Lake Tahoe Real Estate Market Report: May 23-29

Olja Mihic, Lake Tahoe Realtor Lake Tahoe Real Estate and Truckee Real Estate Market Report for the Week of May 23rd – 29th, including condos and residential Lake Tahoe properties.

Active Lake Tahoe Real Estate Inventory Summary:

 

Active Lake Tahoe Real Estate Listings: The active inventory for residential Lake Tahoe Real Estate and lot listings increased 3% from 1,681 the previous week to 1,728 active Lake Tahoe Real Estate listings in the market; 1,207 residential Lake Tahoe properties and 521 lots and land listed for sale.  We are continuing to the typical trend for this time of year with more homeowners listing their Lake Tahoe properties to take advantage of 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 listings, there are 163 Lake Tahoe properties listed as Lake Tahoe short sales, (9.4%) and 44 properties listed as an Lake Tahoe foreclosures REO sale, (2.5%).

 

Months of Lake Tahoe Real Estate Inventory: Based on the current inventory and Lake Tahoe Real Estate sales for the previous 30-day period, the market has over 16-months of inventory available.  The inventory of Lake Tahoe homes and land at today’s prices continues to favor the buyer interested in an investment Lake Tahoe property, vacation home or moving up to a larger home or better location.

 

Lake Tahoe Real Estate Sales Summary:  Year-To-Date

 

Total Lake Tahoe Real Estate Sales 2011 Vs 2010:


Lake Tahoe Real Estate Sales:
For 2011, there have been 463 Lake Tahoe properties sold in the market as compared to 511 for the same period in 2010 which is an (9.4%) decrease in sales.

Lake Tahoe Foreclosures REO & Lake Tahoe Short Sales: Of the properties sold, 115 have been Lake Tahoe foreclosures REO’s, (24.8%), and 65 have been Lake Tahoe Short Sales, (14.0%) which results in over 38% of the Lake Tahoe properties sold being a distressed property.  In 2010 for the same period, there were 115 Lake Tahoe foreclosures  REO sales and 72 Lake Tahoe short sales or roughly 37% of the total Lake Tahoe Real Estate sales.

Price Range: For the year, there have been 325 Lake Tahoe Real Estate sold priced below $500,000, 107 Lake Tahoe Real Estate sold between $500,000 and $1,000,000 and 31 Lake Tahoe Luxury  homes sold over $1,000,000.

Median and Average Lake Tahoe Real Estate Sales Prices:The median Lake Tahoe Real Estate sales price for Lake Tahoe properties sold year to date is $359,500 while the average sales price is $465,315. For the same period in 2010, the median sales price was $400,000 and the average sales price was $519,560 which is a (10.1%) and (10.4%) decline in price respectively year over year.

Last Week’s Lake Tahoe Real Estate Sales: For the week of May 23rd a total of 24 Lake Tahoe Real Estate sold which was up slightly from the previous week’s sales of 23 Lake Tahoe Real Estate.  Of the Lake Tahoe Real Estate sold last week, two of the Lake Tahoe properties sold were priced over $750,000.

Pending Lake Tahoe Real Estate Sales: Currently there are 191 pending Lake Tahoe Real Estate sales in the market which is up slightly from the previous week.  Of the pending sales, 18 are Lake Tahoe short sales and 30 are Lake Tahoe foreclosures REO properties.

 

Market Activity Summary:

 

The first two weeks of May was very slow in terms of weekly Lake Tahoe Real Estate sales while the last two weeks picked up nicely with average weekly Lake Tahoe Real Estate sales of 23 Lake Tahoe properties closed.  Overall Lake Tahoe Real Estate sales year to date as compared to last year are down 9.4% from 511 sales in 2010 versus 463 sales in 2011.  More and more Lake Tahoe Real Estate is coming on the market which if priced competitively could spur a favorable change in sales.  Winter is hanging on longer than expected as evidenced by snow over the Memorial Day weekend.  However, spring is underway and 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 325 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 31 properties have sold year to date as compared to 48 Lake Tahoe properties last year which is a 35% drop.  The mid range market sales, $500,000 to $1,000,000 are down as well from last year with 107 Lake Tahoe properties sold or 23% of the total Lake Tahoe Real Estate sales as compared to 134 properties sold in 2010.

Distressed properties, Lake Tahoe foreclosures REO and Lake Tahoe Short Sales represent 38% of the Lake Tahoe Real Estate sales in the market which is almost identical to Lake Tahoe foreclosures REO and Lake Tahoe Short sales in 2010. Interestingly enough while 38% of the Lake Tahoe Real Estate sales are distressed properties only 12% of the active listings are distressed properties.

 

Median Lake Tahoe Real Estate sales prices have decreased by 10% to $359,500 while the average Lake Tahoe Real Estate sales prices have also decreased by 10% to $519,500.  While other parts of California are reporting median prices stabilizing or increasing slightly, that is not the case thus far in the Lake Tahoe Real EstateTruckee real estate  market.

 

All in all, with the existing inventory levels, the lower median and average Lake Tahoe Real Estate 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 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

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