Lake Tahoe Real Estate Market Report – March 28th – Apr 3rd

Olja Mihic, Lake Tahoe Realtor, Lake Tahoe Real Estate  Market Report for

Week of: March 28th to April 3rd


Active Inventory Summary:

Lake Tahoe Real Estate Active Listings: The active inventory for residential Lake Tahoe real estate and lot listings went down slightly from 1,539 the previous week to 1,529 active listings in the market; 1,056 residential Lake Tahoe real estate and 473 lots and land listed for sale.  Coldwell Banker has over 15% of the active listings in the market.

Lake Tahoe Foreclosures (REO)-Lake Tahoe Short Sale Listings: Of the active listings, there are 156 Lake Tahoe real estate listed as Lake Tahoe short sales, (10.2%) and 50 Lake Tahoe real estate listed as Lake Tahoe foreclosures (REO) sales, (3.3%).

Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has over 11-months of inventory available.  The inventory of homes and land at today’s prices continues to favor the buyer interested in an investment Lake Tahoe real estate, vacation home or moving up to a larger home or better location.

 

Sales Summary:  Year-To-Date

Total Sales 2011 Vs 2010:
For 2011, there have been 287 Lake Tahoe real estate sold in the market as compared to 291 for the same period in 2010 which is a (1.4%) decrease in sales.

Of the Lake Tahoe real estate sold, 77 have been Lake Tahoe Foreclosures (REO’s), (26.8%), and 41 have been Lake Tahoe Short Sales, (14.3%) which results in 41.1% of the Lake Tahoe real estate sold being a distressed property.  In 2010 for the same period, there were 75 Lake Tahoe Foreclosures (REO) sales and 36 Lake Tahoe short sales or 38.2% of the total Lake Tahoe real estate sales.

For the year, there have been 199 Lake Tahoe real estate sold priced below $500,000, 73 Lake Tahoe real estate sold between $500,000 and $1,000,000 and 15 Lake Tahoe real estate sold over $1,000,000.

Median and Average Sales Prices 2011 Vs 2010:
The median sales price for Lake Tahoe real estate sold year to date stayed the same from last week to $365,000 and the average sales price went up slightly to $467,856. For the same period in 2010, the median sales price was $400,000 and the average sales price was $507,603 which is an (8.8%) and (7.8%) decline in price respectively year over year.

Last Week’s Sales: For the week of March 28th a total of 29 Lake Tahoe real estate sold which is the second highest week of sales in 2011 and up significantly from the previous week’s sales of 18 properties.  Of the Lake Tahoe real estate sold last week, three (3) of the Lake Tahoe properties sold were priced over $1,000,000 with one of the sales sold at $3,350,000.

Pending Sales: Currently there are 136 pending sales in the market which is down slightly from the previous week with 10 being a Lake Tahoe short sale and 31 being Lake Tahoe Foreclosures (REO) properties.

 

Market Activity Summary:

The last week of March sales was the second largest week of sale in 2011 with 29 Lake Tahoe real estate closing escrow.  On top of that, three of the sales were over $1.0 million which has been a segment of the market with the lowest volume of sales.  In comparing sales from last year to this year, the good news is that we are right in line with sales results from 2010.

The hottest segment of the market continues to be homes priced under $500,000 as roughly 69% or 199 Lake Tahoe properties have sold in this price range.  Sales of homes priced above $1,000,000 have continued to be off from last year as only 15 Lake Tahoe properties have sold year to date in this price range as compared to 26Lake Tahoe  properties last year in this price range.  The mid range market sales, $500,000 to $1,000,000 are almost identical with sales in 2010 with 73 Lake Tahoe properties sold or 25% of the total sales.

Distressed properties, Lake Tahoe Foreclosures (REO) and Lake Tahoe Short Sales represent 41.1% of the sales in the market which is slightly higher than Lake Tahoe Foreclosures (REO) and Lake Tahoe Short sales in 2010. However, there is still considerable interest in non distressed Lake Tahoe real estate as many are priced at levels that are too good to pass up.

Median and average sales prices for Lake Tahoe real estate have gone from double digit decreases to a more reasonable single digit decreases.  Median sales prices have decreased by 8.8% to $365,000 while the average sales prices have decreased by 7.8% to $507,603.

All in all, with the existing inventory levels, the lower median and average sales prices, favorable interest rates available to qualified Buyers, now may be the right time for that investment in a vacation home or investment Lake Tahoe real estate especially before the spring.

 

Contact Olja Mihic, Lake Tahoe Realtor, Today…For a Free Market Valuation

 

We Are Taking Listings For Spring!

 

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.  DRE License # 00313415

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