2011 Weekly Real Estate Market Report
North Lake Tahoe-Truckee Region MLS
Residential and Lot/Land Properties
Week of: May 2nd to May 8th
Active Inventory Summary:
Active Listings: The active inventory for residential and lot listings increased nicely from 1,568 the previous week to 1,592 active listings in the market; 1,095 residential properties and 497 lots and land listed for sale. As is typical in the spring, more homeowners begin to place their properties back on the market for the summer selling season. Coldwell Banker has over 15% of the active listings in the market.
REO-Short Sale Listings: Of the active listings, there are 164 properties listed as short sales, (10.3%) and 45 properties listed as REO sales, (3.1%).
Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has over 15-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 395 properties sold in the market as compared to 432 for the same period in 2010 which is an (8.6%) decrease in sales.
REO & Short Sales: Of the properties sold, 103 have been REO’s, (26.1%), and 56 have been Short Sales, (14.2%) which results in over 40% of the properties sold being a distressed property. In 2010 for the same period, there were 102 REO sales and 61 short sales or roughly 38% of the total sales.
Price Range: For the year, there have been 274 properties sold priced below $500,000, 93 properties sold between $500,000 and $1,000,000 and 28 properties sold over $1,000,000.
Median and Average Sales Prices: The median sales price for properties sold year to date is $365,000 while the average sales price is $478,628. For the same period in 2010, the median sales price was $400,000 and the average sales price was $525,491 which is an (8.8%) and (8.9%) decline in price respectively year over year.
Last Week’s Sales: For the week of May 2nd a total of 14 properties sold which was down sharply from the previous week’s sales of 27 properties. Of the properties sold last week, two (2) of the properties sold were priced over $750,000.
Pending Sales: Currently there are 160 pending sales in the market which is up slightly from the previous week. Of the pending sales, 10 are short sales and 21 are REO properties.
Market Activity Summary:
Sales for the first week of May were the third lowest week this year in terms of closed transactions. This very well may be because of the beginning of the month which tends to be slower but compared to last year sales for the same week were 24 transactions. Overall sales year to date as compared to last year are down 8.6% from 432 sales in 2010 versus 395 sales in 2011.
The hottest segment of the market continues to be homes priced under $500,000 as roughly 69% or 274 properties have sold in this price range. Sales of homes priced above $1,000,000 continue to lag behind 2010 sales in this price range as 28 properties have sold year to date as compared to 42 properties last year. The mid range market sales, $500,000 to $1,000,000 are down slightly from last year with 93 properties sold or 24% of the total sales as compared to 115 properties sold in 2010.
Distressed properties, REO and Short Sales represent 40% of the sales in the market which is almost identical to REO and Short 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 sales prices have decreased by 8.8% to $365,000 while the average sales prices have decreased by 8.9% to $525,491. 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.
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
