Lake Tahoe Real Estate and Truckee Real Estate Market Report: March 25-31

By Olja Mihic, Lake Tahoe Realtor, Lake Tahoe Real Estate and Truckee Real Estate Market Report for March 25th – 31st. Data reported is from Lake Tahoe MLS.

 

Lake Tahoe MLS Active Inventory Summary:

 

Active Listings: Per Lake Tahoe MLS the current inventory of residential Lake Tahoe real estate and Truckee real estate went up slightly from the previous report to 542 residential Lake Tahoe properties for sale; 354 single family Lake Tahoe 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:  Lake Tahoe MLS reports that of the active listings, there are only 6 Lake Tahoe properties listed as short sales, (1.0%) and 9 Lake Tahoe properties listed as Lake Tahoe foreclosures (REO) sales, (2.0%).

 

Months of Inventory:  Based on the current active inventory and Lake Tahoe real estate and Truckee real estate sales for the previous 30-day period, the market has a little over 4-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 287 residential Lake Tahoe real estate and Truckee real estate sold in the market which is reasonably higher than the 264 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, 219 have been single family Lake Tahoe homes, while 68 or 24% of the sales are condominiums.  In 2012 for the same period, condominiums represented a little over 20% of the sales.

 

Lake Tahoe Foreclosures (REO) & Short Sales:  Distressed property sales are down significantly for the year with 24 Lake Tahoe foreclosures (REO) sales, (8%), and 42 Short Sales, (15%) which results in 23% of the Lake Tahoe properties sold being distressed properties.  In 2012 for the same period, there were 64 Lake Tahoe foreclosures (REO) sales and 58 short sales or 46% of the total Lake Tahoe real estate and Truckee real estate sales being distressed properties.

 

Sales by Price Range:  In 2013, there have been 171 residential Lake Tahoe real estate and Truckee real estate sold priced below $500,000, 74 Lake Tahoe properties sold between $500,000 and $1,000,000 and 42 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 $417,000 while the average sales price is $694,791. For the same period in 2012, the median Lake Tahoe real estate and Truckee real estate sales price was $359,000 and the average sales price was $518,560 which is an increase of 16% in median sales price and an increase of 34% in average Lake Tahoe real estate and Truckee real estate sales price.

Last Week’s Sales:  For the week of March 25th a total of 35 Lake Tahoe properties sold which was up nicely from the prior week’s sales of 28 Lake Tahoe properties.  Last week Lake Tahoe real estate and Truckee real estate sales were the single largest week of sales thus far for 2013. Of the Lake Tahoe real estate and Truckee real estate sold last week, 8 Lake Tahoe properties sold at a price above $1,000,000.

Pending Sales:  Currently there are 206 pending residential Lake Tahoe real estate and Truckee real estate sales in the market which is down from the previous week’s pending sales of 210.  Of the pending Lake Tahoe real estate and Truckee real estate, 30% are distressed Lake Tahoe properties with 54 being short sales and 7 being Lake Tahoe foreclosures (REO’s).

Market Activity Summary: 

 

Real estate activity for 2013 is slightly ahead of 2012 in terms of total sales as there have been 287 residential properties sold year to date which is up 9% from the 264 sales for the same period last year.  The month of March yielded 135 properties sold as compared to 117 in 2012 for the same period which is a 15% increase.

 

The median Lake Tahoe real estate and Truckee real estate sales price for residential Lake Tahoe properties reached 417,000 which is up 16% from the median Lake Tahoe real estate and Truckee real estate sales price of $359,000 in 2012.  Similarly the average Lake Tahoe real estate and Truckee real estate sales price has gone up a whopping 34% to $694,791 as compared to last year’s average sales price of $518,560 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 sales or 171 Lake Tahoe properties have sold in this price range which is similar to 2012 where over 67% of sales or 176 Lake Tahoe properties sold in this price range.

 

Lake Tahoe luxury homes sales, homes priced above $1,000,000, have doubled from 2012 with 42 Lake Tahoe luxury homes selling since the beginning of the year as compared to only 21 Lake Tahoe luxury homes sold for the same period in 2012.  Lake Tahoe luxury homes sold represents over 14% 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 $1,667,500 as compared to a median price of $1,300,000 in 2012 which is up 28%.  Similarly, the average sales price of Lake Tahoe Luxury homes in 2013 is $2,300,690 as compared to $2,083,571 in 2012 which is a 20% increase.

 

The mid range market sales, $500,000 to $1,000,000 are up slightly from last year with 74 properties sold in this segment or 25% of sales as compared to 67 Lake Tahoe properties sold or 25% 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 27% with 42 closed short sales in 2013 as compared to 58 closed short sales in 2012.  Similarly, Lake Tahoe foreclosures (REO) properties closed in 2013 have gone down (62%) with 24 properties closed in 2013 as compared to 64 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 46% in 2012.

 

The active Lake Tahoe real estate and Truckee real estate inventory on a year over year basis is down roughly 35%.  However, this past week we had a slight increase in inventory once again with a total of 542 residential lake Tahoe properties on the market; 354 single family 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 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 and Truckee resort communities.

 

Contact Olja Mihic, Your 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 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 Lake Tahoe MLS may not reflect all real estate activity in the market.  DRE License # 1908304

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