Lake Tahoe Real Estate Market Report: May 30 – June 5

Coldwell Banker

2011 Weekly Real Estate Market Report

North Lake Tahoe-Truckee Region MLS

Residential and Lot/Land Properties

 

Week of: May 30th to June 5th

 

Active Inventory Summary:

 

Active Listings: The active inventory for residential and lot listings increased 3% from 1,728 the previous week to 1,776 active listings in the market; 1,250 residential properties and 526 lots and land listed for sale.  Since the middle of May, we have seen weekly listings increase nicely as is typical for this time of year.  Many homeowners are listing their homes to take advantage of the summer selling season.  Coldwell Banker has over 15% of the active listings in the market.

 

REO-Short Sale Listings: Of the active listings, there are 166 properties listed as short sales, (9.3%) and 43 properties listed as an REO sale, (2.4%).

 

Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has over 16-months of inventory available.  The inventory of homes 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 Sales 2011 Vs 2010:


Sales:
For 2011, there have been 492 properties sold in the market as compared to 536 for the same period in 2010 which is roughly an (8%) decrease in sales.

 

REO & Short Sales: Of the properties sold, 117 have been REO’s, (23.8%), and 69 have been Short Sales, (14.0%) which results in roughly 38% of the properties sold being a distressed property.  In 2010 for the same period, there were 117 REO sales and 74 short sales or roughly 35% of the total sales.

 

Price Range: For the year, there have been 344 properties sold priced below $500,000, 116 properties sold between $500,000 and $1,000,000 and 32 properties sold over $1,000,000.

 

Median and Average Sales Prices: The median sales price for properties sold year to date is $360,000 while the average sales price is $469,147. For the same period in 2010, the median sales price was $400,000 and the average sales price was $550,742 which is a (10.0%) and (14.8%) decline in price respectively year over year.

 

Last Week’s Sales: For the week of May 30th a total of 26 properties sold which was up slightly from the previous week’s sales of 24 properties.  Of the properties sold last week, three of the properties sold were priced over $750,000.

Pending Sales: Currently there are 185 pending sales in the market which is down slightly from the previous week.  Of the pending sales, 17 are short sales and 31 are REO properties.

Market Activity Summary:

 

May ended on a strong note with two solid weeks of sales which is slightly above the average for weekly sales.  Overall sales year to date as compared to last year are down 8.2% from 536 sales in 2010 versus 492 sales in 2011.  More and more homes are coming on the market which if priced competitively could spur a favorable change in sales. With two weeks remaining until the summer solstice, the weather is looking more like spring/summer and things should be heating up in the real estate market.

 

The hottest segment of the market continues to be homes priced under $500,000 as roughly 70% or 344 properties have sold in this price range.  Sales of homes priced above $1,000,000 continue to lag behind 2010 sales in this price range as 32 properties have sold year to date as compared to 52 properties last year which is a 38% drop.  The mid range market sales, $500,000 to $1,000,000 are down as well from last year with 116 properties sold or 24% of the total sales as compared to 140 properties sold in 2010.

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

 

Median sales prices have decreased by 10% to $360,000 while the average sales prices have decreased by 14.8% to $469,147.  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 Real Estate 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 # 00313415

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