Lake Tahoe Real Estate Market Report: Oct 29-Nov4
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 this past week dropped to 771 residential Lake Tahoe real estate for sale; 560 single family Lake Tahoe homes and 211 Lake Tahoe condominiums for sale. The current inventory level is at the lowest point for the entire 2012 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 Lake Tahoe real estate active listings, there are 82 Lake Tahoe properties listed as Lake Tahoe short sales, (10.6%) and 9 Lake Tahoe properties listed as Lake Tahoe foreclosures (REO) sales, (1.2%).
Lake Tahoe Real Estate 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 1,182 residential Lake Tahoe properties sold in the market as compared to 1,002 for the same period in 2011 which is a year over year increase in sales of over 18%. Of the total sales in the market this year, 935 have been single family Lake Tahoe homes, while 247 or 20.9% of the sales are Lake Tahoe 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) & Lake Tahoe Short Sales: For distressed Lake Tahoe properties sold this year, 169 have been Lake Tahoe foreclosures (REO’s), (14.3%), and 169 have been Lake Tahoe Short Sales, (14.3%) which results in just over 28% of the Lake Tahoe properties sold being distressed properties. In 2011 for the same period, there were 175 Lake Tahoe foreclosures (REO) sales and 134 Lake Tahoe short sales or just over 30% of the total Lake Tahoe real estate sales.
Lake Tahoe Real Estate Sales by Price Range: For the year, there have been 759 residential Lake Tahoe real estate sold priced below $500,000, 316 Lake Tahoe properties sold between $500,000 and $1,000,000 and 107 Lake Tahoe real estate 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 $399,475 while the average sales price is $552,167. For the same period in 2011, the median sales price was $400,000 and the average sales price was $544,270. Median sales prices are almost identical to 2011 and the average sales price has increase roughly 1.5%.
Lake Tahoe Real Estate Last Week’s Sales: For the week of October 29th, a total of 39 Lake Tahoe properties sold which was up nicely from the prior week’s sales of 30 Lake Tahoe properties. Of the Lake Tahoe properties sold last week, five (5) Lake Tahoe properties sold at a price above $750,000.
Lake Tahoe Real Estate Pending Sales: Currently there are 182 pending residential Lake Tahoe real estate sales in the market which is down (11%) from the previous week. Currently 15% of the pending sales are distressed Lake Tahoe properties with 16 being Lake Tahoe short sales and 12 being Lake Tahoe foreclosures (REO’s).
Lake Tahoe Real Estate Market Activity Summary:
The month of October finished with a bang with 39 Lake Tahoe real estate closing this past sales week. For the entire month of October 2012, there were 174 Lake Tahoe real estate sold as compared to only 114 Lake Tahoe real estate sold in October of 2011 which is a 52% increase in sales. On a year to date basis, there have been 1,182 residential Lake Tahoe properties sold as compared to 1,002 for 2011 which is an overall favorable increase of 18%. This is by far the strongest sales year in the past four years.
Coldwell Banker Residential Brokerage is #1 in the entire market in terms of both residential units sold, (516 sales) and sales volume sold, ($211 million).
The median sales price for residential Lake Tahoe real estate is $399, 475 which is almost identical to last year at this time. The average sales price has risen 1.5% to $552,167. These price trends over the past 90-120 days continue to suggest that the Lake Tahoe-Truckee market has reached or is nearing the bottom.
The segment of the market with the highest level of activity continues to be Lake Tahoe homes priced under $500,000 as over 64% of the sales or 759 Lake Tahoe homes have sold in this price range which is similar on a percentage basis to 2011 where 66% of sales or 662 Lake Tahoe properties sold in this price range.
Lake Tahoe Luxury homes sales, Lake Tahoe 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 properties 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 properties sold with a sales volume of $35 million.
The mid range market sales, $500,000 to $1,000,000 are up 23% from last year with 316 Lake Tahoe real estate sold in this segment or 27% of sales as compared to 253 Lake Tahoe properties sold or 25% in this range in 2011.
In the area of distressed Lake Tahoe properties 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 26% with 169 closed Lake Tahoe short sales in 2012 as compared to 134 closed Lake Tahoe short sales in 2011. Lake Tahoe short sales closed are identical to Lake Tahoe foreclosures (REO) properties closed. Lake Tahoe foreclosures (REO) properties closed in 2012 have gone down (3.5%) with 169 Lake Tahoe real estate closed in 2012 as compared to 175 Lake Tahoe real estate closed in 2011. Overall, distressed Lake Tahoe property sales, (Lake Tahoe foreclosures (REO) and Lake Tahoe Short Sales) represent over 28% of the sales in 2012 which is less than the 30.9% 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 this year with 771 residential Lake Tahoe homes for sale. There are 560 single family Lake Tahoe homes and 211 Lake Tahoe condominiums listed for sale in the market. On a year over year bases, residential listings are down 28% from last year.
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 Lake Tahoe-Truckee Real Estate 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