Lake Tahoe Real Estate Market Report: Oct 22-28
Lake Tahoe Real Estate Active Inventory Summary:
Lake Tahoe Real Estate Active Listings: The inventory for residential Lake Tahoe real estate has been declining weekly for the past few weeks to 815 residential Lake Tahoe real estate for sale; 602 single family homes and 213 condominiums for sale. The current Lake Tahoe real estate inventory level is at the lowest point since April of this year. Coldwell Banker has almost 15% of the active listings in the market and continues to be the market leader for listings.
Lake Tahoe Foreclosures (REO)-Lake Tahoe Short Sale Active Listings: Of the active listings, there are 85 Lake Tahoe properties listed as Lake Tahoe short sales, (10.4%) and 8 Lake Tahoe properties listed as Lake Tahoe foreclosures (REOs) sales, (1.0%). The total percentage of distressed Lake Tahoe real estate listed for sale, (11.4%) is vastly different than the percentage of distressed Lake Tahoe properties sold on a year to date basis which is just over 28%.
Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has a little over 4-months of inventory available.
Lake Tahoe Real Estate Sales Summary: Year-To-Date
Lake Tahoe Real Estate Total Sales 2012 Vs 2011:
Lake Tahoe Real Estate Total Sales: For 2012, there have been 1,136 residential Lake Tahoe properties sold in the market as compared to 973 for the same period in 2011 which is a year over year increase in Lake Tahoe real estate sales of over 16.8%. Of the total Lake Tahoe real estate sales in the market this year, 902 have been single family Lake Tahoe homes, while 234 or 20.6% of the sales are Lake Tahoe condominiums. I n 2011 for the same period, Lake Tahoe condominiums represented 27% of the sales which is much higher than what we are experiencing in 2012.
Lake Tahoe Foreclosures (REO) & Lake Tahoe Short Sales: Of the Lake Tahoe real estate sold this year, 163 have been Lake Tahoe foreclosures (REO’s), (14.3%), and 165 have been Lake Tahoe Short Sales, (14.5%) which results in just over 28% of the Lake Tahoe properties sold being distressed properties. In 2011 for the same period, there were 172 Lake Tahoe foreclosures (REO) sales and 132 Lake Tahoe short sales or just over 32% of the total Lake Tahoe real estate sales.
Lake Tahoe Real Estate Sales by Price Range: For the year, there have been 732 residential Lake Tahoe real estate sold priced below $500,000, 304 Lake Tahoe properties sold between $500,000 and $1,000,000 and 100 Lake Tahoe luxury homes sold over $1,000,000.
Lake Tahoe Real Estate Median and Average Sales Prices: The median sales price for Lake Tahoe real estate sold year to date is $396,000 while the average sales price is $547,057. For the same period in 2011, the median sales price was $400,000 and the average sales price was $548,391 which is a (1.0%) decline in median sales price and a (0.2%) decline in the average sales price from 2011 to 2012.
Lake Tahoe Real Estate Last Week’s Sales: For the week of October 22nd, a total of 30 Lake Tahoe real estate sold which was down slightly from the prior week’s sales of 34 Lake Tahoe properties. Of the Lake Tahoe real estate sold last week, eight (8) Lake Tahoe properties sold at a price above $750,000.
Lake Tahoe Real Estate Pending Sales: Currently there are 205 pending residential sales in the market which is down slightly from the previous week. Currently 16% of the pending sales are distressed Lake Tahoe real estate with 18 being Lake Tahoe short sales and 14 being Lake Tahoe foreclosures (REO’s).
Lake Tahoe Market Activity Summary:
The month of October has been on fire with 137 Lake Tahoe properties closing through the 28th. The 137 Lake Tahoe properties sold thus far in October are up 32% from the same period in October of 2011 where 104 Lake Tahoe real estate sold. On a year to date basis, there have been 1,136 residential Lake Tahoe real estate sold as compared to 973 for 2011 which is an overall favorable increase of 16.8%.
Coldwell Banker Residential Brokerage is #1 in the entire market in terms of both residential units sold, (504 sales) and sales volume sold, ($202 million).
