Lake Tahoe Real Estate – Market Report Feb 6-12th
Lake Tahoe Real Estate Market Report – Week of: February 6th to February 12th
Active Inventory Summary:
Lake Tahoe Real Estate Active Listings: The inventory for residential Lake Tahoe real estate is currently at the lowest level for the past 14-months with 804 active listings in the market; 567 single family homes and 237 condominiums for sale. Coldwell Banker has over 14% of the active listings in the market and continues to be the market leader for listings.
Lake Tahoe Foreclosures (REO)-Lake Tahoe Short Sale Listings: Of the active listings, there are 122 Lake Tahoe real estate listed as Lake Tahoe short sales, (15.2%) and 27 properties listed as Lake Tahoe Foreclosures (REO) sales, (3.4%).
Months of Lake Tahoe Real Estate Inventory: Based on the current inventory and sales for the previous 30-day period, the market has roughly 11-months of inventory available.
Sales Summary: Year-To-Date
Total Lake Tahoe Real Estate Sales 2012 Vs 2011:
Total Lake Tahoe Real Estate Sales: For 2012, there have been 93 residential Lake Tahoe real estate sold in the market as compared to 77 for the same period in 2011 which is a year over year 20.8% increase in sales. Of the total Lake Tahoe real estate sales in the market this year, 76 have been single family homes, while 17 or 18% of the Lake Tahoe real estate sales are condominiums. I n 2011 for the same period, condominiums represented 43% of the Lake Tahoe real estate sales which is significantly higher than we are experiencing in 2012.
Lake Tahoe Foreclosures (REO) & Lake Tahoe Short Sales: Of the properties sold this year, 19 have been Lake Tahoe Foreclosures (REO’s), (20.4%), and 27 have been Lake Tahoe Short Sales, (29.0%) which results in over 49% of the Lake Tahoe real estate sold being distressed properties. In 2011 for the same period, there were 15 Lake Tahoe foreclosures (REO) sales and 14 Lake Tahoe short sales or just over 37% of the total Lake Tahoe real estate sales.
Lake Tahoe Real Estate Sales Price Range: For the year, there have been 62 residential Lake Tahoe real estate sold priced below $500,000, 28 Lake Tahoe real estate sold between $500,000 and $1,000,000 and 3 Lake Tahoe real estate sold over $1,000,000.
Median and Average Sales Prices:The median Lake Tahoe real estate sales price for properties sold year to date is $354,000 while the average Lake Tahoe real estate sales price is $421,023. For the same period in 2011, the median Lake Tahoe real estate sales price was $390,000 and the average Lake Tahoe real estate sales price was $532,194 which is a (9.2%) and (20.9%) decline in price respectively year over year.
Last Week’s Sales: For the week of February 6th, a total of 13 Lake Tahoe real estate sold which was down from the previous week’s sales of 18 Lake Tahoe real estate. Of the Lake Tahoe real estate sold last week, two (2) of the Lake Tahoe real estate sold were priced over $750,000.
Pending Lake Tahoe Real Estate Sales: Currently there are only 148 pending residential Lake Tahoe real estate sales in the market which up slightly from the previous week. Of the pending Lake Tahoe real estate sales, 13 are Lake Tahoe short sales and 42 are Lake Tahoe Foreclosures (REO) properties which is roughly 37% of the pending Lake Tahoe real estate sales being distressed Lake Tahoe properties.
Market Activity Summary:
The 2012 real estate market in the Lake Tahoe-Truckee area is off to a slightly better start in terms of total sales with an increase in sales of roughly 21% from the previous year at this time. Thus far there have been 93 residential Lake Tahoe real estate sold as compared to 77 for 2011. While total Lake Tahoe real estate sales are up the median and average sales prices are significantly down from the same time as last year. With only six weeks of data thus far it is too soon to draw any conclusions until we are at least through the first quarter of the year. The 2012 winter has been one of the driest on record in six decades and has dramatically impacted winter vacationers to the area. We are not sure if Lake Tahoe real estate sales would have been much better had there been more snow in the area.
Median Lake Tahoe real estate sales prices have decreased from last year by 9.2% to $354,000 while the average Lake Tahoe real estate sales prices have decreased by 20.9% to $421,023. The overall decline in sales prices is certainly a driving factor 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 67% or 62 Lake Tahoe properties have sold in this price range. In 2011, 52 properties sold in this price range which was almost identical from a percentage basis as this year. Certainly the price declines have influenced this trend.
Lake Tahoe luxury homes sales, homes priced above $1,000,000, are half from 2011 Lake Tahoe luxury homes sales as only 3 Lake Tahoe luxury homes or 3.2% of sales have sold year to date as compared to 6 Lake Tahoe luxury homes sold last year in this segment.
The mid range market Lake Tahoe real estate sales, $500,000 to $1,000,000 are up dramatically from last year with 28 Lake Tahoe real estate sales sold or 30.1% of sales as compared to 19 Lake Tahoe real estate sales sold or 24% in this range in 2011.
One of the biggest changes in sales thus far are distressed properties, Lake Tahoe Foreclosures (REO) and Lake Tahoe Short Sales which represent just over 49% of the Lake Tahoe real estate sales sales in the market as compared to 37% last year. Total Lake Tahoe foreclosures (REO) and Lake Tahoe Short Sales are up 58% from the Lake Tahoe foreclosures (REO) and Lake Tahoe Short sales sold in 2011. For 2012, there have been 46 Lake Tahoe real estate sales sold as distressed sales and 27 of them are Lake Tahoe real short sales. We have begun to see a trend of more short sales closing that in previous years as banks appear to be more inclined to sell a property short as opposed to letting it go to foreclosure.
