Lake Tahoe Real Estate Market Report – Aug 8th-14th

Lake Tahoe Real Estate Market Report

North Lake Tahoe-Truckee Region MLS

Residential Properties – Single Family Homes and Condominiums

Week of: August 8th to August 14th

 

Active Inventory Summary:

 

Active Listings: The inventory for residential properties went up slightly to 1,356 active listings in the market; 1,054 single family homes and 302 condominiums for sale.  Coldwell Banker has over 17% of the active listings in the market and continues to be the market leader for listings.

 

REO-Short Sale Listings: Of the active listings, there are 143 properties listed as short sales, (10.5%) and 48 properties listed as REO sales, (3.5%).

 

Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has over 13-months of inventory available.  The inventory of homes at today’s prices continues to favor the buyer interested in an investment property, vacation home or moving up to a larger home or better location.

 

Sales Summary:  Year-To-Date

 

Total Sales 2011 Vs 2010:


Total Sales:
For 2011, there have been 664 residential properties sold in the market as compared to 641 for the same period in 2010 which is a 3.6% increase in sales.  Of the total sales in the market for 2011, 511 have been single family homes, while 153 were condominiums.

 

REO & Short Sales: Of the properties sold, 138 have been REO’s, (20.8%), and 101 have been Short Sales, (15.2%) which results in 36% of the properties sold being distressed properties.  In 2010 for the same period, there were 129 REO sales and 88 short sales or roughly 34% of the total sales.

 

Sales Price Range: For the year, there have been 443 properties sold priced below $500,000, 169 properties sold between $500,000 and $1,000,000 and 52 properties sold over $1,000,000.

 

Median and Average Sales Prices: The median sales price for properties sold year to date is $398,350 while the average sales price is $516,274. For the same period in 2010, the median sales price was $428,000 and the average sales price was $609,433 which is an (6.9%) and (15.3%) decline in price respectively year over year.

 

Last Week’s Sales: For the week of August 8th a total of 17 properties sold which went up moderately from the previous week’s sales of 13 properties.  Of the properties sold last week, only one (1) of the properties sold were priced over $750,000.

Pending Sales: Currently there are 191 pending residential sales in the market which is up slightly from the previous week.  Of the pending sales, 16 are short sales and 19 are REO properties.

Market Activity Summary:

 

The first two weeks of sales for August 2011 are off to a slower start as compared to 2010 with 30 residential sales this year versus 41 sales for the same period last year.  An encouraging sign is that pending sales went up slightly to 191 properties reported in escrow.

 

Median sales prices have decreased from last year by 6.9% to $398,350 while the average sales prices have decreased by 15.3% to $516,274.  These price trends are one of the major factors influencing home sales to date and should bode well for the remainder of the year.

 

The hottest segment of the market continues to be homes priced under $500,000 as roughly 67% or 443 properties have sold in this price range.  Luxury home sales, homes priced above $1,000,000, continue lag behind 2010 sales as 52 properties or 7.8%, have sold year to date as compared to 72 properties last year which is a 28% drop.  The mid range market, sales $500,000 to $1,000,000 are down as well from last year with 169 properties sold or 25% of sales as compared to 183 properties sold in 2010.

Distressed properties, REO and Short Sales represent 36% of the sales in the market which is almost identical to the quantity of REO and Short sales in 2010. Interestingly enough while 36% of the sales are distressed properties only 14% of the active listings are distressed properties.

 

With the inventory of great residential properties on the market, homes priced at 10-year lows and favorable interest rates, we are anticipating a strong rally towards the end of the year.  One area we will certainly keep our eye on is the impact of the recent issues in the financial markets internationally and home sales.

 

Now may be one of the best times for Buyers considering an investment in a vacation home or investment property in the Lake Tahoe-Truckee market.

Contact Olja Mihic, Coldwell Banker Agent Today…For a Free Market Valuation

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 # 00313415

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