Lake Tahoe Real Estate and Truckee Real Estate: Market Report for Apr 1-7

Olja Mihic, Lake Tahoe Realtor, Weekly Lake Tahoe Real Estate Market Report. Data Drawn from Lake Tahoe MLS.

North Lake Tahoe Real Estate-Truckee Real Estate Region

 

Week of:  April 1st to April 7th

 

Active Inventory Summary:

 

Active Listings: Lake Tahoe MLS reports the current inventory of residential Lake Tahoe real estate and Truckee real estate went up 3% from the previous report to 557 residential Lake Tahoe properties for sale; 369 single family homes and 188 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 Lake Tahoe real estate and Truckee real estate listings, there are only 8 Lake Tahoe properties listed as short sales, (1.4%) and 9  properties listed as Lake Tahoe foreclosures REO sales, (1.6%).

 

Months of Inventory:  Based on the current active Lake Tahoe real estate and Truckee real estate inventory and sales for the previous 30-day period, the market has a over 4-months of inventory available, as indicated in the Lake Tahoe MLS.

 

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 312 residential Lake Tahoe properties sold in the market which is slightly higher than the 295 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, 241 have been single family Lake Tahoe homes, while 71 or 23% of the sales are condominiums.  In 2012 for the same period, condominiums represented a little over 19% of the sales.

 

Lake Tahoe Foreclosures REO & Short Sales:  Distressed property sales are down significantly for the year with 26 Lake Tahoe foreclosures REO sales, (8%), and 45 Short Sales, (15%) which results in 23% of the Lake Tahoe real estate and Truckee real estate sold being distressed properties.  In 2012 for the same period, there were 67 Lake Tahoe foreclosures REO sales and 61 short sales or 43% of the total Lake Tahoe real estate and Truckee real estate sales being distressed Lake Tahoe properties.

 

Sales by Price Range:  Lake Tahoe MLS reports in 2013, there have been 186 residential Lake Tahoe properties sold priced below $500,000, 81 Lake Tahoe properties sold between $500,000 and $1,000,000 and 45 Lake Tahoe properties sold over $1,000,000.

 

Median and Average Sales Prices:  The median sales price for Lake Tahoe real estate and Truckee real estate sold year to date is $423,750 while the average sales price is $685,625. For the same period in 2012, the median Lake Tahoe real estate and Truckee real estate sales price was $364,565 and the average sales price was $528,497 which is an increase of 16% in median sales price and an increase of 29% in average sales price.

Last Week’s Lake Tahoe Real Estate and Truckee Eeal Estate Sales:  For the week of April 1st a total of 18 Lake Tahoe properties sold which was almost half of the prior week’s sales of 35 Lake Tahoe properties.  Of the Lake Tahoe real estate and Truckee real estate sold last week, 3 Lake Tahoe properties sold at a price above $1,000,000.

Pending Sales:  Currently there are 204 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 206.  Of the pending Lake Tahoe real estate and Truckee real estate, 28% are distressed properties with 51 being short sales and 7 being Lake Tahoe foreclosure REO’s.

Market Activity Summary: 

 

Lake Tahoe real estate activity for 2013 is slightly ahead of 2012 in terms of total Lake Tahoe real estate and Truckee real estate sales as there have been 312 residential Lake Tahoe properties sold year to date which is up 6% from the 295 sales for the same period last year.  We are continuing to see sizeable buyer interest for this market with multiple offer situations occurring more frequently than what we experienced last year.

 

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, (131 sales) and sales volume sold, ($59 million) on a year to date basis.

 

The median Lake Tahoe real estate and Truckee real estate sales price for residential Lake Tahoe properties reached 423,750 last week which is up 16% from the median sales price of $364,565 in 2012.  Similarly the average sales price has gone up a whopping 29% to $685,625 as compared to last year’s average sales price of $528,497 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 59% of the Lake Tahoe real estate and Truckee real estate sales or 186 Lake Tahoe properties have sold in this price range which is similar to 2012 where over 66% of sales or 195 properties sold in this price range.

 

Lake Tahoe luxury home sales, homes priced above $1,000,000, have almost doubled from 2012 with 45 Lake Tahoe luxury homes selling since the beginning of the year as compared to only 23 Lake Tahoe luxury homes sold for the same period in 2012.  Lake Tahoe luxury homes sold represents over 14% of sales thus far this year.  The median Lake Tahoe real estate and Truckee real estate sales price for Lake Tahoe luxury homes in 2013 is $1,637,500 as compared to a median price of $1,370,000 in 2012 which is up 19%.  Similarly, the average sales price of Lake Tahoe luxury homes in 2013 is $2,234,199 as compared to $2,113,260 in 2012 which is a 6% increase.

 

The mid-range market sales, $500,000 to $1,000,000 are up slightly from last year with 81 Lake Tahoe properties sold in this segment or 26% of sales as compared to 77 Lake Tahoe 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 26% with 45 closed short sales in 2013 as compared to 61 closed short sales in 2012.  Similarly, Lake Tahoe foreclosures REO properties closed in 2013 have gone down (61%) with 26 Lake Tahoe properties closed in 2013 as compared to 67 Lake Tahoe properties closed in 2012.  Overall, distressed property sales, (Lake Tahoe foreclosures REO and Short Sales) represent 23% of the Lake Tahoe real estate and Truckee real estate sales in 2013 which is less than the 43% in 2012.

 

The active Lake Tahoe real estate and Truckee real estate inventory on a year over year basis is down roughly 30% as we currently have 557 residential Lake Tahoe properties listed for sale as compared to 791 a year ago at this time.  However, this past week we had a slight increase in Lake Tahoe real estate and Truckee real estate inventory once again with a total of 557 residential Lake Tahoe properties on the market; 369 single family lake Tahoe homes and 188 condominiums listed for sale.  As is the case in many California markets, low inventory levels are the norm and the Lake Tahoe real estate -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 Lake Tahoe real estate investors are taking advantage of this market and acquiring homes in many of the Lake Tahoe and Truckee 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

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