Lake Tahoe Real Estate – Market Report Feb 6-12th

Lake Tahoe Real Estate Market Report – Week of:  February 6th to February 12th

 

Active Inventory Summary:

 

Lake Tahoe Real Estate Active Listings: The inventory for residential Lake Tahoe real estate is currently at the lowest level for the past 14-months with 804 active listings in the market; 567 single family homes and 237 condominiums for sale.  Coldwell Banker has over 14% of the active listings in the market and continues to be the market leader for listings.

 

Lake Tahoe Foreclosures (REO)-Lake Tahoe Short Sale Listings: Of the active listings, there are 122 Lake Tahoe real estate listed as Lake Tahoe short sales, (15.2%) and 27 properties listed as Lake Tahoe Foreclosures (REO) sales, (3.4%).

 

Months of Lake Tahoe Real Estate Inventory: Based on the current inventory and sales for the previous 30-day period, the market has roughly 11-months of inventory available.

 

Sales Summary:  Year-To-Date

 

Total Lake Tahoe Real Estate Sales 2012 Vs 2011:


Total Lake Tahoe Real Estate Sales:
For 2012, there have been 93 residential Lake Tahoe real estate sold in the market as compared to 77 for the same period in 2011 which is a year over year 20.8% increase in sales.  Of the total Lake Tahoe real estate sales in the market this year, 76 have been single family homes, while 17 or 18% of the Lake Tahoe real estate sales are condominiums.  I n 2011 for the same period, condominiums represented 43% of the Lake Tahoe real estate sales which is significantly higher than we are experiencing in 2012.

 

Lake Tahoe Foreclosures (REO) & Lake Tahoe Short Sales: Of the properties sold this year, 19 have been Lake Tahoe Foreclosures (REO’s), (20.4%), and 27 have been Lake Tahoe Short Sales, (29.0%) which results in over 49% of the Lake Tahoe real estate sold being distressed properties.  In 2011 for the same period, there were 15 Lake Tahoe foreclosures (REO) sales and 14 Lake Tahoe short sales or just over 37% of the total Lake Tahoe real estate sales.

 

Lake Tahoe Real Estate Sales Price Range: For the year, there have been 62 residential Lake Tahoe real estate sold priced below $500,000, 28 Lake Tahoe real estate sold between $500,000 and $1,000,000 and 3 Lake Tahoe real estate 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 $354,000 while the average Lake Tahoe real estate sales price is $421,023. For the same period in 2011, the median Lake Tahoe real estate sales price was $390,000 and the average Lake Tahoe real estate sales price was $532,194 which is a (9.2%) and (20.9%) decline in price respectively year over year.

 

Last Week’s Sales: For the week of February 6th, a total of 13 Lake Tahoe real estate sold which was down from the previous week’s sales of 18 Lake Tahoe real estate.  Of the Lake Tahoe real estate sold last week, two (2) of the Lake Tahoe real estate sold were priced over $750,000.

Pending Lake Tahoe Real Estate Sales: Currently there are only 148 pending residential Lake Tahoe real estate sales in the market which up slightly from the previous week.  Of the pending Lake Tahoe real estate sales, 13 are Lake Tahoe short sales and 42 are Lake Tahoe Foreclosures (REO) properties which is roughly 37% of the pending Lake Tahoe real estate sales being distressed Lake Tahoe properties.

Market Activity Summary:

 

The 2012 real estate market in the Lake Tahoe-Truckee area is off to a slightly better start in terms of total sales with an increase in sales of roughly 21% from the previous year at this time.  Thus far there have been 93 residential Lake Tahoe real estate sold as compared to 77 for 2011.  While total Lake Tahoe real estate sales are up the median and average sales prices are significantly down from the same time as last year.  With only six weeks of data thus far it is too soon to draw any conclusions until we are at least through the first quarter of the year.  The 2012 winter has been one of the driest on record in six decades and has dramatically impacted winter vacationers to the area.  We are not sure if Lake Tahoe real estate sales would have been much better had there been more snow in the area.

 

Median Lake Tahoe real estate sales prices have decreased from last year by 9.2% to $354,000 while the average Lake Tahoe real estate sales prices have decreased by 20.9% to $421,023.  The overall decline in sales prices is certainly a driving factor influencing home sales on a year to date basis for astute investors looking to own a property in this remarkable resort area.

 

The hottest segment of the market continues to be homes priced under $500,000 as roughly 67% or 62 Lake Tahoe properties have sold in this price range.  In 2011, 52 properties sold in this price range which was almost identical from a percentage basis as this year.  Certainly the price declines have influenced this trend.

 

Lake Tahoe luxury homes sales, homes priced above $1,000,000, are half from 2011 Lake Tahoe luxury homes sales as only 3 Lake Tahoe luxury homes or 3.2% of sales have sold year to date as compared to 6 Lake Tahoe luxury homes sold last year in this segment.

 

The mid range market Lake Tahoe real estate sales, $500,000 to $1,000,000 are up dramatically from last year with 28 Lake Tahoe real estate sales sold or 30.1% of sales as compared to 19 Lake Tahoe real estate sales sold or 24% in this range in 2011.

 

One of the biggest changes in sales thus far are distressed properties, Lake Tahoe Foreclosures (REO) and Lake Tahoe Short Sales which represent just over 49% of the Lake Tahoe real estate sales sales in the market as compared to 37% last year.  Total Lake Tahoe foreclosures (REO) and Lake Tahoe Short Sales are up 58% from the Lake Tahoe foreclosures (REO) and Lake Tahoe Short sales sold in 2011. For 2012, there have been 46 Lake Tahoe real estate sales sold as distressed sales and 27 of them are Lake Tahoe real short sales.  We have begun to see a trend of more short sales closing that in previous years as banks appear to be more inclined to sell a property short as opposed to letting it go to foreclosure.

 

The active inventory of residential Lake Tahoe real estate is at its lowest point in 14-months to 804 residential Lake Tahoe real estate.  This is not uncommon this time of year as homeowners take their homes off the market for the winter or place them on a ski lease program.

 

With the inventory of great residential Lake Tahoe real estate on the market, homes priced at 10-year lows and some of the lowest interest rates in history, savvy real estate investors are taking advantage of this market for a home in the Lake Tahoe Real Estate–Truckee Real Estate resort communities.

 

Now may be one of the best times for Buyers considering an investment in a vacation home or investment Lake Tahoe real estate in the Lake Tahoe Real EstateTruckee Real Estate market.

 

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 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.  DRE License # 00313415

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