Lake Tahoe Real Estate – Market Report Jun11-17th
Olja Mihic, Lake Tahoe Realtor, Coldwell Banker
Lake Tahoe Real Estate
Week of: June 11th to June 17th
Active Inventory Summary:
Active Listings: The inventory for residential Lake Tahoe real estate went up 4% from the previous week to 951 residential Lake Tahoe real estate for sale; 717 single family homes and 234 condominiums for sale. The current inventory is at its highest level for the 2012 calendar year. Coldwell Banker has over 14% of the active listings in the market and continues to be the market leader for listings.
Lake Tahoe REO-Short Sale Active Listings: Of the active listings, there are 98 properties listed as Lake Tahoe short sales, (10.3%) and 22 properties listed as Lake Tahoe REO sales, (2.3%). The total percentage of distressed Lake Tahoe properties listed for sale, (12%) is vastly different than the percentage of distressed properties sold on a year to date basis which is roughly 37% 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 have been 517 residential Lake Tahoe properties sold in the market as compared to 469 for the same period in 2011 which is a year over year increase in Lake Tahoe real estate sales of over 10%. Of the total sales in the market this year, 413 have been single family homes, while 104 or 20% of the Lake Tahoe real estate sales are condominiums. I n 2011 for the same period, condominiums represented 31% of the sales which is significantly higher than what we are experiencing in 2012.
Lake Tahoe REO & Short Sales: Of the properties sold this year, 99 have been Lake Tahoe REO’s, (19.1%), and 94 have been Lake Tahoe Short Sales, (18.2%) which results in just over 37% of the properties sold being distressed properties. In 2011 for the same period, there were 109 Lake Tahoe REO sales and 70 Lake Tahoe short sales or just over 38% of the total Lake Tahoe real estate sales.
Lake Tahoe Real Estate Sales Price Range: For the year, there have been 338 residential Lake Tahoe properties sold priced below $500,000, 141 Lake Tahoe properties sold between $500,000 and $1,000,000 and 38 Lake Tahoe properties sold over $1,000,000.
Median and Average Sales Prices: The median sales price for Lake Tahoe properties sold year to date is $375,000 while the average Lake Tahoe real estate sales price is $529,093. For the same period in 2011, the median sales price was $403,000 and the average Lake Tahoe real estate sales price was $530,558 which is a (6.9%) decline in median sales price and a (<1%) decline in the average sales price from 2011 to 2012.
Last Week’s Lake Tahoe Real Estate Sales: For the week of June 11th, a total of 17 Lake Tahoe properties sold which was up nicely from last week’s sale of 12 properties. Of the properties sold last week, two (2) Lake Tahoe properties sold at a price above $750,000 with one of those properties selling for $1,000,000 which was a Coldwell Banker listing.
Pending Sales: Currently there are 191 pending residential Lake Tahoe real estate sales in the market which is up slightly from the previous week. Currently 26% of the pending sales are distressed properties with 21 being Lake Tahoe short sales and 28 being Lake Tahoe REO’s.
Market Activity Summary:
The month of June has gotten off to a slow start in terms of closed sales with only 38 Lake Tahoe properties closed through June 17th which is down 45% from last year’s sales for the same timeframe in June with 69 Lake Tahoe properties sold. On a year to date basis, there have been 517 residential Lake Tahoe properties sold as compared to 469 for 2011 which is an overall favorable increase of 10%.
For 2012 in the Tahoe-Truckee market, Coldwell Banker Residential Brokerage is the market leader in terms of both residential Lake Tahoe real estate units sold, (226 properties) and sales volume sold, ($95 million).
The median Lake Tahoe real estate sales prices for residential properties have decreased from last year by (6.9%) to $375,000, while average sales prices have only decreased by (<1%) to $529,093.
The hottest segment of the market continues to be homes priced under $500,000 as over 65% or 338 properties have sold in this price range which is similar to 2011 where 309 Lake Tahoe properties sold in this price range or 66% of sales.
Lake Tahoe luxury home sales, homes priced above $1,000,000, are up slightly from 2011. There have been 38 Lake Tahoe luxury properties sold or 7.4% of sales this year as compared to 37 properties sold last year in this segment. The median sales price for Lake Tahoe luxury properties in 2012 is $1,300,000 as compared to a median price of $1,675,000 in 2011 which is down (22%). Conversely, the average sales price of Lake Tahoe luxury homes in 2012 is $2,123,940 as compared to $2,008,891 in 2011 which is an increase of roughly 6%. Coldwell Banker is the market leader for Lake Tahoe Luxury properties sold over $1.0 million with 14 properties sold for the year.
The mid range market sales, $500,000 to $1,000,000 are up 15% from last year with 141 Lake Tahoe properties sold in this segment or 27% of Lake Tahoe real estate sales as compared to 123 properties sold or 26% in this range in 2011.
One of the biggest changes this year is in the area of distressed properties as Lake Tahoe short sales closed have gone up by 34% with 94 closed Lake Tahoe short sales in 2012 as compared to only 70 closed Lake Tahoe short sales in 2011. Conversely Lake Tahoe REO properties closed in 2012 have gone down (9%) with 99 properties closed in 2012 as compared to 109 properties closed in 2011. Overall, distressed property sales, (Lake Tahoe REO and Lake Tahoe Short Sales) represent over 37% of the Lake Tahoe real estate sales in 2012 which is almost identical to 2011.
The active inventory of residential Lake Tahoe properties went up 4% from last week to 951 residential properties for sale. There are 717 single family homes and 234 condominiums listed for sale in the market. On a year over year bases, residential Lake Tahoe real estate listings are down 25% from last year at this time.
With the inventory of residential Lake Tahoe real estate rising in the market, homes priced at 12-year lows and some of the lowest interest rates in history, savvy Lake Tahoe real estate investors are taking advantage of this market for a home in the Lake Tahoe–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 Lake Tahoe-Truckee market.
Contact Olja Mihic, Lake Tahoe Realtor, Coldwell Banker 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 # 1908304
Comments
Got something to say?
You must be logged in to post a comment.