Lake Tahoe Real Estate: Market Report June 13th to June 19th

Olja Mihic, Lake Tahoe Realtor

Lake Tahoe Real Estate Active Inventory Summary:

Active Listings: The active inventory for Lake Tahoe Real Estate went up for the sixth straight week to 1,848 active listings in the market; 1,309 residential Lake Tahoe real estate and 539 lots and land listed for sale. The summer listing season is in full swing and prospective Lake Tahoe home buyers should have a large array of quality Lake Tahoe real estate to choose from.

Lake Tahoe Foreclosures (REO)-Short Sale Listings: Of the active listings, there are 158 properties listed as Lake Tahoe short sales, (8.5%) and 41 properties listed as Lake Tahoe foreclosures (REO) sales, (2.2%).

Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the Lake Tahoe real estate market has over 14-months of inventory available. The inventory of Lake Tahoe homes and land 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:

Lake Tahoe Real Estate Sales: For 2011, there have been 550 Lake Tahoe real estate sold in the market as compared to 582 for the same period in 2010 which is roughly an (5.5%) decrease in sales.

Lake Tahoe Foreclosures (REO) & Short Sales: Of the Lake Tahoe real estate sold, 127 have been Lake Tahoe foreclosures (REO’s), (23.1%), and 77 have been Lake Tahoe Short Sales, (14%) which results in roughly 37% of the Lake Tahoe real estate sold being a distressed property. In 2010 for the same period, there were 127 Lake Tahoe foreclosures (REO) sales and 82 Lake Tahoe short sales or roughly 36% of the total Lake Tahoe real estate sales.

Price Range: For the year, there have been 386 Lake Tahoe real estate sold priced below $500,000, 127 Lake Tahoe real estate sold between $500,000 and $1,000,000 and 37 Lake Tahoe real estate sold over $1,000,000.

Median and Average Sales Prices: The median sales price for Lake Tahoe real estate sold year to date is $365,000 while the average sales price is $469,369. For the same period in 2010, the median sales price was $399,500 and the average sales price was $542,737 which is a (8.6%) and (13.5%) decline in price respectively year over year.

Last Week’s Sales: For the week of June 13th a total of 22 Lake Tahoe real estate sold which was down significantly from the previous week’s sales of 32 Lake Tahoe real estate. Of the Lake Tahoe real estate sold last week, three of the properties sold were priced over $750,000.

Pending Sales: Currently there are 189 pending Lake Tahoe real estate sales in the market which is up slightly from the previous week. Of the pending sales, 21 are Lake Tahoe short sales and 30 are Lake Tahoe foreclosures (REO) properties.

Market Activity Summary:

Summer has finally arrived in the Sierras and we are beginning to see visitors and summer residents back in town. Conversely, Lake Tahoe real estate sales for the first two weeks of June are off to a great start with weekly Lake Tahoe real estate sales averaging 27 sales as compared to last year’s average of 20 sales.

Overall Lake Tahoe real estate sales year to date as compared to last year are down only 5.5% from 582 sales in 2010 versus 550 sales in 2011. More and more Lake Tahoe homes are coming on the market which if priced competitively could spur a favorable change in sales. Let’s hope the sales activity for the last two weeks is an indicator of what the summer will bring.

The hottest segment of the market continues to be Lake Tahoe real estate priced under $500,000 as roughly 70% or 386 properties have sold in this price range. Sales of Lake Tahoe luxury homes priced above $1,000,000 continue lag behind 2010 sales in this price range as 37 Lake Tahoe Luxury homes have sold year to date as compared to 54 Lake Tahoe Luxury homes last year which is a 31% drop. The mid range market sales, $500,000 to $1,000,000 are down as well from last year with 127 properties sold or 23% as compared to 153 properties sold in 2010.

Distressed properties, Lake Tahoe foreclosures (REO) and Lake Tahoe Short Sales represent 37% of the sales in the market which is almost identical to Lake Tahoe foreclosures REO and Lake Tahoe Short sales in 2010. Interestingly enough while 37% of the sales are distressed Lake Tahoe real estate only 11% of the active listings are distressed properties.

Median sales prices have decreased by 8.6% to $365,000 while the average Lake Tahoe real estate sales prices have decreased by 13.5% to $469,369.

All in all, with the existing inventory levels, the lower median and average sales prices, favorable interest rates available to qualified Buyers, now may be the right time for that investment in a vacation home or investment property especially before the busy summer months.

 

Contact Olja Mihic, Lake Tahoe Realtor 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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