West Shore Real Estate Statistics

In 2006 we started to see the market turn. The prices on the west shore, incl. Tahoe City, remained firm in 2007, but the sold count was down around 28%. 2008 is when the median prices started to adjust downward, dropping around 16%. It took a year for this price reduction to drive the sales back up 28%. 2009 is, also, the first year west shore saw a number of foreclosures. 2010 shows slight decrease in median price, due to increased REOs. Total median sales price drop from 2006 to 2010 is around 35%.

2011 1st. quarter shows increase from 2010, for the same time period, in both the sales count (22%) and the median price (25%), though.

Data Tables – first quarter:

First quarter 2006
	HIGH	LOW	AVERAGE	MEDIAN	PRICE	LISTING COUNT	REO
LIST PRICE:	$8,500,000	$549,000	$1,442,776	$879,500	$36,069,400
SOLD PRICE:	$6,783,333	$498,500	$1,316,293	$875,000	$32,907,333
DOM:	243	1	88	81
						25	0

First quarter 2007

HIGH

LOW

AVERAGE

MEDIAN

PRICE

LISTING COUNT

REO

LIST PRICE:

$13,500,000

$399,900

$1,781,915

$800,000

$23,164,900

SOLD PRICE:

$12,400,000

$405,000

$1,661,000

$775,000

$21,593,000

DOM:

529

196

181

First quarter 2008

HIGH

LOW

AVERAGE

MEDIAN

PRICE

LISTING COUNT

REO

LIST PRICE:

$2,980,000

$399,900

$903,326

$670,000

$13,549,900

SOLD PRICE:

$2,350,000

$399,900

$818,360

$625,000

$12,275,400

DOM:

553

182

180

First quarter 2009

HIGH

LOW

AVERAGE

MEDIAN

PRICE

LISTING COUNT

REO

LIST PRICE:

$2,900,000

$289,950

$1,118,495

$734,500

$13,421,950

SOLD PRICE:

$2,100,000

$295,000

$861,454

$596,000

$9,476,000

DOM:

333

First quarter 2010

HIGH

LOW

AVERAGE

MEDIAN

PRICE

LISTING COUNT

REO

LIST PRICE:

$1,300,000

$250,000

$572,405

$469,000

$9,730,900

SOLD PRICE:

$1,049,000

$255,000

$526,652

$445,000

$8,953,100

DOM:

726

197

First quarter 2011

HIGH

LOW

AVERAGE

MEDIAN

PRICE

LISTING COUNT

REO

LIST PRICE:

$6,995,000

$229,900

$1,053,688

$619,000

$23,181,140

SOLD PRICE:

$6,300,000

$200,000

$961,704

$597,000

$21,157,500

DOM:

704

142

Data Table – full year:

Homes Sold

HIGH

LOW

AVERAGE

MEDIAN

TOTAL PRICE

SOLD COUNT

REO COUNT

2006

$16,700,000

$310,000

$1,227,584

$800,000

$150,992,933

124

2007

$12,400,000

$261,500

$1,289,561

$810,000

$114,770,943

2008

$20,000,000

$309,000

$1,355,551

$679,500

$100,310,800

2009

$6,288,000

$276,000

$894,393

$596,000

$92,122,550

104

2010

$12,400,000

$161,000

$1,182,758

$514,500

$132,468,918

113

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Posted: June 21, 2011

Lake Tahoe Real Estate: Market Report June 13th to June 19th

Olja Mihic, Lake Tahoe Realtor

Lake Tahoe Real Estate Active Inventory Summary:

Active Listings: The active inventory for Lake Tahoe Real Estate went up for the sixth straight week to 1,848 active listings in the market; 1,309 residential Lake Tahoe real estate and 539 lots and land listed for sale. The summer listing season is in full swing and prospective Lake Tahoe home buyers should have a large array of quality Lake Tahoe real estate to choose from.

Lake Tahoe Foreclosures (REO)-Short Sale Listings: Of the active listings, there are 158 properties listed as Lake Tahoe short sales, (8.5%) and 41 properties listed as Lake Tahoe foreclosures (REO) sales, (2.2%).

Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the Lake Tahoe real estate market has over 14-months of inventory available. The inventory of Lake Tahoe 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:

Lake Tahoe Real Estate Sales: For 2011, there have been 550 Lake Tahoe real estate sold in the market as compared to 582 for the same period in 2010 which is roughly an (5.5%) decrease in sales.

