Lake Tahoe Real Estate – Market Report Aug 15-21

Olja Mihic Coldwell Banker – 2011 Weekly Real Estate Market Report – Week of: August 15th to August 21st

North Lake Tahoe-Truckee Region MLS

Residential Properties – Single Family Homes and Condominiums

 

Active Inventory Summary:

Active Listings: The inventory for residential properties went up nicely to 1,374 active listings in the market; 1,064 single family homes and 310 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 146 properties listed as short sales, (10.6%) and 49 properties listed as REO sales, (3.6%).

 

Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has over 14-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 681 residential properties sold in the market as compared to 666 for the same period in 2010 which is a 2.3% increase in sales.  Of the total sales in the market for 2011, 524 have been single family homes, while 157 were condominiums.

 

REO & Short Sales: Of the properties sold, 142 have been REO’s, (20.9%), and 102 have been Short Sales, (15.0%) which results in over 35% of the properties sold being distressed properties.  In 2010 for the same period, there were 134 REO sales and 89 short sales or roughly 33% of the total sales.

 

Sales Price Range: For the year, there have been 454 properties sold priced below $500,000, 174 properties sold between $500,000 and $1,000,000 and 53 properties sold over $1,000,000.

 

Median and Average Sales Prices: The median sales price for properties sold year to date is $400,000 while the average sales price is $520,205. For the same period in 2010, the median sales price was $428,500 and the average sales price was $621,735 which is an (6.7%) and (16.3%) decline in price respectively year over year.

 

Last Week’s Sales: For the week of August 15th a total of 17 properties sold which was identical to the previous week’s sales of 17 properties.  Of the properties sold last week, two (2) of the properties sold were priced over $750,000 and one of the two was priced over $4.4 million.

Pending Sales: Currently there are 195 pending residential sales in the market which is up slightly from the previous week.  Of the pending sales, 19 are short sales and 18 are REO properties.

Market Activity Summary:

August residential sales are averaging 16 sales per week as compared to average weekly sales in July which were roughly 22 sales per week.  It is possible that with the recent economic news, some homebuyers are being a bit more cautious than in previous months. However, there continues to be an encouraging trend as pending sales went up noticeably again last week to 195 properties reported in escrow.

 

Median sales prices have decreased from last year by 6.7% to $400,000 while the average sales prices have decreased by 16.3% to $520,205 from last year.  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 454 properties have sold in this price range.  Luxury home sales, homes priced above $1,000,000, continue lag behind 2010 sales as 53 properties or 7.8%, have sold year to date as compared to 76 properties last year which is a 30% decline.  The mid range market, sales $500,000 to $1,000,000 are down as well from last year with 174 properties sold or 26% of sales as compared to 190 properties sold in this range in 2010.

Distressed properties, REO and Short Sales represent 35% of the sales in the market which is almost identical to the quantity of REO and Short sales in 2010. Interestingly enough while 35% 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 some of the lowest interest rates in history, we are anticipating a strong rally towards the end of the year.

 

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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