Lake Tahoe Real Estate: Market Report Aug 26-Sep1
2013 Weekly Lake Tahoe Real Estate Market Report by Your Lake Tahoe Realtor, Olja Mihic
North Lake Tahoe-Truckee Region Lake Tahoe MLS including Squaw Valley Real Estate
Residential Properties – Single Family Homes and Condominiums
Week of: August 26th to September 1st
Active Inventory Summary:
Active Listings: Lake Tahoe MLS shows the current inventory of residential Lake Tahoe real estate went down slightly from last week with 886 residential Lake Tahoe properties for sale; 667 single family Lake Tahoe homes and 219 Lake Tahoe condominiums for sale. Coldwell Banker has over 16% 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 listings, there are only 6 properties listed as Lake Tahoe foreclosure and 17 properties listed as a short sale.
Months of Inventory: Based on the current active Lake Tahoe real estate inventory and sales for the previous 30-day period, Lake Tahoe MLS shows the market has over 6-months of inventory available.
Lake Tahoe Real Estate Sales Summary: Year-To-Date
Total Sales 2013 Vs. 2012:
Total Sales: For 2013, there have been 944 residential Lake Tahoe properties sold in the market which is 9% higher than the 863 Lake Tahoe properties sold in 2012 for the same period. Of the total Lake Tahoe real estate sales in the market this year, 751 have been single family Lake Tahoe homes, while 193 or 20% of the sales are Lake Tahoe condominiums. In 2012 for the same period, Lake Tahoe condominiums represented 25% of the Lake Tahoe real estate sales.
Lake Tahoe Foreclosures (REO) & Short Sales: Distressed Lake Tahoe real estate sales are down significantly for the year with 50 Lake Tahoe foreclosure sales, (5%), and 88 Short Sales, (9%) which results in 14% of the Lake Tahoe real estate sold being distressed properties. Conversely, in 2012 for the same period, there were 142 Lake Tahoe foreclosure sales and 133 short sales or 32% of the total Lake Tahoe real estate sales being distressed properties.
Sales by Price Range: In 2013, Lake Tahoe MLS shows there have been 529 residential Lake Tahoe properties sold with a purchase price below $500,000, 307 properties sold between $500,000 and $1,000,000 and 108 properties sold over $1,000,000.
Median and Average Sales Prices: The median Lake Tahoe real estate sales price for properties sold year to date is $456,250 while the average Lake Tahoe real estate sales price is $673,696. For the same period in 2012, the median sales price was $392,000 and the average sales price was $545,021 which is an increase of 16% in median sales price and an increase of 23% in average sales price.
Last Week’s Sales: For the week of August 26th a total of 43 Lake Tahoe properties sold which was up significantly from the prior week’s Lake Tahoe real estate sales of 26 properties. Of the 43 Lake Tahoe real estate sales this past week, there was one property which sold for $9.4 million and one that sold for $7.9 million.
Pending Sales: Currently, Lake Tahoe MLS shows there are 256 pending residential Lake Tahoe real estate sales in the market which is identical to pending Lake Tahoe real estate sales last week. Of the pending Lake Tahoe real estate, 15% are distressed Lake Tahoe properties with 32 being short sales and 7 being Lake Tahoe foreclosures (REO’s).
Market Activity Summary:
The last week of August was the highest single week of closed residential Lake Tahoe real estate sales for the entire 2013 year with 43 properties closing. For the month of August there were a total of 148 residential Lake Tahoe real estate sales as compared to 157 residential sales in 2012 which was down 6%. On a year to date basis, a total of 944 residential Lake Tahoe properties have sold which is up 9% from the 863 sales for the same period last year.
The median Lake Tahoe real estate sales price for residential Lake Tahoe properties for 2013 is currently at $456,250 which is up 16% from the median sales price of $392,000 in 2012. Similarly the average Lake Tahoe real estate sales price has gone up a dramatic 23% to $673,696 as compared to last year’s average sales price of $545,021 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 Lake Tahoe real estate sales continues to be homes priced under $500,000 as 56% of the sales or 529 properties have sold in this price range which is down slightly from 2012 where over 64% of sales or 558 Lake Tahoe properties sold in this price range. This variance is an indication of the rising prices in the market.
Lake Tahoe luxury homes sales, homes priced above $1,000,000, have gone up 44% from 2012 with 108 Lake Tahoe luxury homes selling since the beginning of the year as compared to only 75 Lake Tahoe luxury homes sales for the same period in 2012. Lake Tahoe luxury homes sales represent 11% of Lake Tahoe real estate sales thus far this year. The median sales price for Lake Tahoe luxury homes in 2013 is $1,732,500 as compared to a median price of $1,479,000 in 2012 which is up 17%. The average sales price of Lake Tahoe luxury homes in 2013 is $2,399,115 as compared to $2,048,032 in 2012 which is a 17% increase.
The mid range Lake Tahoe real estate market sales, $500,000 to $1,000,000 have gone up 33% from last year with 307 Lake Tahoe properties sold in this segment or 32% of sales as compared to 230 Lake Tahoe properties sold or 26% of sales in this price range in 2012.
Distressed properties, Lake Tahoe foreclosures (REO’s) and Short Sales, completely reversed the trend set in 2012. For 2013, short sale properties closed have gone down 34% with 88 closed short sales in 2013 as compared to 133 closed short sales in 2012. Similarly, Lake Tahoe foreclosures (REO) properties closed in 2013 have gone down (64%) with 50 Lake Tahoe properties closed in 2013 as compared to 142 properties closed in 2012. Overall, distressed Lake Tahoe real estate sales, (Lake Tahoe foreclosures (REO) and Short Sales) represent 14% of the sales in 2013 which is significantly less than the 32% in 2012.
Lake Tahoe MLS shows the active Lake Tahoe real estate inventory on a year over year basis is down roughly 11% as we currently have 886 residential Lake Tahoe properties listed for sale as compared to 998 a year ago at this time.
IT’S NOT TOO LATE: With current Lake Tahoe real estate inventory levels, there remain many quality Lake Tahoe properties to choose from throughout the north Lake Tahoe real estate and Truckee real estate, including Squaw Valley real estate, area. When you compound the Lake Tahoe real estate inventory available with homes still priced at 10-year lows and still favorable interest rates, savvy real estate investors are taking advantage of this market and acquiring homes in many of the Lake Tahoe real estate and Truckee real estate resort communities.
Contact Olja Mihic, Your Lake Tahoe Realtor Today to Find Out More about the Opportunities Available in the Lake Tahoe Real Estate-Truckee Real Estate-Squaw Valley 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. BRE License # 1908304
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