Lake Tahoe Real Estate – Market Report Aug 29th – Sep 4th

Lake Tahoe Real Estate Market Report Week of: August 29th to September 4th

North Lake Tahoe-Truckee Region MLS  Residential Properties – Single Family Homes and Condominiums

Active Inventory Summary:

Active Listings: The inventory for residential properties went down slightly for the first time in 15-weeks to 1,360 active listings in the market; 1,060 single family homes and 300 condominiums for sale.  Coldwell Banker has over 17% of the active listings in the market and continues to be the market leader for listings.

 

Lake Tahoe REO-Short Sale Listings: Of the active listings, there are 159 properties listed as short sales, (11.7%) 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 15-months of inventory available.

 

Sales Summary:  Year-To-Date

 

Total Sales 2011 Vs 2010:


Total Sales:
For 2011, there have been 731 residential properties sold in the market as compared to 724 for the same period in 2010 which is a year over year 1% increase in sales.  Of the total sales in the market for 2011, 566 have been single family homes, while 165 or 23% of the sales were condominiums.  I n 2010, condominiums represented 33% of the sales which is significantly higher than in 2011.

 

Lake Tahoe REO & Short Sales: Of the properties sold this year, 147 have been REO’s, (20.1%), and 112 have been Short Sales, (15.3%) which results in over 35% of the properties sold being distressed properties.  In 2010 for the same period, there were 145 REO sales and 93 short sales or roughly 33% of the total sales which is almost identical to this year.

 

Sales Price Range: For the year, there have been 488 residential properties sold priced below $500,000, 184 properties sold between $500,000 and $1,000,000 and 59 properties sold over $1,000,000.

 

Median and Average Sales Prices: The median sales price for properties sold year to date is $397,700 while the average sales price is $530,388. For the same period in 2010, the median sales price was $428,500 and the average sales price was $626,582 which is a (7.2%) and (15.4%) decline in price respectively year over year.

 

Last Week’s Sales: For the week of August 29th a total of 22 properties sold which was slightly higher than the previous week’s sales of 21 properties.  Of the properties sold last week, three (3) of the properties sold were priced over $1,000,000.  Coldwell Banker was involved in 12 of the properties sold last week which was double that of any other brokerage.

Pending Sales: Currently there are 202 pending residential sales in the market which is up slightly from the previous week.  Of the pending sales, 14 are short sales and 23 are REO properties which is roughly 18% of the pending sales being distressed properties.

Market Activity Summary:

 

The last week of August and the first week of September sales were encouraging as compared to the first three weeks of August.  In addition, there continues to be an favorable trend as pending sales went up again last week to 202 properties reported in escrow.  As it relates to pending sales, only 18% of the pending sales are distressed properties whereas we are seeing 35% of the overall sales for the year being an REO or short sale.

 

Median sales prices have decreased from last year by 7.2% to $397,700 while the average sales prices have decreased by 15.4% to $626,582.  The downward trend in price is 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 488 properties have sold in this price range.  In 2010, 60% or 436 properties sold in this price range which makes sense given the drop median sales prices.

 

Luxury home sales, homes priced above $1,000,000, continue lag behind 2010 sales as 59 properties or 8.1%, have sold year to date as compared to 84 properties last year which is a 29% decline.  For 2011, the median sales price for luxury properties is $1,615,000 while the average sales price is $2,062,595 which is almost identical to the prices for 2010 in this segment.

 

The mid range market sales, $500,000 to $1,000,000 are down as well from last year with 184 properties sold or 25.2% of sales as compared to 204 properties sold or 28.2% in this range in 2010.

Distressed properties, Lake Tahoe 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 15% of the active listings and 18% of the pending sales 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!

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