The median sales price for residential Lake Tahoe real estate has decreased from last year by a slight (1.0%) to $396,000, while the average sales price is almost identical to last year with a less than 1% decrease to $547,057. These price trends over the past 90-120 days continue to suggest that the Lake Tahoe real estate market has reached or is nearing the bottom.
The segment of the market with the highest level of activity continues to be Lake Tahoe real estate priced under $500,000 as over 64% of the sales or 732 Lake Tahoe properties have sold in this price range which is similar on a percentage basis to 2011 where 66% of sales or 640 Lake Tahoe properties sold in this price range.
Lake Tahoe Luxury homes sales, homes priced above $1,000,000, are up 16% from 2011. There have been 100 Lake Tahoe luxury homes sold which represents over 8% of sales this year as compared to 86 Lake Tahoe luxury homes sold last year in this segment. The median sales price for Lake Tahoe luxury homes in 2012 is $1,500,000 as compared to a median price of $1,650,000 in 2011 which is down (9%). Similarly, the average sales price of Lake Tahoe luxury homes in 2012 is $2,022,511 as compared to $2,081,179 in 2011 which is a decrease of (2.8%). Coldwell Banker is the market leader for Lake Tahoe Luxury homes sold over $1.0 million with 25 Lake Tahoe real estate sold with a sales volume of $35 million.
The mid range Lake Tahoe real estate market sales, $500,000 to $1,000,000 are up 23% from last year with 304 Lake Tahoe real estate sold in this segment or 27% of sales as compared to 247 Lake Tahoe properties sold or 25% in this range in 2011.
In the area of distressed Lake Tahoe real estate we are mirroring the national trend of more banks supporting short sales as compared to last year. For 2012, Lake Tahoe short sale properties closed have gone up by 25% with 165 closed Lake Tahoe short sales in 2012 as compared to 132 closed Lake Tahoe short sales in 2011. For the first time this year, Lake Tahoe short sales closed exceeded Lake Tahoe foreclosures (REO) properties closed. Conversely Lake Tahoe foreclosures (REO) properties closed in 2012 have gone down (5%) with 163 Lake Tahoe real estate closed in 2012 as compared to 172 Lake Tahoe real estate closed in 2011. Overall, distressed property sales, (Lake Tahoe foreclosures (REO) and Lake Tahoe Short Sales) represent over 28% of the sales in 2012 which is less than the 32% in 2011.
The active inventory of residential Lake Tahoe real estate has been steadily declining the past 6-weeks and is at the lowest point since April of this year with 815 residential Lake Tahoe real estate for sale. There are 602 single family homes and 213 condominiums listed for sale in the market. On a year over year bases, residential listings are down 28% from last year at this time as inventory at this time in 2011 was 1,139 residential Lake Tahoe properties as compared to today’s inventory of 815 Lake Tahoe properties.
NOW MAY THE BEST TIME TO BUY! With the existing inventory of residential Lake Tahoe real estate in 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 and acquiring homes in many of the Lake Tahoe and 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 North Lake Tahoe area.
Contact Olja Mihic, Lake Tahoe Realtor Today to Find Out More about the Opportunities Available 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 # 1908304
Lake Tahoe Real Estate Market Report: Oct 1-7
Lake Tahoe Real Estate Market Report: Oct 1-7
Lake Tahoe Active Inventory Summary:
Lake Tahoe Real Estate Active Listings: The inventory for residential Lake Tahoe real estate went down slightly from the previous week to 887 residential Lake Tahoe real estate for sale; 669 single family homes and 218 condominiums for sale. The current inventory level is at the lowest point since May of this year which is obviously a result of a very active summer for Lake Tahoe real estate sales in the market as well as homeowners taking their homes off the market for the winter. Coldwell Banker has almost 15% of the active listings in the market and continues to be the market leader for listings.
Lake Tahoe Foreclosures-Short Sale Active Listings: Of the active listings, there are 91 Lake Tahoe properties listed as Lake Tahoe short sales, (10.3%) and 14 Lake Tahoe properties listed as Lake Tahoe foreclosures sales, (1.6%). The total percentage of distressed Lake Tahoe properties listed for sale, (11.9%) is vastly different than the percentage of distressed Lake Tahoe properties sold on a year to date basis which is roughly 30%.
Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has a little over 5-months of inventory available.
Sales Summary: Year-To-Date
Total Sales 2012 Vs 2011:
Total Sales: For 2012, there has been 1,025 residential Lake Tahoe real estate sold in the market as compared to 900 for the same period in 2011 which is a year over year increase in sales of over 14%. Of the total sales in the market this year, 807 have been single family homes, while 218 or 21% of the sales are condominiums. I n 2011 for the same period, condominiums represented 27% of the sales which is much higher than what we are experiencing in 2012.
Lake Tahoe Foreclosures(REO) & Short Sales: Of the properties sold this year, 155 have been Lake Tahoe foreclosures(REO), (15.1%), and 154 have been Lake Tahoe Short Sales, (15%) which results in 30% of the properties sold being distressed Lake Tahoe properties. In 2011 for the same period, there were 162 Lake Tahoe foreclosures (REO) sales and 129 Lake Tahoe short sales or just over 32% of the total sales.
Sales by Price Range: For the year, there has been 666 residential Lake Tahoe real estate sold priced below $500,000, 274 Lake Tahoe properties sold between $500,000 and $1,000,000 and 85 Lake Tahoe properties sold over $1,000,000.
Median and Average Sales Prices: The median sales price for Lake Tahoe real estate sold year to date is $390,000 while the average sales price is $535,749. For the same period in 2011, the median sales price was $400,000 and the average sales price was $544,037 which is a (2.5%) decline in median sales price and a (1.5%) decline in the average sales price from 2011 to 2012.
Last Week’s Sales: For the week of October 1st, a total of 26 Lake Tahoe real estate sold which was down 38% from the prior week’s sales of 42 Lake Tahoe real estate. Of the Lake Tahoe properties sold last week, three (3) properties sold at a price above $750,000.
Pending Sales: Currently there are 218 pending residential Lake Tahoe real estate sales in the market which is down slightly from the previous week. Currently 16% of the pending sales are distressed Lake Tahoe properties with 19 being Lake Tahoe short sales and 17 being Lake Tahoe foreclosures (REO).
Market Activity Summary:
The month of September ended on a very strong note with an average of 39 sales per week for the last two weeks. September 2012 sales saw 137 Lake Tahoe real estate sell which was down slightly from the 146 sales in September of 2011. The first week of October sales of 26 Lake Tahoe real estate is encouraging as we continue to experience brisk activity from interested Buyers.
On a year to date basis, there have been 1,025 residential Lake Tahoe properties sold as compared to 900 for 2011 which is an overall favorable increase of 14%.
Thus far in 2012, Coldwell Banker Residential Brokerage is #1 in the entire market in terms of both residential units sold, (461 Units Sold) and sales volume sold, ($185 million in Sales Volume).
The median sales price for residential Lake Tahoe real estate has decreased from last year by almost (2.5%) to $390,000, while average sales prices have similarly decreased by almost 2% to $535,749. These price trends continue to support the sense that the North Lake Tahoe and Truckee market may be nearing or at the bottom of the market based on the sales activity and sold price trends we have experienced in the past 90-days.
The segment of the market with the highest level of activity continues to be Lake Tahoe real estate priced under $500,000 as over 65% of the sales or 666 Lake Tahoe real estate have sold in this price range which is similar to 2011 where 67% of sales or 599 Lake Tahoe properties sold in this price range.
Lake Tahoe Luxury homes sales, homes priced above $1,000,000, are up 13% from 2011. There have been 85 Lake Tahoe luxury homes sold which represents over 8% of sales this year as compared to 75 Lake Tahoe properties sold last year in this segment. The median sales price for Lake Tahoe luxury homes in 2012 is $1,489,519 as compared to a median price of $1,675,000 in 2011 which is down (11%). Similarly, the average sales price of Lake Tahoe luxury homes in 2012 is $2,022,078 as compared to $2,142,351 in 2011 which is a decrease of (5.6%). Coldwell Banker is the market leader for Lake Tahoe Luxury homes sold over $1.0 million with 22 Lake Tahoe properties sold or 26% with a sales volume of $31 million.
