Lake Tahoe Real Estate: Market Report March 12th-18th

Lake Tahoe Real Estate: Market Report March 12th-18th

North Lake Tahoe-Truckee Region – Residential Properties – Single Family Homes and Condominiums

 

Week of:  March 12th – 18th

 

Active Inventory Summary:

 

Active Listings: The inventory for residential Lake Tahoe properties has remained relatively constant for the past few weeks with 814 residential properties for sale; 552 single family homes and 262 condominiums for sale.  Coldwell Banker has over 15% 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 109 properties listed as Lake Tahoe short sales, (13.4%) and 31 properties listed as REO sales, (3.8%).  The total percentage of distressed properties listed for sales, (17.5%) pales in comparison to the percentage of distressed properties sold on a year to date basis which is roughly 46% of sales.

 

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

 

Sales Summary:  Year-To-Date

 

Total Sales 2012 Vs 2011:


Total Sales:
For 2012, there have been 197 residential Lake Tahoe properties sold in the market as compared to 193 for the same period in 2011 which is a year over year increase in sales of 2.1%.  Of the total sales in the market this year, 163 have been single family homes, while 34 or 17.3% of the sales are condominiums.  I n 2011 for the same period, condominiums represented 25% of the sales which is significantly higher than we are experiencing in 2012.

 

Lake Tahoe REO & Short Sales: Of the properties sold this year, 45 have been REO’s, (22.8%), and 45 have been Short Sales, (23.4%) which results in just over 46% of the properties sold being distressed properties.  In 2011 for the same period, there were 50 REO sales and 31 short sales or 42% of the total sales.

 

Sales Price Range: For the year, there have been 134 residential properties sold priced below $500,000, 46 properties sold between $500,000 and $1,000,000 and 17 properties sold over $1,000,000.

 

Median and Average Sales Prices: The median sales price for properties sold year to date is $350,000 while the average sales price is $513,533. For the same period in 2011, the median sales price was $425,000 and the average sales price was $544,483 which is a (17.6%) decline and (5.7%) decline in price respectively from 2011 to 2012.

 

Last Week’s Sales: For the week of March 12th a total of 14 properties sold which was down 46% from the previous week’s sales of 26 properties.  Of the properties sold last week, three (3) of the properties sold were priced over $1,000,000.

Pending Sales: Currently there are only 152 pending residential sales in the market which up slightly from the previous week.  Of the pending sales, 15 are short sales and 35 are Lake Tahoe REO properties which are roughly 33% of the pending sales being distressed properties.

Market Activity Summary:

 

The month of March has begun on a high note with 53 total residential sales in the first eighteen days.  This month’s sales have started faster than the previous two months of the year.  However, sales for March in 2012 are down (18%) from March of 2011 where 65 sales occurred during the same period.  For the year there have been 197 residential properties sold as compared to 193 for 2011 which is a slight increase in sales of 2.1%.

 

Median sales prices have decreased dramatically from last year by (17.6%) to $350,000 while the average sales prices have only decreased by (5.7%) to $513,533.

 

The hottest segment of the market continues to be homes priced under $500,000 as roughly 68% or 134 properties have sold in this price range as compared to 2011 where 120 properties sold in this price or 62% of sales.

 

Lake Tahoe luxury homes sales, homes priced above $1,000,000, are up 42% from 2011 sales as 17 properties or 8.6% of sales have sold year to date as compared to 12 properties sold last year in this segment.  The median sales price for Lake Tahoe luxury homes in 2012 is $1,250,000 as compared to a median price of $1,812,500 in 2011 which is down (45%). Conversely, the average sales price of Lake Tahoe luxury homes in 2012 is $1,929,117 as compared to $2,345,833 in 2011 which is a decrease of (22%).

 

The mid range market sales, $500,000 to $1,000,000 are down (25%) from last year with 46 properties sold in this segment, or 23.4% of sales as compared to 61 properties sold or 31.6% in this range in 2011.

 

One of the biggest changes this year is in the area of distressed properties, Lake Tahoe REO and Lake Tahoe Short Sales which represent 46.2% of closed sales in the market as compared to 42% last year.  Total Lake Tahoe REO and Short Sales are up 12% from the REO and Short sales sold in 2011. For 2012, there have been 91 properties sold as distressed sales and 45 of them are short sales.

 

The active inventory of residential Lake Tahoe properties is at its lowest point in twelve months with 814 residential properties for sale.  On a year over year bases, residential listings are down 24% from last year at this time. As spring and summer approach we certainly expect inventory to increase.  However, the real question is whether or not it mirrors the inventory levels of 2011.

 

With the adequate level of inventory of residential properties on 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 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, Your Coldwell Banker Agent 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

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