Lake Tahoe Real Estate: Market Report June 24-30
2013 Weekly Lake Tahoe Real Estate Market Report by Olja Mihic, Lake Tahoe Realtor
North Lake Tahoe MLS-Truckee Real Estate MLS Region
Residential Properties – Single Family Homes and Condominiums
Week of: June 24th to June 30th
Active Inventory Summary:
Active Listings: Lake Tahoe MLS shows the current inventory of residential Lake Tahoe real estate went up 3% from the previous week to 863 residential Lake Tahoe properties for sale; 655 single family homes and 208 Lake Tahoe condominiums for sale. Coldwell Banker has over 16% of the active Lake Tahoe real estate listings in the market and continues to be the market leader for listings.
Lake Tahoe Foreclosures REO-Short Sale Active Listings: Of the active listings, there are only 2 properties listed as short sales, and 3 properties listed as Lake Tahoe foreclosures REO sales.
Months of Inventory: Based on the current active Lake Tahoe real estate inventory and sales for the previous 30-day period, the market has over 6-months of inventory available.
Lake Tahoe Real Estate Sales Summary: Year-To-Date
Total Sales 2013 Vs. 2012:
Total Sales: Per Lake Tahoe MLS for 2013, there have been 651 residential Lake Tahoe real estate sold in the market which is 10% higher than the 593 Lake Tahoe properties sold in 2012 for the same period. Of the total Lake Tahoe real estate sales in the market this year, 514 have been single family homes, while 137 or 21% of the sales are Lake Tahoe condominiums. In 2012 for the same period, Lake Tahoe condominiums represented just over 25% of the Lake Tahoe real estate sales.
Lake Tahoe Foreclosures REO & Short Sales: Distressed Lake Tahoe property sales are down significantly for the year with 42 Lake Tahoe foreclosures (REO) sales, (6.5%), and 76 Short Sales, (11.7%) which results in 18% of the Lake Tahoe properties sold being distressed properties. In 2012 for the same period, there were 109 Lake Tahoe Foreclosures (REO) sales and 109 short sales or 37% of the total Lake Tahoe real estate sales being distressed properties.
Sales by Price Range: In 2013, there have been 371 residential Lake Tahoe properties sold priced below $500,000, 204 properties sold between $500,000 and $1,000,000 and 76 Lake Tahoe properties sold over $1,000,000.
Median and Average Sales Prices: The median Lake Tahoe real estate sales price for Lake Tahoe properties sold year to date is $450,000 while the average sales price is $675,522. For the same period in 2012, the median Lake Tahoe real estate sales price was $380,000 and the average Lake Tahoe real estate sales price was $523,209 which is an increase of 18% in median sales price and an increase of 29% in average sales price.
Last Week’s Sales: For the week of June 24th a total of 40 Lake Tahoe properties sold which was up 29% from the prior week’s sales of 31 Lake Tahoe properties. Of the Lake Tahoe real estate sold last week three (3) Lake Tahoe properties sold at a price above $1,000,000.
Pending Sales: Lake Tahoe MLS shows, currently there are 227 pending residential Lake Tahoe real estate sales in the market which is down 3.5% from the previous week’s pending sales of 235. Of the pending Lake Tahoe real estate, 19% are distressed Lake Tahoe properties with 36 being short sales and 8 being Lake Tahoe foreclosures REO’s.
Market Activity Summary:
We are at the halfway point for 2013 and residential Lake Tahoe real estate sales activity for 2013 has clearly outpaced 2012 for residential sales. Thus far, 651 residential Lake Tahoe properties have sold year to date which is up 10% from the 593 sales for the same period last year. June Lake Tahoe real estate sales for the month ended at 122 residential Lake Tahoe real estate sales as compared to 111 a year ago.
Coldwell Banker Residential Brokerage for 2013 is #1 in the entire market in terms of both unit sides sold, (318 sales) and sales volume sold, ($139 million).
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 18% from the median Lake Tahoe real estate sales price of $380,000 in 2012. Similarly the average Lake Tahoe real estate sales price has gone up a whopping 29% to $675,522 as compared to last year’s average Lake Tahoe real estate sales price of $523,209 due in large part to the higher number of Lake Tahoe luxury homes sales in the market since the beginning of the new year.
Per Lake Tahoe MLS, 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 371 Lake Tahoe properties have sold in this price range which is down slightly from 2012 where over 65% of sales or 391 properties sold in this price range.
Lake Tahoe luxury home sales, homes priced above $1,000,000, have gone up 76% from 2012 with 76 Lake Tahoe luxury homes selling since the beginning of the year as compared to only 43 Lake Tahoe luxury homes sold for the same period in 2012. Lake Tahoe luxury homes sold represent almost 12% of Lake Tahoe real estate sales thus far this year. The median Lake Tahoe real estate sales price for Lake Tahoe luxury homes in 2013 is $1,745,000 as compared to a median price of $1,300,000 in 2012 which is up 34%. The average sales price of Lake Tahoe luxury homes in 2013 is $2,402,000 as compared to $2,082,000 in 2012 which is a 15% increase.
The mid range Lake Tahoe real estate market sales, $500,000 to $1,000,000 have gone up 28% from last year with 204 Lake Tahoe properties sold in this segment or 31% of sales as compared to 159 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 76 closed short sales in 2013 as compared to 109 closed short sales in 2012. Similarly, Lake Tahoe foreclosures (REO) properties closed in 2013 have gone down (61%) with 42 properties closed in 2013 as compared to 109 properties closed in 2012. Overall, distressed Lake Tahoe real estate sales, (Lake Tahoe foreclosures REO and Short Sales) represent 18% of the sales in 2013 which is significantly less than the 37% in 2012.
Per Lake Tahoe MLS, the active Lake Tahoe real estate inventory on a year over year basis is down roughly 16% as we currently have 863 residential Lake Tahoe properties listed for sale as compared to 1,026 a year ago at this time. We are still seeing slight growth in Lake Tahoe real estate 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 properties to choose from throughout the north Lake Tahoe real estate and Truckee real estate area. When you compound the 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 real estate and Truckee real estate resort communities.
Contact Olja Mihic, Your Lake Tahoe Realtor to Find Out More about the Opportunities Available in the Lake Tahoe 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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