Lake Tahoe Real Estate and Truckee Real Estate Market Report Apr 29-May 5
Week of: April 29th to May 5th
Lake Tahoe Real Estate and Truckee Real Estate Weekly Market Report by Olja Mihic, Lake Tahoe Realtor. Data gathered from Lake Tahoe MLS.
Lake Tahoe Real Estate and Truckee Real Estate Active Inventory Summary:
Active Listings: Lake Tahoe MLS shows the current inventory of residential Lake Tahoe real estate and Truckee real estate went up 5% from the previous week to 648 residential Lake Tahoe properties for sale; 465 single family homes and 183 condominiums for sale. Coldwell Banker has roughly 13% 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, Lake Tahoe MLS shows there are only 11 Lake Tahoe real estate and Truckee real estate listed as short sales, (1.7%) and 5 properties listed as Lake Tahoe foreclosures (REO) sales, (0.8%).
Months of Inventory: Based on the current Lake Tahoe real estate and Truckee real estate active inventory from Lake Tahoe MLS and sales for the previous 30-day period, the market has a little over 6-months of inventory available.
Lake Tahoe Real Estate and Truckee Real Estate Sales Summary: Year-To-Date
Total Sales 2013 Vs. 2012:
Total Sales: For 2013, there have been 412 residential Lake Tahoe properties sold in the market which slightly higher than the 375 Lake Tahoe properties sold in 2012 for the same period. Of the total Lake Tahoe real estate and Truckee real estate sales in the market this year, 326 have been single family Lake Tahoe homes, while 86 or 21% of the Lake Tahoe real estate and Truckee real estate sales are condominiums. In 2012 for the same period, condominiums represented a little over 23% of the sales.
Lake Tahoe Foreclosures (REO) & Short Sales: Distressed Lake Tahoe property sales are down significantly for the year with 31 Lake Tahoe foreclosures (REO) sales, (7%), and 59 Short Sales, (14%) which results in 21% of the Lake Tahoe real estate and Truckee real estate sold being distressed properties. In 2012 for the same period, there were 79 Lake Tahoe foreclosures REO sales and 71 short sales or 40% of the total Lake Tahoe real estate and Truckee real estate sales being distressed properties.
Sales by Price Range: Lake Tahoe MLS shows in 2013, there have been 238 residential Lake Tahoe real estate and Truckee real estate sold priced below $500,000, 119 Lake Tahoe properties sold between $500,000 and $1,000,000 and 55 properties sold over $1,000,000.
Median and Average Sales Prices: The median Lake Tahoe real estate and Truckee real estate sales price for properties sold year to date is $439,500 while the average sales price is $675,428. For the same period in 2012, the median Lake Tahoe real estate and Truckee real estate sales price was $370,000 and the average sales price was $509,699 which is an increase of 18% in median sales price and an increase of 32% in average sales price.
Last Week’s Sales: For the week of April 29th a total of 25 Lake Tahoe properties sold which was identical to the prior week’s sales. Of the Lake Tahoe real estate and Truckee real estate sold last week only 1 property sold at a price above $1,000,000.
Pending Sales: Currently in the Lake Tahoe MLS there are 203 pending residential Lake Tahoe real estate and Truckee real estate sales in the market which is down slightly from the previous week’s pending sales of 204. Of the pending Lake Tahoe properties, 27% are distressed lake Tahoe properties with 45 being short sales and 10 being lake Tahoe Foreclosures REO’s.
Market Activity Summary:
Lake Tahoe real estate and Truckee real estate sales activity for 2013 are higher than in 2012 in terms of total sales as there have been 412 residential properties sold year to date which is up 9% from the 375 sales for the same period last year. We are continuing to see significant buyer interest for this market with multiple offer situations occurring more frequently than what we experienced last year. For the month of April 2013, there were 103 residential sales in the market as compared to 95 in April 2012 which is up 8%.
Coldwell Banker Residential Brokerage as was the case in 2012 continues to be #1 in the entire market in terms of both unit sides sold, (180 sales) and sales volume sold, ($76 million) on a year to date basis.
The median Lake Tahoe real estate and Truckee real estate sales price for residential properties reached 439,500 last week which is up 18% from the median sales price of $370,000 in 2012. Similarly the average Lake Tahoe real estate and Truckee real estate sales price has gone up a whopping 32% to $675,428 as compared to last year’s average sales price of $509,699 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 market with the highest level of activity continues to be Lake Tahoe homes priced under $500,000 as 58% of the sales or 238 Lake Tahoe properties have sold in this price range which is similar to 2012 where over 66% of Lake Tahoe real estate and Truckee real estate sales or 249 properties sold in this price range.
Lake Tahoe luxury homes sales, homes priced above $1,000,000, have more than doubled from 2012 with 55 Lake Tahoe luxury homes selling since the beginning of the year as compared to only 26 Lake Tahoe luxury homes sold for the same period in 2012. Lake Tahoe luxury homes sold represent over 13% of Lake Tahoe real estate and Truckee real estate sales thus far this year. The median sales price for Lake Tahoe luxury homes in 2013 is $1,650,000 as compared to a median price of $1,335,000 in 2012 which is up 23%. Similarly, the average sales price of Lake Tahoe luxury homes in 2013 is $2,215,954 as compared to $2,025,000 in 2012 which is a 9% increase.
The Lake Tahoe real estate and Truckee real estate mid range market sales, $500,000 to $1,000,000 are up slightly from last year with 119 Lake Tahoe properties sold in this segment or 28% of sales as compared to 100 properties sold or 26% 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 17% with 59 closed short sales in 2013 as compared to 71 closed short sales in 2012. Similarly, Lake Tahoe foreclosures REO properties closed in 2013 have gone down (60%) with 31 Lake Tahoe properties closed in 2013 as compared to 79 Lake Tahoe properties closed in 2012. Overall, distressed property sales, (Lake Tahoe foreclosures REO and Short Sales) represent 21% of the Lake Tahoe real estate and Truckee real estate sales in 2013 which is less than the 40% in 2012.
The Lake Tahoe real estate and Truckee real estate active inventory shown in Lake Tahoe MLS on a year over year basis is down roughly 18% as we currently have 648 residential Lake Tahoe properties listed for sale as compared to 789 a year ago at this time. However, this past week we had a 5% increase in Lake Tahoe real estate and Truckee real estate inventory with a total of 648 residential properties on the market; 465 single family homes and 183 condominiums listed for sale. As is the case in many California markets, low inventory levels are the norm and the Lake Tahoe real estate and Truckee real estate market is experiencing similar trends.
IT’S NOT TOO LATE! While Lake Tahoe real estate and Truckee real estate inventory levels are lower than normal, there are still many quality Lake Tahoe properties to choose from throughout the north Lake Tahoe and Truckee area. When you compound the inventory available with Lake Tahoe 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, Lake Tahoe Realtor Today to Find Out More about the Opportunities Available in the Lake Tahoe Real Estate and 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. DRE License # 1908304
Comments