Lake Tahoe Real Estate – Market Report Nov 14-20

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

North Lake Tahoe Real Estate -Truckee Real Estate Lake Tahoe MLS

Week of:  November 14^th to November 20^th

Active Inventory Summary:

Active Listings: Lake Tahoe MLS shows the inventory for residential Lake Tahoe real estate and Truckee Real Estate went down slightly from the previous week to 1,069 active listings in the market; 818 single family homes and 251 condominiums for sale.  Coldwell Banker has over 16% of the active listings in the market and continues to be the market leader for listings.

Lake Tahoe Foreclosures (REO)-Short Sale Listings: Of the Lake Tahoe real estate and Truckee Real Estate active listings, there are 165 Lake Tahoe properties listed as short sales, (15.4%) and 51 properties listed as Lake Tahoe Foreclosures (REO) sales, (4.8%).

Months of Inventory: Based on the current inventory in the Lake Tahoe MLS and Lake Tahoe real estate and Truckee Real Estate sales for the previous 30-day period, the market has roughly 9-months of inventory available.

Lake Tahoe real estate and Truckee Real Estate Sales Summary:  Year-To-Date

Total Sales 2011 Vs 2010:

Total Lake Tahoe Real Estate and Truckee Real Estate Sales: For 2011, there have been 1,049 residential Lake Tahoe Real Estate and Truckee Real Estate sold in the market as compared to 987 for the same period in 2010 which is a year over year 6.3% increase in sales.  Of the total sales in the market for 2011, 826 have been single family homes, while 223 or 21% of the sales were condominiums.  I n 2010, condominiums represented 32% of the sales which is significantly higher than in 2011.

Lake Tahoe Foreclosures (REO) & Short Sales: Of the Lake Tahoe properties sold this year, 184 have been Lake Tahoe foreclosures REO’s, (17.5%), and 141 have been Lake Tahoe Short Sales, (13.4%) which results in over 30% of the Lake Tahoe Real Estate and Truckee Real Estate sold being distressed properties.  In 2010 for the same period, there were 193 Lake Tahoe foreclosures REO sales and 121 short sales or just over 31% of the total Lake Tahoe Real Estate and Truckee Real Estate sales which is almost identical to this year.

Sales Price Range: For the year, there have been 692 residential Lake Tahoe properties sold priced below $500,000, 266 properties sold between $500,000 and $1,000,000 and 91 properties sold over $1,000,000.

Median and Average Sales Prices: The median sales price for Lake Tahoe Real Estate and Truckee Real Estate sold year to date is $400,000 while the average sales price is $543,087. For the same period in 2010, the median sales price was $432,000 and the average sales price was $638,111 which is a (7.4%) and (14.9%) decline in price respectively year over year.

Last Week’s Sales: For the week of November 14^th, a total of 25 Lake Tahoe Real Estate and Truckee Real Estate sold which was up nicely from the previous week’s sales of 20 properties.  Of the Lake Tahoe properties sold last week, only one of the Lake Tahoe properties sold were priced over $750,000.

Pending Sales: Currently there are 153 pending residential Lake Tahoe Real Estate and Truckee Real Estate sales in the market which went down slightly from the previous week.  Of the pending sales, 21 are Lake Tahoe short sales and 26 are Lake Tahoe foreclosures REO properties which are roughly 31% of the pending sales being distressed properties.

Market Activity Summary:

November sales are slightly better than last year for the first three weeks of the month.  Last week’s residential Lake Tahoe Real Estate and Truckee Real Estate sales represented a nice spike up from the week before with 25 total Lake Tahoe Real Estate and Truckee Real Estate closing escrow.  Coldwell Banker continues to be the market leader in terms of units sold and sales volume with roughly 16% market share in the north Tahoe and Truckee area.

Median Lake Tahoe Real Estate and Truckee Real Estate sales prices have decreased from last year by 7.4% to $400,000 while the average sales prices have decreased by 14.9% to $543,087.  The percentage drop in Lake Tahoe Real Estate and Truckee Real Estate sales has been rather consistent for the past 2-3 months and continues to be one of the driving factors influencing home sales on a year to date basis for astute investors looking to own a property in this remarkable resort area.

The hottest segment of the market continues to be Lake Tahoe Real Estate and Truckee Real Estate priced under $500,000 as roughly 66% or 692 properties have sold in this price range.  In 2010, 59% or 589 Lake Tahoe properties sold in this price range which was lower than this year primarily because of the drop in home prices.

Lake Tahoe luxury home sales, homes priced above $1,000,000, are down 25% from 2010 sales as 91 Lake Tahoe Real Estate and Truckee Real Estate or 8.7% of sales have sold year to date as compared to 122 properties last year in this segment.  The median sales price of the Lake Tahoe luxury homes sold in 2011 is $1,650,000 which is up 3% from last year.  Conversely, the average sales price of the Lake Tahoe luxury homes sales this year is $2,053,202 which is roughly 2% lower than last year.

The mid range market sales, $500,000 to $1,000,000 are down slightly from last year with 266 Lake Tahoe Real Estate and Truckee Real Estate sold or 25.4% of sales as compared to 276 Lake Tahoe properties sold or 28.0% in this range in 2010.

Distressed properties, Lake Tahoe foreclosures REO and Short Sales represent just over 30% of the sales in the market which is almost identical to the quantity of Lake Tahoe foreclosures REO and Short sales in 2010. On a comparative basis, 30% of the sales are distressed Lake Tahoe Real Estate and Truckee Real Estate while 20% of the active listings and 31% of the pending sales are distressed Lake Tahoe properties.

The active inventory of residential Lake Tahoe Real Estate and Truckee Real Estate showed a slight decrease in active listings.  The inventory for single family homes is fairly significant as compared to other parts of California where inventory is limited.

With the inventory of great residential Lake Tahoe Real Estate and Truckee Real Estate on the market, homes priced at 10-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 Real Estate and Truckee Real Estate 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 Real Estate and Truckee Real Estate market.

Contact Olja Mihic, Your 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