The mid range market Lake Tahoe real estate sales, $500,000 to $1,000,000 are up 21% from last year with 274 Lake Tahoe properties sold in this segment or 27% of sales as compared to 226 Lake Tahoe real estate sold or 25% in this range in 2011.
In the area of distressed Lake Tahoe real estate we are mirroring the national trend of more banks supporting short sales as compared to last year. For 2012, Lake Tahoe short sales properties closed have gone up by 19% with 154 closed Lake Tahoe short sales in 2012 as compared to 129 closed Lake Tahoe short sales in 2011. Conversely Lake Tahoe foreclosures (REO) properties closed in 2012 have gone down (4%) with 155 Lake Tahoe properties closed in 2012 as compared to 162 Lake Tahoe properties closed in 2011. Overall, distressed Lake Tahoe real estate sales, (Lake Tahoe foreclosures (REO) and Lake Tahoe Short Sales) represent over 30% of the sales in 2012 which is slightly less than the 32% in 2011.
The active inventory of residential Lake Tahoe properties went down slightly from last week to 887 residential Lake Tahoe real estate for sale. There are 669 single family homes and 218 condominiums listed for sale in the market. On a year over year bases, residential listings are down 30% from last year at this time.
NOW MAY THE BEST TIME TO BUY! With the existing inventory of residential Lake Tahoe real estate in 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 and acquiring homes in many of the Lake Tahoe and Truckee resort communities. Now may be one of the best times for Buyers considering an investment in a vacation home or investment Lake Tahoe property in the North Lake Tahoe area.
Contact Olja Mihic, Lake Tahoe Realtor Today to Find Out More about the Opportunities Available 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 # 1908304
Lake Tahoe Real Estate Market Report: Aug 27-Sep 2
Active Inventory Summary:
Active Listings: The inventory for residential Lake Tahoe real estate went down 3% from the previous week to 998 residential Lake Tahoe properties for sale; 758 single family homes and 240 condominiums for sale. The inventory has been going down over the past few weeks as the sales activity has increased. Coldwell Banker has almost 15% of the active listings in the market and continues to be the market leader for listings.
Lake Tahoe Foreclosures -Short Sale Active Listings: Of the active listings, there are 100 properties listed as Lake Tahoe short sales, (10.1%) and 17 properties listed as Lake Tahoe foreclosures sales, (1.7%). The total percentage of distressed Lake Tahoe real estate listed for sale, (11.8%) is vastly different than the percentage of distressed properties sold on a year to date basis which is 32%.
Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has a little over 6-months of inventory available.
Sales Summary: Year-To-Date
Total Sales 2012 Vs 2011:
Total Sales: For 2012, there has been 857 residential Lake Tahoe real estate sold in the market as compared to 735 for the same period in 2011 which is a year over year increase in sales of over 17%. Of the total sales in the market this year, 685 have been single family homes, while 172 or 20% of the sales are condominiums. I n 2011 for the same period, condominiums represented 29% of the sales which is significantly higher than what we are experiencing in 2012.
Lake Tahoe Foreclosures & Short Sales: Of the properties sold this year, 141 have been Lake Tahoe Foreclosures, (16.5%), and 133 have been Lake Tahoe Short Sales, (15.5%) which results in 32% of the properties sold being distressed properties. In 2011 for the same period, there were 147 Lake Tahoe foreclosures sales and 113 Lake Tahoe short sales or just over 35% of the total sales.
Sales by Price Range: For the year, there have been 554 residential Lake Tahoe properties sold priced below $500,000, 228 properties sold between $500,000 and $1,000,000 and 70 properties sold over $1,000,000.
Median and Average Sales Prices: The median sales price for Lake Tahoe real estate sold year to date is $390,000 while the average sales price is $545,152. For the same period in 2011, the median sales price was $397,700 and the average sales price was $535,211 which is a (1.9%) decline in median sales price and a 1.9% increase in the average sales price from 2011 to 2012.
