Lake Tahoe Real Estate Market Report: May 16 – 22

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

Active Inventory Summary:

 

Active Listings: The active inventory for residential Lake Tahoe Real Estate and lot listings increased 6% from 1,592 the previous week to 1,681 active listings in the market; 1,165 residential Lake Tahoe Real Estate and 515 lots and land listed for sale.  As is typical in the spring, more homeowners begin to place their Lake Tahoe Real Estate back on the market for the summer selling season.  Coldwell Banker has over 15% of the active listings in the market.

 

Lake Tahoe Foreclosures (REO)-Lake Tahoe Short Sale Listings: Of the active Lake Tahoe Real Estate, there are 159 properties listed as Lake Tahoe short sales, (9.5%) and 46 properties listed as an Lake Tahoe foreclosures REO sale, (2.7%).

 

Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has over 14-months of inventory available.  The inventory of Lake Tahoe Real Estate and land at today’s prices continues to favor the buyer interested in an investment property, vacation home or moving up to a larger home or better location.

 

Sales Summary:  Year-To-Date

 

Total Lake Tahoe Real Estate Sales 2011 Vs 2010:


Lake Tahoe Real Estate Sales:
For 2011, there have been 439 Lake Tahoe properties sold in the market as compared to 476 for the same period in 2010 which is an (7.8%) decrease in sales.

 

Lake Tahoe Foreclosures REO & Lake Tahoe Short Sales: Of the Lake Tahoe Real Estate sold, 109 have been Lake Tahoe foreclosures REO’s, (24.8%), and 62 have been Lake Tahoe Short Sales, (14.1%) which results in over 39% of the Lake Tahoe properties sold being a distressed property.  In 2010 for the same period, there were 109 Lake Tahoe foreclosures REO sales and 68 Lake Tahoe short sales or roughly 37% of the total Lake Tahoe Real Estate sales.

 

Price Range: For the year, there have been 307 Lake Tahoe Real Estate sold priced below $500,000, 102 Lake Tahoe properties sold between $500,000 and $1,000,000 and 30 Lake Tahoe properties sold over $1,000,000.

 

Median and Average Lake Tahoe Real Estate Sales Prices:The median sales price for Lake Tahoe Real Estate sold year to date is $360,000 while the average sales price is $470,985. For the same period in 2010, the median sales price was $400,000 and the average sales price was $524,100 which is an (10.0%) and (10.1%) decline in price respectively year over year.

 

Last Week’s Lake Tahoe Real Estate Sales: For the week of May 16th a total of 23 Lake Tahoe properties sold which was up slightly from the previous week’s sales of 18 Lake Tahoe properties.  Of the Lake Tahoe properties sold last week, none of the properties sold were priced over $750,000.

Pending Lake Tahoe Real Estate Sales: Currently there are 184 pending Lake Tahoe Real Estate sales in the market which is up 15% from the previous week.  Of the pending sales, 17 are Lake Tahoe short sales and 32 are Lake Tahoe foreclosures REO properties.

Market Activity Summary:

 

Overall Lake Tahoe Real Estate sales year to date as compared to last year are down 7.8% from 476 sales in 2010 versus 439 sales in 2011.  The drop off in Lake Tahoe Real Estate sales has primarily occurred in the second quarter as the first quarter sales were slightly higher in 2011 than in 2010.  While we would all like to see this trend reversed, there are some positive indicators on the horizon with a 15% increase in pending Lake Tahoe Real Estate sales and a 6% increase in active listings in the market.  Spring is underway and the summer is around the corner where more activity is anticipated.

 

The hottest segment of the market continues to be Lake Tahoe Real Estate priced under $500,000 as roughly 70% or 307 Lake Tahoe properties have sold in this price range.  Sales of Lake Tahoe Luxury homes priced above $1,000,000 continue to lag behind 2010 sales in this price range as 30 properties have sold year to date as compared to 47 properties last year which is a 36% drop.  The mid range market sales, $500,000 to $1,000,000 are down as well from last year with 102 properties sold or 23% of the total sales as compared to 123 properties sold in 2010.

Distressed properties, Lake Tahoe foreclosures REO and Lake Tahoe Short Sales represent 39% of the sales in the market which is almost identical to Lake Tahoe foreclosures REO and Lake Tahoe Short sales in 2010. However, there is still considerable interest in non distressed properties as many are priced at levels that are too good to pass up.

 

Median Lake Tahoe Real Estate sales prices have decreased by 10% to $360,000 while the average sales prices have also decreased by 10% to $524,100.  While other parts of California are reporting median prices stabilizing or increasing slightly, that is not the case thus far in the Tahoe-Truckee market.

 

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 property especially before the busy summer months.

 

 

Contact Olja Mihic, Lake Tahoe Realtor 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 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

Comments

Got something to say?

You must be logged in to post a comment.