Lake Tahoe Real Estate Market Statistics 1st Quarter 2012 vs. 2011

Link below is a detailed analysis of Lake Tahoe real estate sales for the first quarter of 2012 and how it compares to 1st quarter of 2011. It includes Truckee real estate sales.

CB 1st Quarter 2012 vs 2011 Lake Tahoe Real Estate and Truckee Real Estate Market Statistics

Lake Tahoe Real Estate – Market Report May 7th-13th

Olja Mihic, Lake Tahoe Real Estate Agent, Coldwell Banker Tahoe City, Lake Tahoe Real Estate Market Report for:

Week of:  My 7th to May 13th


Active Inventory Summary:


Active Listings: The inventory for residential Lake Tahoe properties went up 6% from last week to 838 residential properties for sale; 609 single family homes and 229 condominiums for sale.  Active inventory for residential Lake Tahoe properties continues to be off from last year at this time by roughly 30%.  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 Active Listings: Of the active listings, there are 108 Lake Tahoe properties listed as Lake Tahoe short sales, (12.9%) and 24 properties listed as Lake Tahoe REO sales, (2.9%).  The total percentage of distressed Lake Tahoe properties listed for sale, (15.9%) is vastly different than the percentage of distressed properties sold on a year to date basis which is roughly 39% of sales.


Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has a little over 8-months of inventory available.


Sales Summary:  Year-To-Date


Total Sales 2012 Vs 2011:

Total Sales:
For 2012, there have been 405 residential Lake Tahoe properties sold in the market as compared to 346 for the same period in 2011 which is a year over year increase in sales of 17.1%.  Of the total sales in the market this year, 331 have been single family homes, while 74 or 18% of the sales are condominiums.  I n 2011 for the same period, condominiums represented 30% of the sales which is significantly higher than we are experiencing in 2012.


Lake Tahoe REO & Short Sales: Of the Lake Tahoe properties sold this year, 84 have been Lake Tahoe REO’s, (20.7%), and 77 have been Lake Tahoe Short Sales, (19.0%) which results in just under 40% of the properties sold being distressed properties.  In 2011 for the same period, there were 87 REO sales and 54 short sales or just over 40% of the total sales.


Sales Price Range: For the year, there have been 268 residential properties sold priced below $500,000, 109 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 $364,565 while the average sales price is $505,475. For the same period in 2011, the median sales price was $401,000 and the average sales price was $544,787 which is a (9.1%) decline in median sales price and a (7.2%) decline in average sales price from 2011 to 2012.


Last Week’s Sales: For the week of May 7th a total of 31 properties sold which was up nicely from last week’s sale of 24 properties.  Of the properties sold last week, six (6) properties sold at a price above $750,000.

Pending Sales: Currently there are only 151 pending residential sales in the market which is down slightly from the previous week.  Of the pending sales, 15 are Lake Tahoe short sales and 25 are Lake Tahoe REO properties which are roughly 26% of the pending sales being distressed properties.

Market Activity Summary:


The month of May has gotten off to a brisk start with 51 properties sold in the first two weeks.  The past two weeks sales are the best start to a month thus far this year. Sales for the week of May 7th was the highest single week of closed sales for 2012 with 31 residential properties closed.   On a year to date basis, there have been 405 residential properties sold as compared to 346 for 2011 which is an overall favorable increase of 17.1%.


For 2012, Coldwell Banker Residential Brokerage is the market leader in terms of both residential units sold, (169 properties) and sales volume sold, ($69 million).

The median sales prices for residential Lake Tahoe properties have decreased from last year by (9.1%) to $364,565, while average sales prices have decreased by (7.2%) to $505,475.


The hottest segment of the market continues to be homes priced under $500,000 as roughly 66% or 268 properties have sold in this price range as compared to 2011 where 225 properties sold in this price range or 65% of sales.


Lake Tahoe luxury home sales, homes priced above $1,000,000, are down 6% from 2011.  There have been 28 Lake Tahoe luxury properties sold or 7.0% of sales this year as compared to 30 properties sold last year in this segment.  The median sales price for Lake Tahoe luxury properties in 2012 is $1,275,000 as compared to a median price of $1,675,000 in 2011 which is down (24%). Similarly, the average sales price of Lake Tahoe luxury homes in 2012 is $1,962,633 as compared to $2,028,465 in 2011 which is a decrease of roughly (3.2%).  Coldwell Banker is the market leader for Luxury properties sold over $1.0 with nine (9) properties sold for 2012 or 32% of the Lake Tahoe luxury sales.


The mid range market sales, $500,000 to $1,000,000 are up 20% from last year with 109 properties sold in this segment or 26% of sales as compared to 91 properties sold or 26% in this range in 2011.


One of the biggest changes this year is in the area of distressed properties as short sales closed have gone up by 43% with 77 closed Lake Tahoe short sales in 2012 as compared to only 54 closed short sales in 2011.  Conversely Lake Tahoe REO properties closed in 2012 have gone down  (3%) with 84 properties closed in 2012 as compared to 87 properties closed in 2011.  Overall, distressed property sales, (REO and Short Sales) represent almost 40% of the sales in 2012 which is identical to 2011 where they represented 40% of sales.


The active inventory of residential Lake Tahoe properties went up 6% from last week to 838 residential properties for sale.  There are 609 single family homes and 229 condominiums listed for sale in the market.  On a year over year bases, residential listings are down 30% from last year at this time. As spring and summer approach we certainly expect inventory to increase.  However, the real question is whether or not it mirrors the inventory levels of 2011.


With the adequate level of inventory of residential properties on the market, homes priced at 12-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–Truckee resort communities.


Now may be one of the best times for Buyers considering an investment in a vacation home or investment property in the Lake Tahoe-Truckee market.

Contact Olja Mihic, Your Lake Tahoe Real Estate Agent, Coldwell Banker Tahoe City, 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 # 1908304

Bank of America to Offer Mortgage Assistance to 200,000 borrowers

Bank of America to offer mortgage assistance to about 200,000 struggling borrowers, according to CNBC report. In an effort to settle the fraudulent foreclosure proceedings, the Bank of America, is expected to send out letters to qualifying borrowers, but not all are expected to respond as the mailings may resemble junk mail. For all of you Lake Tahoe real estate owners that have attempted to qualify for a loan modification in the past, or are upside-down on your mortgage and receive a letter from Bank of America offering loan assistance, don’t throw it away!

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