Lake Tahoe Real Estate – Market Report July 25-31

Lake Tahoe Residential Real Estate– Single Family Homes and Condominiums

 

Week of: July 25th to July 31st

 

Active Inventory Summary:

 

Active Listings: The inventory for residential Lake Tahoe real estate went up slightly to 1,337 active listings in the market; 1,039 single family homes and 298 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 Foreclosures (REO)-Short Sale Listings: Of the active listings, there are 146 properties listed as Lake Tahoe short sales, (10.9%) and 40 properties listed as Lake Tahoe foreclosures (REO) sales, (3.0%).

 

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.  The inventory of Lake Tahoe real estate 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:


Lake Tahoe Real Estate Sales:
For 2011, there have been 626 residential Lake Tahoe real estate sold in the market as compared to 601 for the same period in 2010 which is a 4.2% increase in sales.  Of the total sales in the market for 2011, 483 have been single family homes, while 143 were condominium.

 

Lake Tahoe Foreclosures (REO) & Lake Tahoe Short Sales: Of the properties sold, 134 have been Lake Tahoe Foreclosures (REO’s), (21.4%), and 93 have been Lake Tahoe Short Sales, (14.9%) which results in 36% of the properties sold being a distressed property.  In 2010 for the same period, there were 118 Lake Tahoe Foreclosures (REO) sales and 87 Lake Tahoe short sales or roughly 34% of the total Lake Tahoe real estate sales.

 

Price Range: For the year, there have been 419 Lake Tahoe real estate sold priced below $500,000, 161 Lake Tahoe real estate sold between $500,000 and $1,000,000 and 46 Lake Tahoe real estate sold over $1,000,000.

 

Median and Average Sales Prices:The median sales price for Lake Tahoe properties sold year to date is $395,500 while the average sales price is $511,525. For the same period in 2010, the median sales price was $435,000 and the average sales price was $613,389 which is an (9.1%) and (16.6%) decline in price respectively year over year.

 

Last Week’s Sales: For the week of July 25th a total of 31 Lake Tahoe properties sold which went up 82% from the previous week’s sales of 17 Lake Tahoe properties.  Of the Lake Tahoe properties sold last week, three (3) of the properties sold were priced over $750,000 and two of those were over $1.0 million.

Pending Sales: Currently there are 170 pending residential Lake Tahoe real estate sales in the market which is down slightly from the previous week.  Of the pending sales, 14 are Lake Tahoe short sales and 20 are Lake Tahoe Foreclosures (REO) properties.

Market Activity Summary:

 

July ended with a great week of sales which was one of the highest sales weeks of the year with 31 Lake Tahoe properties closed.  We are continuing to see greater buyer activity in the market as we enter August.  The next 45-60 days should be very busy as truly interested buyers look to take advantage of remarkable home values which we have not seen in ten years.

 

Median Lake Tahoe real estate sales prices have decreased from last year by 9.1% to $395,500 while the average Lake Tahoe real estate sales prices have decreased by 16.6% to $613,389.  These price trends are one of the major factors influencing steady home sales.

 

The hottest segment of the market continues to be homes priced under $500,000 as roughly 67% or 419 properties have sold in this price range. Lake Tahoe Luxury homes sales, homes priced above $1,000,000, continue lag behind 2010 sales as 46 properties or 7.3%, have sold year to date as compared to 67 properties last year which is a 37% drop.  The mid range market, sales $500,000 to $1,000,000 are down as well from last year with 161 properties sold or 26% of sales as compared to 176 properties sold in 2010.

Distressed properties, Lake Tahoe foreclosures (REO) and Lake Tahoe Short Sales represent 36% of the sales in the market which is almost identical to the quantity of Lake Tahoe foreclosures (REO) and Lake Tahoe Short sales in 2010. Interestingly enough while 36% of the sales are distressed properties only 14% of the active listings are distressed properties.

 

With the inventory of great residential Lake Tahoe real estate on the market, homes priced at 10-year lows and favorable interest rates, we are anticipating a strong late summer and end of the year trend of sales.

 

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, 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 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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