which are roughly 28% of the pending sales being distressed properties.
Market Activity Summary:
The first two weeks of December have been excellent in terms of closed sales with an average of 31 sales per week. These sales volumes resemble the sales volumes in September and October which are typically the busiest sales months of the year.
Last week’s residential sales represented an increase from the week before with 32 total properties closing escrow. Coldwell Banker continues to be the market leader in terms of units sold and sales volume with roughly 16.5% market share in the north Lake Tahoe and Truckee area.
Median sales prices have decreased from last year by 7.4% to $400,000 while the average sales prices have decreased by 16.8% to $539,589. The percentage drop in sales has been rather consistent for the past 2-3 months and continues to be one of the driving factors influencing home sales on a year to date basis for astute investors looking to own a property in this remarkable resort area.
The hottest segment of the market continues to be homes priced under $500,000 as roughly 66% or 744 properties have sold in this price range. In 2010, 59% or 635 properties sold in this price range which was lower than this year. Certainly the price declines have influenced this trend.
Luxury home sales, homes priced above $1,000,000, are down 24% from 2010 sales as 97 properties or 8.6% of sales have sold year to date as compared to 128 properties last year in this segment. The median sales price of the luxury properties sold in 2011 is $1,580,000 which is down 2% from last year. Conversely, the average sales price of the luxury sales this year is $2,000,844 which is 9% lower than last year.
The mid range market sales, $500,000 to $1,000,000 are down slightly from last year with 291 properties sold or 25.7% of sales as compared to 304 properties sold or 28.5% in this range in 2010.
Distressed properties, REO and Short Sales represent just over 31% of the home sales in the Truckee real estate market which is identical to the quantity of REO and Short sales sold in 2010. On a comparative basis, 31% of the sales are distressed properties while 20% of the active listings and 28% of the pending sales are distressed properties.
The active inventory of residential properties is at its lowest point for the entire year to 965 residential properties. This is not uncommon this time of year as homeowners take their homes off the market for the winter or place them on a ski lease program.
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