The active inventory of residential Lake Tahoe real estate is at its lowest point in 14-months to 804 residential Lake Tahoe real estate. 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.
With the inventory of great residential Lake Tahoe real estate on the market, homes priced at 10-year lows and some of the lowest interest rates in history, savvy real estate investors are taking advantage of this market for a home in the Lake Tahoe Real Estate–Truckee Real Estate resort communities.
Now may be one of the best times for Buyers considering an investment in a vacation home or investment Lake Tahoe real estate in the Lake Tahoe Real Estate –Truckee Real Estate market.
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 Lake Tahoe 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
Lake Tahoe Real Estate: 7184 4th Avenue, Tahoma, CA
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$169,900
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Lake Tahoe Real Estate: 7184 4th Avenue, Tahoma, CA 96142
CB Lake Tahoe -Truckee Annual Real Estate Market Statistics 2004-2011
Has the Real Estate Market Leveled Out?
Lake Tahoe real estate statistics show that for Areas 1-10 (total north shore areas), the number of single family sales has been steadily increasing, whereas the median price is still falling, but appears to be beginning to converge. What this means is that there are buyers out there, and from practice, there will be competition on properly priced properties. Advice for buyers is that on some properties there will be multiple offers and within a short amount of time, so be ready. Advice for sellers is to price the property below competition right out of the gate, and not to chase the market.
Market Statistics for Lake Tahoe 2004-2011
Take a look at the detailed Lake Tahoe market statistics from 2004 through 2011, for individual areas, Lake Tahoe condos, and Lake Tahoe luxury homes.
CB Lake Tahoe -Truckee Annual Real Estate Market Statistics 2004-2011
Lake Tahoe Real Estate 2011 Year End Market Report
How Did 2011 Compare to 2010 in Residential Sales in Lake Tahoe?
Here is the 2011 Year End Summary:
Lake Tahoe Real Estate Sales Summary 2011:
Overall, residential Lake Tahoe real estate sales for 2011 were up 7.1% from the 2010 calendar year which was encouraging for the Tahoe-Truckee real estate market.
Total Sales:
For 2011, there were 1,217 Lake Tahoe residential properties sold in the market as compared to 1,136 residential properties sold for the same period in 2010. Of the total sales in the market for 2011, 956 were single family homes, while 261 or 21% of the sales were condominiums. I n 2010, Lake Tahoe condominiums represented 31% of the sales or 270 units and single family home sales represented 866 units.
Lake Tahoe REO & Short Sales:
Of the properties sold this year, 206 were Lake Tahoe REO’s, (16.9%), and 186 were Lake Tahoe Short Sales, (15.3%) which results in over 32% of the properties sold being distressed properties. In 2010, there were 218 REO sales and 141 short sales or just over 31% of the total sales which was almost identical to this year.
Sales Price Range:
The hottest segment of the market in 2011 were homes priced under $500,000 as 66% or 808 properties have sold in this price range. In 2010, 60% or 682 properties sold in this price range which was significantly lower than this year. Certainly the price declines in the market influenced this trend as homebuyers took advantage of these buying opportunities in the market.
Lake Tahoe Luxury home sales, homes priced above $1,000,000, were down 24% from 2010 sales as 101 properties or 8.3% of sales occurred in this segment as compared to the 133 properties sold last year. The median sales price of the Lake Tahoe luxury properties sold in 2011 were $1,625,000 which was up 1.5% from last year’s median sales price of $1,600,000. Conversely, the average sales price of the Lake Tahoe luxury sales in 2011 was $2,016,821 which was 9% lower than last year’s average price of $2,199,131.
The mid-range market, homes priced between $500,000 and $1,000,000, resulted in 308 properties sold or 25.3% of sales as compared to 321 properties sold or 28.3% of sales in this range in 2010. The mid-range market was very consistent in terms of year over year sales.
Median and Average Sales Prices:
The median sales price for properties sold in 2011 was $397,700 while the average sales price was $535,834. For the same period in 2010, the median sales price was $430,000 and the average sales price was $640,727 which is a (7.5%) and (16.4%) decline in price respectively year over year.
Active Inventory Summary:
Active Listings: The active inventory for residential properties reached a high for the year in August with 1,378 properties listed for sale. At the end of the year, the active listings for residential properties was at the annual low of 854 active listings in the market; 622 single family homes and 232 condominiums for sale. Coldwell Banker has over 15% of the active listings in the market and continues to be the market leader for listings.
Lake Tahoe REO-Short Sale Listings: Of the active listings, there are 132 properties listed as Lake Tahoe short sales, (15.5%) and 45 properties listed as Lake Tahoe REO sales, (5.3%).
Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has roughly 6-months of inventory available.
2011 Summary and 2012 Outlook:
The 2011 Tahoe-Truckee real estate market was almost identical to the 2010 market as we saw an increase in total residential sales which were fueled by decreasing median and average home sales prices. The distressed sales market for both REO’s and short sales was almost identical year over year with roughly 32% of all residential sales being distressed.
While none of us have a crystal ball as to what 2012 has in store, it seems likely that the trends of the past two years may carry forward for 2012 with increased sales, continued pressure on home prices and the existence of distressed properties in the overall sales mix.
With the inventory of great residential properties on the market, homes priced at 10-year lows and some of the lowest interest rates in history, savvy real estate investors will certainly be considering the many advantages this market holds for an investment in the Lake Tahoe–Truckee resort communities.
Contact Olja Mihic, Your Coldwell Banker Agent 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