Lake Tahoe Foreclosures (REO) & Short Sales: Of the Lake Tahoe real estate sold, 127 have been Lake Tahoe foreclosures (REO’s), (23.1%), and 77 have been Lake Tahoe Short Sales, (14%) which results in roughly 37% of the Lake Tahoe real estate sold being a distressed property. In 2010 for the same period, there were 127 Lake Tahoe foreclosures (REO) sales and 82 Lake Tahoe short sales or roughly 36% of the total Lake Tahoe real estate sales.

Price Range: For the year, there have been 386 Lake Tahoe real estate sold priced below $500,000, 127 Lake Tahoe real estate sold between $500,000 and $1,000,000 and 37 Lake Tahoe real estate sold over $1,000,000.

Median and Average Sales Prices: The median sales price for Lake Tahoe real estate sold year to date is $365,000 while the average sales price is $469,369. For the same period in 2010, the median sales price was $399,500 and the average sales price was $542,737 which is a (8.6%) and (13.5%) decline in price respectively year over year.

Last Week’s Sales: For the week of June 13th a total of 22 Lake Tahoe real estate sold which was down significantly from the previous week’s sales of 32 Lake Tahoe real estate. Of the Lake Tahoe real estate sold last week, three of the properties sold were priced over $750,000.

Pending Sales: Currently there are 189 pending Lake Tahoe real estate sales in the market which is up slightly from the previous week. Of the pending sales, 21 are Lake Tahoe short sales and 30 are Lake Tahoe foreclosures (REO) properties.

Market Activity Summary:

Summer has finally arrived in the Sierras and we are beginning to see visitors and summer residents back in town. Conversely, Lake Tahoe real estate sales for the first two weeks of June are off to a great start with weekly Lake Tahoe real estate sales averaging 27 sales as compared to last year’s average of 20 sales.

Overall Lake Tahoe real estate sales year to date as compared to last year are down only 5.5% from 582 sales in 2010 versus 550 sales in 2011. More and more Lake Tahoe homes are coming on the market which if priced competitively could spur a favorable change in sales. Let’s hope the sales activity for the last two weeks is an indicator of what the summer will bring.

The hottest segment of the market continues to be Lake Tahoe real estate priced under $500,000 as roughly 70% or 386 properties have sold in this price range. Sales of Lake Tahoe luxury homes priced above $1,000,000 continue lag behind 2010 sales in this price range as 37 Lake Tahoe Luxury homes have sold year to date as compared to 54 Lake Tahoe Luxury homes last year which is a 31% drop. The mid range market sales, $500,000 to $1,000,000 are down as well from last year with 127 properties sold or 23% as compared to 153 properties sold in 2010.

Distressed properties, Lake Tahoe foreclosures (REO) and Lake Tahoe Short Sales represent 37% of the sales in the market which is almost identical to Lake Tahoe foreclosures REO and Lake Tahoe Short sales in 2010. Interestingly enough while 37% of the sales are distressed Lake Tahoe real estate only 11% of the active listings are distressed properties.

Median sales prices have decreased by 8.6% to $365,000 while the average Lake Tahoe real estate sales prices have decreased by 13.5% to $469,369.

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 busy summer months.

Contact Olja Mihic, Lake Tahoe Realtor Today…For a Free Market Valuation

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

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Posted: June 21, 2011

Scams in Tahoe Area

The following is an email from Tahoe Sierra Board of Realtors:

IMPORTANT! Please be aware, the following scams are going on in our area:

Renting on behalf of the owner. The scam artist claims to be helping someone else rent the property. They might be sick, or overseas, or just too busy to do it themselves for whatever reason. Sometimes they will break in and change the locks to show the home. Once the scammer collects first, last, deposits and fees they skip town. The renter then discovers the home wasn’t for rent. The owners or renters may have been away for business or pleasure, or it’s a vacation home, or it could be a foreclosed property, or for sale. NOTE: Agents check your listings often, if an agent calls to say the key in the lockbox isn’t working, this could be a tip off that the locks have been changed.

Nigerian Rental Scams. This scam is a variation of other scams but differs in that it takes place on the internet and the scammer doesn’t need to be present and may never have been to the property. This scam is especially dangerous because it targets both property owners and renters. Homeowners list their homes for sale with real estate agents, who then list the homes for sale in the Multiple Listing Service (MLS) and also with public search websites, which allow individuals to query homes for sale via the Internet. Nigerian scammers find homes listed for sale on these public search sites, copy the pictures and listings verbatim, and then post the information onto Craigslist under available housing rentals hoping someone will be willing to wire them the first and last month’s rent, security deposits, and assorted fees. Once the money is wired to the scammer, they show up at the house, see the home is actually for sale, are unable to access the property, and their money is gone. If you happen to see something on Craigslist that looks scammy, you should send an email to abuse@craigslist.org and give them as much detail as you can about the listing. Make sure you include URL (or 8 digit post ID number) in your email.