Last Week’s Sales: For the week of August 27th, a total of 41 Lake Tahoe properties sold which was up 57% from the prior week’s sales of 26 Lake Tahoe properties. Of the Lake Tahoe real estate sold last week, ten (10) properties sold at a price above $750,000 and 5 of those properties were above $1.0 million.
Pending Sales: Currently there are 219 pending residential Lake Tahoe real estate sales in the market which is down slightly from the previous week. Currently 16% of the pending sales are distressed Lake Tahoe real estate with 17 being Lake Tahoe short sales and 18 being Lake Tahoe foreclosures.
Market Activity Summary:
The month of August was the most active month of the year in terms of overall residential Lake Tahoe real estate sold. Total residential Lake Tahoe real estate sales for the month of August 2012 were 152 as compared to 88 Lake Tahoe properties sold in August of 2011 which is an increase of 73%. We continue to experience brisk activity from interested Buyers and on a number of properties we are seeing multiple offer scenarios which have not been the case in the past few years. On a year to date basis, there have been 857 residential Lake Tahoe real estate sold as compared to 735 for 2011 which is an overall favorable increase of 17%.
Thus far in 2012, Coldwell Banker Residential Brokerage is #1 in the entire market in terms of both residential units sold, (395 Units Sold) and sales volume sold, ($158 million in Sales Volume).
The median sales price for residential Lake Tahoe real estate has decreased from last year by almost (2%) to $390,000, while average sales prices have increased by almost 2% to $545,152. All indications seem to be indicating that the North Lake Tahoe and Truckee market may be nearing or at the bottom of the market based on the sales activity and sold price trends we have experienced in the past 90-days.
The segment of the market with the highest level of activity continues to be homes priced under $500,000 as over 64% of the sales or 554 Lake Tahoe properties have sold in this price range which is similar to 2011 where 66% of sales or 490 Lake Tahoe properties sold in this price range.
Lake Tahoe Luxury homes sales, homes priced above $1,000,000, are up 23% from 2011. There have been 75 Lake Tahoe luxury homes sold which represents over 8% of sales this year as compared to 61 properties sold last year in this segment. The median sales price for Lake Tahoe luxury homes in 2012 is $1,479,000 as compared to a median price of $1,665,000 in 2011 which is down (11%). Similarly, the average sales price of Lake Tahoe luxury homes in 2012 is $2,039,835 as compared to $2,081,645 in 2011 which is a decrease of (2%). Coldwell Banker is the market leader for Lake Tahoe Luxury homes sold over $1.0 million with 20 properties sold or 27% with a sales volume of $27 million.
The mid range market sales, $500,000 to $1,000,000 are up 24% from last year with 228 Lake Tahoe properties sold in this segment or 26% of sales as compared to 184 properties sold or 25% in this range in 2011.
In the area of distressed Lake Tahoe real estate we are seeing similarities with the national trend of more banks supporting short sales as compared to last year. For 2012, Lake Tahoe short sale properties closed have gone up by 18% with 133 closed Lake Tahoe short sales in 2012 as compared to 113 closed Lake Tahoe short sales in 2011. Conversely Lake Tahoe foreclosures closed in 2012 have gone down (4%) with 141 properties closed in 2012 as compared to 147 properties closed in 2011. Overall, distressed Lake Tahoe real estate sales, (Lake Tahoe Foreclosures and Lake Tahoe Short Sales) represent over 32% of the sales in 2012 which is slightly less than the 35% in 2011.
The active inventory of residential Lake Tahoe real estate went down slightly from last week to 998 residential Lake Tahoe real estate for sale. There are 758 single family homes and 240 condominiums listed for sale in the market. On a year over year bases, residential listings are down 30% from last year at this time.
WHAT ARE YOU WAITING FOR? With the existing inventory of residential Lake Tahoe real estate in 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 and acquiring homes in many of the Lake Tahoe and 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 North Lake Tahoe area.
