Lake Tahoe Real Estate: Market Report June 17-23
Lake Tahoe Market Report, by Olja Mihic, Your Lake Tahoe Realtor from Lake Tahoe MLS
North Lake Tahoe Real Estate-Truckee Real Estate Region
Week of: June 17th to June 23rd
Active Inventory Summary:
Active Listings: Per Lake Tahoe MLS, the current inventory of residential Lake Tahoe real estate went up 7% from the previous week to 843 residential Lake Tahoe real estate for sale; 633 single family homes and 210 Lake Tahoe condominiums for sale. Coldwell Banker has over 16% of the active listings in the market and continues to be the market leader for listings.
Lake Tahoe Foreclosures REO-Short Sale Active Listings: Of the active listings, there are only 4 properties listed as short sales, (0.5%) and 5 properties listed as Lake Tahoe foreclosures (REO) sales, (0.6%).
Months of Inventory: Based on the current active Lake Tahoe real estate inventory and sales for the previous 30-day period, the market has just over 7-months of inventory available.
Lake Tahoe Real Estate Sales Summary: Year-To-Date
Total Sales 2013 Vs. 2012:
Total Sales: Per Lake Tahoe MLS, for 2013, there have been 609 residential Lake Tahoe real estate sold in the market which is 8% higher than the 564 Lake Tahoe properties sold in 2012 for the same period. Of the total Lake Tahoe real estate sales in the market this year, 480 have been single family homes, while 129 or 21% of the sales are Lake Tahoe condominiums. In 2012 for the same period, Lake Tahoe condominiums represented just over 24% of the Lake Tahoe real estate sales.
Lake Tahoe Foreclosures (REO) & Short Sales: Distressed Lake Tahoe property sales are down significantly for the year with 40 Lake Tahoe foreclosures (REO) sales, (6%), and 73 Short Sales, (12%) which results in 18% of the Lake Tahoe real estate sold being distressed properties. In 2012 for the same period, there were 103 Lake Tahoe foreclosures (REO) sales and 105 short sales or 37% of the total Lake Tahoe real estate sales being distressed properties.
Lake Tahoe Real Estate Sales by Price Range: In 2013, there have been 346 residential Lake Tahoe properties sold priced below $500,000, 190 Lake Tahoe properties sold between $500,000 and $1,000,000 and 73 Lake Tahoe properties sold over $1,000,000.
Median and Average Sales Prices: The median Lake Tahoe real estate sales price for Lake Tahoe properties sold year to date is $450,000 while the average Lake Tahoe real estate sales price is $660,755. For the same period in 2012, the median Lake Tahoe real estate sales price was $380,000 and the average Lake Tahoe real estate sales price was $525,274 which is an increase of 18% in median sales price and an increase of 26% in average sales price.
Last Week’s Sales: For the week of June 17th a total of 31 Lake Tahoe properties sold which was up slightly from the prior week’s sales of 28 Lake Tahoe properties. Of the Lake Tahoe real estate sold last week two (2) properties sold at a price above $1,000,000.
Pending Sales: Currently, Lake Tahoe MLS shows, there are 235 pending residential Lake Tahoe real estate sales in the market which is down 3% from the previous week’s pending Lake Tahoe real estate sales. Of the pending Lake Tahoe real estate, 20% are distressed properties with 38 being short sales and 9 being Lake Tahoe foreclosures (REO’s).
Market Activity Summary:
Residential Lake Tahoe real estate sales activity for 2013 has been very favorable as we continue to see the market outpace 2012 for residential Lake Tahoe real estate sales. Thus far, 609 residential Lake Tahoe properties have sold year to date which is up 8% from the 564 Lake Tahoe real estate sales for the same period last year. We are continuing to see significant buyer interest for the Lake Tahoe real estate-Truckee real estate market with multiple offer situations occurring more frequently than what we experienced last year. June Lake Tahoe real estate sales month to date have mirrored June sales from last year with 81 sales thus far as compared to 82 a year ago. All indications are that June will close at or better than last year.
Coldwell Banker Residential Brokerage for 2013 is #1 in the entire market in terms of both unit sides sold, (296 sales) and sales volume sold, ($128 million).
The median Lake Tahoe real estate sales price for residential Lake Tahoe properties reached 450,000 last week which is up 18% from the median Lake Tahoe real estate sales price of $380,000 in 2012. Similarly the average Lake Tahoe real estate sales price has gone up a whopping 26% to $660,755 as compared to last year’s average Lake Tahoe real estate sales price of $525,274 due in large part to the higher number of Lake Tahoe luxury homes sales in the market since the beginning of the new year.
The segment of the Lake Tahoe real estate market with the highest level of activity continues to be homes priced under $500,000 as 57% of the Lake Tahoe real estate sales or 346 Lake Tahoe properties have sold in this price range which is down slightly from 2012 where over 65% of sales or 371 Lake Tahoe properties sold in this price range.
Lake Tahoe luxury home sales, Lake Tahoe real estate priced above $1,000,000, have gone up 78% from 2012 with 73 Lake Tahoe luxury homes selling since the beginning of the year as compared to only 41 Lake Tahoe luxury homes sold for the same period in 2012. Lake Tahoe luxury homes sold represent over 12% of sales thus far this year. The median Lake Tahoe real estate sales price for Lake Tahoe luxury homes in 2013 is $1,740,000 as compared to a median price of $1,300,000 in 2012 which is up 34%. The average sales price of Lake Tahoe luxury homes in 2013 is $2,216,532 as compared to $2,111,115 in 2012 which is a 5% increase.
The mid range market Lake Tahoe real estate sales, $500,000 to $1,000,000 have gone up 25% from last year with 190 Lake Tahoe properties sold in this segment or 31% of Lake Tahoe real estate sales as compared to 152 Lake Tahoe properties sold or 27% of sale in this range in 2012.
Distressed properties, (Lake Tahoe foreclosures (REO’s) and Short Sales), have really lagged 2012 thus far. For 2013, short sale properties closed have gone down 30% with 73 closed short sales in 2013 as compared to 105 closed short sales in 2012. Similarly, Lake Tahoe foreclosures (REO) properties closed in 2013 have gone down (61%) with 40 Lake Tahoe properties closed in 2013 as compared to 103 Lake Tahoe properties closed in 2012. Overall, distressed property sales, (Lake Tahoe foreclosures REO and Short Sales) represent 18% of the Lake Tahoe real estate sales in 2013 which is less than the 37% in 2012.
Data in Lake Tahoe MLS shows the active Lake Tahoe real estate inventory on a year over year basis is down roughly 15% as we currently have 843 residential Lake Tahoe properties listed for sale as compared to 996 a year ago at this time. However, this past week we had a 7.5% increase in Lake Tahoe real estate inventory bringing our total to 843 residential Lake Tahoe properties on the market; 633 single family homes and 210 Lake Tahoe condominiums listed for sale.
SUMMER IS HERE…THIS MIGHT BE A GREAT TIME TO BUY! While Lake Tahoe real estate inventory levels are lower than normal, there are still many quality properties to choose from throughout the north Lake Tahoe real estate and Truckee real estate area. When you compound the inventory available with homes still priced at 10-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 real estate and Truckee real estate resort communities.
Contact Olja Mihic, Your Lake Tahoe Realtor Today to Find Out More about the Opportunities Available in the Lake Tahoe Real Estate-Truckee Real Estate 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. BRE License # 1908304