Renting with the intent of renting to others. This scam works just how it sounds. A scam artist rents a property so they can show it to other prospective renters. They’ll collect first and last month’s rent, security deposits and any fees or charges they can squeeze out of their victims before skipping town with the loot. There have been reports of a single property being leased or rented to dozens of people before the crook vanished with their money.

New Mortgage Scam – Has your mortgage really been sold? The fraud plays off the frequent sales of mortgages. Banks buy and sell residential mortgages all the time, meaning the bank you sign up with may not be the bank you end up making payments to for the entire term of your loan. Villains know this. The attorney general’s office in Nevada says two men set up a business to steal homeowners’ mortgage payments by fraudulently claiming the homeowners’ bank had sold their mortgage.

Lead Generation Scam. This scam involves a lead sent through a lead generation program. Usually a foreign dignitary requires assistance in purchasing a home. The scam is they need you to purchase it for them and will pay you back plus extra.

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Posted: June 15, 2011

Lake Tahoe Real Estate Market Report: June 6-12

Coldwell Banker

2011 Weekly Real Estate Market Report

North Lake Tahoe-Truckee Region MLS

Residential and Lot/Land Properties

Week of: June 6^th to June 12^th

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 6^th 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.

Contact Olja Mihic, Lake Tahoe Real Estate Agent Today…For a Free Market Valuation

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Posted: June 15, 2011

Lake Tahoe Real Estate Market Report: May 30 – June 5

Coldwell Banker

2011 Weekly Real Estate Market Report

North Lake Tahoe-Truckee Region MLS

Residential and Lot/Land Properties

Week of: May 30^th to June 5^th

Active Inventory Summary:

Active Listings: The active inventory for residential and lot listings increased 3% from 1,728 the previous week to 1,776 active listings in the market; 1,250 residential properties and 526 lots and land listed for sale. Since the middle of May, we have seen weekly listings increase nicely as is typical for this time of year. Many homeowners are listing their homes to take advantage of 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 166 properties listed as short sales, (9.3%) 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 16-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 492 properties sold in the market as compared to 536 for the same period in 2010 which is roughly an (8%) decrease in sales.

REO & Short Sales: Of the properties sold, 117 have been REO’s, (23.8%), and 69 have been Short Sales, (14.0%) which results in roughly 38% of the properties sold being a distressed property. In 2010 for the same period, there were 117 REO sales and 74 short sales or roughly 35% of the total sales.

Price Range: For the year, there have been 344 properties sold priced below $500,000, 116 properties sold between $500,000 and $1,000,000 and 32 properties sold over $1,000,000.

Median and Average Sales Prices: The median sales price for properties sold year to date is $360,000 while the average sales price is $469,147. For the same period in 2010, the median sales price was $400,000 and the average sales price was $550,742 which is a (10.0%) and (14.8%) decline in price respectively year over year.

Last Week’s Sales: For the week of May 30^th a total of 26 properties sold which was up slightly from the previous week’s sales of 24 properties. Of the properties sold last week, three of the properties sold were priced over $750,000.

Pending Sales: Currently there are 185 pending sales in the market which is down slightly from the previous week. Of the pending sales, 17 are short sales and 31 are REO properties.

Market Activity Summary:

May ended on a strong note with two solid weeks of sales which is slightly above the average for weekly sales. Overall sales year to date as compared to last year are down 8.2% from 536 sales in 2010 versus 492 sales in 2011. More and more homes are coming on the market which if priced competitively could spur a favorable change in sales. With two weeks remaining until the summer solstice, the weather is looking more like spring/summer and things should be heating up in the real estate market.

The hottest segment of the market continues to be homes priced under $500,000 as roughly 70% or 344 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 32 properties have sold year to date as compared to 52 properties last year which is a 38% drop. The mid range market sales, $500,000 to $1,000,000 are down as well from last year with 116 properties sold or 24% of the total sales as compared to 140 properties sold in 2010.

Distressed properties, REO and Short Sales represent 38% of the sales in the market which is almost identical to REO and Short sales in 2010. Interestingly enough while 38% of the sales are distressed properties only 12% of the active listings are distressed properties.

Median sales prices have decreased by 10% to $360,000 while the average sales prices have decreased by 14.8% to $469,147. 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.

Contact Olja Mihic, Lake Tahoe Real Estate Agent Today…For a Free Market Valuation

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Posted: June 15, 2011

West Shore Real Estate Statistics

Lake Tahoe Real Estate: Market Report June 13th to June 19th

Scams in Tahoe Area

Lake Tahoe Real Estate Market Report: June 6-12

Lake Tahoe Real Estate Market Report: May 30 – June 5

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