Contact Olja Mihic, Lake Tahoe Realtor Today to Find Out More about the Opportunities Available 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 # 1908304
Lake Tahoe Real Estate Market Report: Aug 13-19
Active Inventory Summary:
Active Listings: The inventory for residential Lake Tahoe real estate went down slightly from the previous week to 1,025 residential Lake Tahoe properties for sale; 772 single family homes and 253 condominiums for sale. The inventory is leveling off as the sales activity has increased and the new listing are being offset with the sales. Coldwell Banker has almost 15% of the active listings in the market and continues to be the market leader for listings.
Lake Tahoe Foreclosures – Short Sale Active Listings: Of the active Lake Tahoe real estate, there are 104 properties listed as Lake Tahoe short sales, (10.1%) and 17 properties listed as Lake Tahoe foreclosures sales, (1.7%). The total percentage of distressed Lake Tahoe properties listed for sale, (11.8%) is vastly different than the percentage of distressed properties sold on a year to date basis which is over 33% of sales.
Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has a little over 7-months of inventory available.
Sales Summary: Year-To-Date
Total Sales 2012 Vs 2011:
Total Sales: For 2012, there has been 787 residential Lake Tahoe real estate sold in the market as compared to 686 for the same period in 2011 which is a year over year increase in sales of over 14.7%. Of the total sales in the market this year, 628 have been single family homes, while 159 or 20% of the sales are condominiums. I n 2011 for the same period, condominiums represented 30% of the sales which is significantly higher than what we are experiencing in 2012.
Lake Tahoe Foreclosures & Short Sales: Of the Lake Tahoe properties sold this year, 138 have been Lake Tahoe foreclosures, (17.5%), and 124 have been Lake Tahoe Short Sales, (15.8%) which results in just over 33% of the properties sold being distressed Lake Tahoe properties. In 2011 for the same period, there were 142 Lake Tahoe foreclosures sales and 102 Lake Tahoe short sales or just over 35% of the total sales.
Sales by Price Range: For the year, there have been 512 residential Lake Tahoe real estate sold priced below $500,000, 207 properties sold between $500,000 and $1,000,000 and 68 properties sold over $1,000,000.
Median and Average Sales Prices: The median sales price for Lake Tahoe real estate sold year to date is $390,000 while the average sales price is $542,465. For the same period in 2011, the median sales price was $400,000 and the average sales price was $523,186 which is a (2.5%) decline in median sales price and a 3.7% increase in the average sales price from 2011 to 2012.
Last Week’s Sales: For the week of August 13th, a total of 35 Lake Tahoe properties sold which was up 67% from the prior week’s sales of 21 properties. Of the Lake Tahoe real estate sold last week, seven (7) properties sold at a price above $1,000,000 and of the seven, 3 properties were above $2.0 million.
Pending Sales: Currently there are 222 pending residential Lake Tahoe real estate sales in the market which is up slightly from the previous week. Currently 17% of the pending sales are distressed properties with 21 being Lake Tahoe short sales and 16 being Lake Tahoe foreclosures.
Market Activity Summary:
The month of August is off to a hot start in terms of Lake Tahoe real estate sales. Total sales for the month of August through the 19th is up 61% from last year with 82 properties sold month to date as compared to 51 properties sold for the same period in 2011. We continue to experience brisk activity from interested Buyers and on a number of properties we are seeing multiple offers scenarios which have not been the case in the past few years. On a year to date basis, there have been 787 residential Lake Tahoe properties sold as compared to 686 for 2011 which is an overall favorable increase of 14.7%.
Thus far in 2012, Coldwell Banker Residential Brokerage is #1 in the entire market in terms of both residential units sold, (367 Units Sold and 19% Market Share) and sales volume sold, ($148 million in Sales Volume and 16% Market Share).
The median sales price for residential Lake Tahoe real estate has decreased from last year by (2.5%) to $390,000, while average sales prices have increased by 3.7% to $542,465. All indications seem to be indicating that the North Lake Tahoe and Truckee market may be nearing or at the bottom of the market based on the sales activity and sold price trends we have experienced in the past 60-days.
