Lake Tahoe Real Estate Market Report: July 23rd to July 29th

Active Inventory Summary:

 

Active Listings: The inventory for residential Lake Tahoe real estate went up slightly from the previous week to 1,039 residential Lake Tahoe properties for sale; 780 single family homes and 259 condominiums for sale.  The current inventory is at its highest level for the 2012 calendar year.  Coldwell Banker has over 15% of the active listings in the market and continues to be the market leader for listings.

 

Lake Tahoe Foreclosures-Short Sale Active Listings: Of the active listings, there are 109 properties listed as Lake Tahoe short sales, (10.5%) and 15 properties listed as Lake Tahoe Foreclosures, (1%).  The total percentage of distressed Lake Tahoe properties listed for sale, (11.5%) is vastly different than the percentage of distressed properties sold on a year to date basis which is over 34% of sales.

 

Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has a little over 9-months of inventory available.

 

Sales Summary:  Year-To-Date

 

Total Sales 2012 Vs 2011:


Total Sales:
For 2012, there has been 684 residential Lake Tahoe real estate sold in the market as compared to 635 for the same period in 2011 which is a year over year increase in sales of over 7%.  Of the total sales in the market this year, 548 have been single family homes, while 136 or 20% of the sales are condominiums.  I n 2011 for the same period, condominiums represented 30% of the sales which is significantly higher than what we are experiencing in 2012.

 

Lake Tahoe Foreclosures & Short Sales: Of the properties sold this year, 119 have been Lake Tahoe Foreclosures, (17.4%), and 114 have been Lake Tahoe Short Sales, (16.7%) which results in just over 34% of the Lake Tahoe properties sold being distressed properties.  In 2011 for the same period, there were 134 Lake Tahoe Foreclosures sales and 95 short sales or just over 36% of the total sales.

 

Sales Price Range: For the year, there has been 444 residential Lake Tahoe real estate sold priced below $500,000, 190 properties sold between $500,000 and $1,000,000 and 50 properties sold over $1,000,000.

 

Median and Average Sales Prices: The median sales price for Lake Tahoe real estate sold year to date is $391,000 while the average sales price is $528,845. For the same period in 2011, the median sales price was $396,000 and the average sales price was $513,942 which is a (1.3%) decline in median sales price and a 2.9% increase in the average sales price from 2011 to 2012.

 

Last Week’s Sales: For the week of July 23rd a total of 14 Lake Tahoe real estate sold which was down significantly from last week’s sales of 26 properties.  Of the Lake Tahoe properties sold last week, five (5) properties sold at a price above $750,000 with two of the properties sold above $1.0 million.

Pending Sales: Currently there are 219 pending residential Lake Tahoe Real Estate sales in the market which is up 8% from the previous week.  Currently 22% of the pending sales are distressed Lake Tahoe properties with 19 being Lake Tahoe short sales and 29 being Lake Tahoe Foreclosures.

Market Activity Summary:

 

Total sales for the month of July through the 29th are down 18% from last year with 93 Lake Tahoe properties sold month to date as compared to 113 properties sold for the month in 2011.  On a year to date basis, there have been 684 residential Lake Tahoe properties sold as compared to 635 for 2011 which is an overall favorable increase of almost 8%.

 

For 2012 in the Tahoe-Truckee market, Coldwell Banker Residential Brokerage is #1 in the entire market in terms of both residential units sold, (280 properties) and sales volume sold, ($123 million).

 

The median sales price for residential Lake Tahoe real estate has decreased from last year by (1.3%) to $391,000, while average sales prices have increased by 2.5% to $528,845.  It appears that the Tahoe-Truckee market may be nearing or at the bottom of the market based on this trend which has been holding steady for the past 60-days.

 

The hottest segment of the market continues to be homes priced under $500,000 as over 64% of the sales or 444 properties have sold in this price range which is similar to 2011 where 426 properties sold in this price range or 67% of sales.

 

Lake Tahoe Luxury homes sales, homes priced above $1,000,000, are up 6% from 2011.  There have been 50 Lake Tahoe luxury homes sold which represents over 7% of sales this year as compared to 47 properties sold last year in this segment.  The median sales price for Lake Tahoe luxury homes in 2012 is $1,385,000 as compared to a median price of $1,580,000 in 2011 which is down (12%). Conversely, the average sales price of Lake Tahoe luxury homes in 2012 is $2,077,614 as compared to $1,970,616 in 2011 which is an increase of over 5%.  Coldwell Banker is the market leader for Lake Tahoe Luxury homes sold over $1.0 million with 15 properties sold for the year and $22 million in luxury sales volume.

 

The mid range market sales, $500,000 to $1,000,000 are up 17% from last year with 190 properties sold in this segment or 28% of sales as compared to 162 properties sold or 25% in this range in 2011.

 

In the area of distressed Lake Tahoe real estate we are seeing similarities with the national trend of more banks supporting short sales as compared to last year.  For 2012, Lake Tahoe short sale properties closed have gone up by 20% with 114 closed Lake Tahoe short sales in 2012 as compared to only 95 closed short sales in 2011.  Conversely Lake Tahoe foreclosures closed in 2012 have gone down (11%) with 119 properties closed in 2012 as compared to 134 properties closed in 2011.  Overall, distressed property sales, (Lake Tahoe foreclosures and Short Sales) represent over 34% of the sales in 2012 which is almost identical to 2011.

 

The active inventory of residential Lake Tahoe real estate went up slightly from last week to 1,039 residential properties for sale.  There are 780 single family homes and 259 condominiums listed for sale in the market.  On a year over year bases, residential listings are down 33% from last year at this time.

 

WHAT ARE YOU WAITING FOR? With the existing inventory of residential Lake Tahoe real estate in the market, homes priced at 12-year lows and some of the lowest interest rates in history, savvy real estate investors are taking advantage of this market and acquiring homes in many of the Lake Tahoe and Truckee resort communities.  Now may be one of the best times for Buyers considering an investment in a vacation home or investment property in the North Lake Tahoe area.

Contact Olja Mihic, Lake Tahoe Realtor Today to Find Out More about the Opportunities Available in the Tahoe-Truckee Market.

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 # 1908304

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