Lake Tahoe Real Estate: Market Report July 8-14
2013 Weekly Lake Tahoe Real Estate Market Report by Olja Mihic, Lake Tahoe Realtor
North Lake Tahoe-Truckee Region Lake Tahoe MLS
Residential Properties – Single Family Homes and Condominiums
Week of: July 8th to July 14th
Active Lake Tahoe Real Estate Inventory Summary:
Active Listings: The current inventory of residential Lake Tahoe real estate went up slightly from the previous week to 885 residential Lake Tahoe real estate for sale; 669 single family Lake Tahoe homes and 216 Lake Tahoe condominiums for sale.
Lake Tahoe Foreclosures REO-Short Sale Active Listings: Of the active listings, there are only 3 properties listed as Lake Tahoe foreclosure REO and 7 properties listed as a short sale.
Months of Inventory: Based on the current Lake Tahoe real estate active inventory and sales for the previous 30-day period, the market has almost 7-months of inventory available.
Sales Summary: Year-To-Date
Total Lake Tahoe Real Estate Sales 2013 Vs. 2012:
Total Sales: Lake Tahoe MLS shows, for 2013, there have been 704 residential Lake Tahoe properties sold in the market which is roughly 10% higher than the 643 Lake Tahoe properties sold in 2012 for the same period. Of the total Lake Tahoe real estate sales in the market this year, 554 have been single family homes, while 150 or 21% of the sales are Lake Tahoe condominiums. In 2012 for the same period, Lake Tahoe condominiums represented just almost 25% of the sales.
Lake Tahoe Foreclosures REO & Short Sales: Distressed Lake Tahoe real estate sales are down significantly for the year with 43 Lake Tahoe foreclosures (REO) sales, (6%), and 77 Short Sales, (11%) which results in 17% of the Lake Tahoe real estate sold being distressed properties. In 2012 for the same period, there were 116 Lake Tahoe foreclosures REO sales and 111 short sales or 35% of the total Lake Tahoe real estate sales being distressed properties.
Sales by Price Range: In 2013, there have been 401 residential Lake Tahoe properties sold priced below $500,000, 219 Lake Tahoe properties sold between $500,000 and $1,000,000 and 84 Lake Tahoe 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 $450,000 while the average Lake Tahoe real estate sales price is $670,706. For the same period in 2012, the median Lake Tahoe real estate sales price was $388,000 and the average Lake Tahoe real estate sales price was $525,353 which is an increase of 16% in median sales price and an increase of 27% in average sales price.
Last Week’s Sales: For the week of July 14th a total of 18 Lake Tahoe properties sold which was down 37% from the prior week’s sales of 29 Lake Tahoe properties. Of the Lake Tahoe real estate sold last week four (4) properties sold at a price above $1,000,000.
Pending Sales: Per Lake Tahoe MLS, currently there are 237 pending residential Lake Tahoe real estate sales in the market which is up from the previous week’s pending sales of 227. Of the pending Lake Tahoe real estate, 19% are distressed properties with 38 being short sales and 8 being Lake Tahoe foreclosures REO’s.
Market Activity Summary:
The first two weeks of July have almost mirrored sales for 2012 with 47 residential Lake Tahoe real estate sales in 2013 as compared to 50 Lake Tahoe real estate sales in 2012. For the year thus far, 704 residential Lake Tahoe properties have sold which is up almost 10% from the 643 sales for the same period last year.
The median Lake Tahoe real estate sales price for residential Lake Tahoe properties reached its highest point last week of $450,000 which is up 16% from the median sales price of $388,000 in 2012. Similarly the average Lake Tahoe real estate sales price has gone up a whopping 27% to $670,706 as compared to last year’s average sales price of $525,352 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 Lake Tahoe real estate market with the highest level of activity continues to be homes priced under $500,000 as 57% of the sales or 401 properties have sold in this price range which is down slightly from 2012 where over 65% of sales or 420 properties sold in this price range.
Lake Tahoe luxury home sales, homes priced above $1,000,000, have gone up 82% from 2012 with 84 Lake Tahoe luxury homes selling since the beginning of the year as compared to only 46 Lake Tahoe luxury homes sold for the same period in 2012. Lake Tahoe Luxury homes sold represent almost 12% of 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 $1,335,000 in 2012 which is up 30%. The average sales price of Lake Tahoe luxury homes in 2013 is $2,337,522 as compared to $2,077,841 in 2012 which is a 13% increase.
The mid range Lake Tahoe real estate market sales, $500,000 to $1,000,000 have gone up 24% from last year with 219 properties sold in this segment or 31% of sales as compared to 177 Lake Tahoe properties sold or 27% of sale in this range in 2012.
Distressed properties, Lake Tahoe foreclosures (REO’s) and Short Sales, have seen the most dramatic decline from 2012 as is the case across the country. For 2013, short sale properties closed have gone down 30% with 77 closed short sales in 2013 as compared to 111 closed short sales in 2012. Similarly, Lake Tahoe foreclosures (REO) properties closed in 2013 have gone down (63%) with 43 lake Tahoe properties closed in 2013 as compared to 116 properties closed in 2012. Overall, distressed property sales, (Lake Tahoe foreclosures REO and Short Sales) represent 17% of the Lake Tahoe real estate sales in 2013 which is significantly less than the 35% in 2012.
Lake Tahoe MLS shows the active Lake Tahoe real estate inventory on a year over year basis is down roughly 15% as we currently have 885 residential Lake Tahoe properties listed for sale as compared to 1,037 a year ago at this time. We are still seeing slight growth in inventory as homeowners are anticipating brisk sales activity for the summer months ahead and are placing their homes on the market. Inventory is at its highest point for 2013 and could go slightly higher in the next 30-days.
SUMMER IS HERE…THIS MIGHT BE A GREAT TIME TO BUY! With today’s Lake Tahoe real estate inventory, there are still many quality Lake Tahoe properties to choose from throughout the north Lake Tahoe and Truckee area. When you compound the Lake Tahoe real estate inventory available with homes still priced at 10-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.
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 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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