The segment of the market with the highest level of activity continues to be homes priced under $500,000 as over 65% of the sales or 512 properties have sold in this price range which is similar to 2011 where 67% of sales or 457 Lake Tahoe real estate sold in this price range.
Lake Tahoe Luxury homes sales, homes priced above $1,000,000, are up 26% from 2011. There have been 68 Lake Tahoe luxury homes sold which represents over 8.6% of sales this year as compared to 54 properties sold last year in this segment. The median sales price for Lake Tahoe luxury homes in 2012 is $1,471,250 as compared to a median price of $1,615,000 in 2011 which is down (9%). Conversely, the average sales price of Lake Tahoe luxury homes in 2012 is $2,047,679 as compared to $1,995,469 in 2011 which is an increase of 3%. Coldwell Banker is the market leader for Lake Tahoe Luxury homes sold over $1.0 million with 18 properties sold or 12% of luxury sales for the year for a sales volume of $24 million.
The mid range market sales, $500,000 to $1,000,000 are up 18% from last year with 207 Lake Tahoe properties sold in this segment or 26% of sales as compared to 175 properties sold or 25% in this range in 2011.
In the area of distressed Lake Tahoe real estate we are seeing similarities with the national trend of more banks supporting short sales as compared to last year. For 2012, Lake Tahoe short sale properties closed have gone up by 22% with 124 closed short sales in 2012 as compared to 102 closed short sales in 2011. Conversely Lake Tahoe foreclosures closed in 2012 have gone down (3%) with 138 Lake Tahoe real estate closed in 2012 as compared to 142 Lake Tahoe real estate closed in 2011. Overall, distressed Lake Tahoe real estate sales, (Lake Tahoe Foreclosures and Lake Tahoe Short Sales) represent over 33% of the sales in 2012 which is slightly less than the 35% in 2011.
The active inventory of residential Lake Tahoe real estate went down slightly from last week to 1,025 residential Lake Tahoe real estate for sale. There are 772 single family homes and 253 condominiums listed for sale in the market. On a year over year bases, residential listings are down 30% from last year at this time.
WHAT ARE YOU WAITING FOR? With the existing inventory of residential Lake Tahoe real estate in 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 and acquiring homes in many of the Lake Tahoe and 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 North Lake Tahoe area.
Contact Olja Mihic, Lake Tahoe Realtor Today to Find Out More about the Opportunities Available 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 # 1908304
Lake Tahoe Real Estate Market Report: Aug 6-12
Active Inventory Summary:
Active Listings: The inventory for residential Lake Tahoe real estate went down slightly from the previous week to 1,035 residential Lake Tahoe properties for sale; 774 single family homes and 261 condominiums for sale. The inventory is leveling off as the sales activity has increased and the new listing are being offset with the sales. Coldwell Banker has over 15% of the active listings in the market and continues to be the market leader for listings.
Lake Tahoe Foreclosures-Short Sale Active Listings: Of the active listings, there are 107 properties listed as Lake Tahoe short sales, (10.3%) and 13 properties listed as Lake Tahoe foreclosures, (1.3%). The total percentage of distressed Lake Tahoe real estate listed for sale, (11.6%) is vastly different than the percentage of distressed properties sold on a year to date basis which is over 33% 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 has been 748 residential Lake Tahoe real estate sold in the market as compared to 667 for the same period in 2011 which is a year over year increase in sales of over 12.1%. Of the total sales in the market this year, 600 have been single family homes, while 148 or 20% of the sales are condominiums. I n 2011 for the same period, condominiums represented 30% of the sales which is significantly higher than what we are experiencing in 2012.
Lake Tahoe Foreclosures & Short Sales: Of the properties sold this year, 131 have been Lake Tahoe Foreclosures, (17.5%), and 117 have been Lake Tahoe Short Sales, (15.6%) which results in just over 33% of the Lake Tahoe properties sold being distressed properties. In 2011 for the same period, there were 138 Lake Tahoe foreclosure sales and 101 short sales or just over 35% of the total sales.
Sales Price Range: For the year, there has been 487 residential Lake Tahoe real estate sold priced below $500,000, 200 properties sold between $500,000 and $1,000,000 and 61 properties sold over $1,000,000.
