Residential and Lot/Land Properties
Week of: June 6th to June 12th
Active Inventory Summary:
Active Listings: The active inventory for residential and lot listings went up for the fifth week in a row to 1,819 active listings in the market; 1,287 residential properties and 532 lots and land listed for sale. The summer listing season is in full swing and prospective home buyers should have a great cadre of homes to choose from. Coldwell Banker has over 15% of the active listings in the market.
REO-Short Sale Listings: Of the active listings, there are 165 properties listed as short sales, (9.1%) and 43 properties listed as an REO sale, (2.4%).
Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has over 14-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:
Sales: For 2011, there have been 527 properties sold in the market as compared to 558 for the same period in 2010 which is roughly an (5.6%) decrease in sales.
REO & Short Sales: Of the properties sold, 125 have been REO’s, (23.7%), and 71 have been Short Sales, (13.5%) which results in roughly 37% of the properties sold being a distressed property. In 2010 for the same period, there were 123 REO sales and 80 short sales or roughly 36% of the total sales.
Price Range: For the year, there have been 368 properties sold priced below $500,000, 123 properties sold between $500,000 and $1,000,000 and 36 properties sold over $1,000,000.
Median and Average Sales Prices: The median sales price for properties sold year to date is $363,500 while the average sales price is $472,223. For the same period in 2010, the median sales price was $399,000 and the average sales price was $542,511 which is a (8.9%) and (13.0%) decline in price respectively year over year.
Last Week’s Sales: For the week of June 6th a total of 32 properties sold which was up significantly from the previous week’s sales of 26 properties. Of the properties sold last week, four of the properties sold were priced over $750,000. Three properties sold were priced above $1.0 million with the largest sale being $3,250,000.
Pending Sales: Currently there are 182 pending sales in the market which is down slightly from the previous week. Of the pending sales, 19 are short sales and 29 are REO properties.
Market Activity Summary:
June is off to a great start. Sales for the first full week of June, (32 Sales), represented the second largest week of sales for the entire year. Overall sales year to date as compared to last year are down 5.6% from 558 sales in 2010 versus 527 sales in 2011. More and more homes are coming on the market which if priced competitively could spur a favorable change in sales. Summer has finally arrived in the Tahoe-Truckee area and the visitors to the area are on the rise. Let’s hope the sales activity for last week is an indicator of what the summer will bring.
The hottest segment of the market continues to be homes priced under $500,000 as roughly 70% or 368 properties have sold in this price range. Sales of homes priced above $1,000,000 continue to be behind 2010 sales in this price range as 36 properties have sold year to date as compared to 52 properties last year which is a 30% drop. The mid range market sales, $500,000 to $1,000,000 are down as well from last year with 123 properties sold or 23% of the total sales as compared to 145 properties sold in 2010.
Distressed properties, REO and Short Sales represent 37% of the sales in the market which is almost identical to REO and Short sales in 2010. Interestingly enough while 37% of the sales are distressed properties only 12% of the active listings are distressed properties.
Median sales prices have decreased by 9% to $363,500 while the average sales prices have decreased by 13% to $472,223. While other parts of California are reporting median prices stabilizing or increasing slightly, that is not the case thus far 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. DRE License # 00313415