Median and Average Sales Prices: The median sales price for Lake Tahoe properties sold year to date is $391,000 while the average sales price is $539,468. For the same period in 2011, the median sales price was $400,000 and the average sales price was $520,527 which is a (2.3%) decline in median sales price and a 3.6% increase in the average sales price from 2011 to 2012.
Last Week’s Sales: For the week of August 6th, a total of 21 Lake Tahoe properties sold which was down significantly from the prior week’s sales of 38 properties. Of the Lake Tahoe real estate sold last week, five (5) properties sold at a price above $1,000,000.
Pending Sales: Currently there are 221 pending residential Lake Tahoe real estate sales in the market which is up slightly from the previous week. Currently 19% of the pending sales are distressed properties with 20 being Lake Tahoe short sales and 23 being Lake Tahoe foreclosures.
Market Activity Summary:
Total sales for the month of August through the 12th is up 34% from last year with 43 properties sold month to date as compared to 32 properties sold for the same period in 2011. Sales activity is brisk and on a number of the transactions the market is seeing multiple offers which have not been the case in the past few years. On a year to date basis, there have been 748 residential properties sold as compared to 667 for 2011 which is an overall favorable increase of 12%.
Thus far in 2012, Coldwell Banker Residential Brokerage is #1 in the entire market in terms of both residential units sold, (345 properties) and sales volume sold, ($138 million).
The median sales price for residential Lake Tahoe real estate has decreased from last year by (2.3%) to $391,000, while average sales prices have increased by 3.6% to $539,468. All indications seem to be indicating that the North Lake Tahoe and Truckee market may be nearing or at the bottom of the market based on the sales activity and sold price trends we have experienced in the past 60-days.
The hottest segment of the market continues to be homes priced under $500,000 as over 65% of the sales or 487 Lake Tahoe properties have sold in this price range which is similar to 2011 where 444 properties sold in this price range or 67% of sales.
Lake Tahoe Luxury homes sales, homes priced above $1,000,000, are up 15% from 2011. There have been 61 Lake Tahoe luxury homes sold which represents over 8% of sales this year as compared to 53 properties sold last year in this segment. The median sales price for Lake Tahoe luxury homes in 2012 is $1,400,000 as compared to a median price of $1,580,000 in 2011 which is down (11%). Conversely, the average sales price of lake Tahoe luxury homes in 2012 is $2,075,438 as compared to $1,950,101 in 2011 which is an increase of over 6%. Coldwell Banker is the market leader for Lake Tahoe Luxury homes sold over $1.0 million with 16 properties sold or 26% of luxury sales for the year for a sales volume of $23 million.
The mid range market sales, $500,000 to $1,000,000 are up 18% from last year with 200 Lake Tahoe properties sold in this segment or 27% of sales as compared to 170 properties sold or 25% in this range in 2011.
In the area of distressed Lake Tahoe real estate we are seeing similarities with the national trend of more banks supporting short sales as compared to last year. For 2012, Lake Tahoe short sale properties closed have gone up by 16% with 117 closed short sales in 2012 as compared to 101 closed Lake Tahoe short sales in 2011. Conversely Lake Tahoe Foreclosures closed in 2012 have gone down (5%) with 131 Lake Tahoe properties closed in 2012 as compared to 138 properties closed in 2011. Overall, distressed Lake Tahoe real estate sales, (Foreclosures and Short Sales) represent over 33% of the sales in 2012 which is almost identical to 2011.
The active inventory of residential Lake Tahoe real estate went down slightly from last week to 1,035 residential Lake Tahoe properties for sale. There are 774 single family homes and 261 condominiums listed for sale in the market. On a year over year bases, residential listings are down 33% from last year at this time.
WHAT ARE YOU WAITING FOR? With the existing inventory of residential Lake Tahoe real estate in 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 and acquiring homes in many of the Lake Tahoe and 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 North Lake Tahoe area.
Contact Olja Mihic, Lake Tahoe Realtor Today to Find Out More about the Opportunities Available in the Tahoe-Truckee Market.
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 # 1908304