Lake Tahoe Real Estate: Market Report Nov 19-25

Lake Tahoe Real Estate Active Inventory Summary:

 

Active Listings: The inventory for residential Lake Tahoe properties went down slightly from the previous week as has been the case for the last 6-weeks.  The current inventory of residential Lake Tahoe real estate stands at 728 Lake Tahoe properties for sale; 529 single family homes and 199 Lake Tahoe condominiums for sale.  The current inventory level is at the lowest point for the entire 2012 year.

 

Lake Tahoe Foreclosures (REO)-Lake Tahoe Short Sale Active Listings: Of the active listings, there are 83 Lake Tahoe real estate listed as Lake Tahoe short sales, (11.4%) and 10 properties listed as Lake Tahoe Foreclosures (REO) sales, (1.4%).

 

Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has a little over 4-months of inventory available.

 

Sales Summary:  Year-To-Date

 

Total Sales 2012 Vs 2011:


Total Lake Tahoe Real Estate Sales:
For 2012, there have been 1,272 residential Lake Tahoe real estate sold in the market as compared to 1,070 for the same period in 2011 which is a year over year increase in sales of almost 19%.  Of the total sales in the market this year, 1,008 have been single family homes, while 264 or 20.8% of the sales are Lake Tahoe condominiums.  I n 2011 for the same period, Lake Tahoe condominiums represented 27% of the Lake Tahoe real estate sales.

 

Lake Tahoe Foreclosures (REO) & Lake Tahoe Short Sales: Distressed property sales thus far for the year shows 170 Lake Tahoe Foreclosures (REO) sales, (13.4%), and 181 Lake Tahoe Short Sales, (14.2%) which results in almost 28% of the properties sold being distressed properties.  In 2011 for the same period, there were 188 REO sales and 147 short sales or 31% of the total sales.

 

Sales by Price Range: For the year, there have been 812 residential Lake Tahoe properties sold priced below $500,000, 344 Lake Tahoe properties sold between $500,000 and $1,000,000 and 116 Lake Tahoe properties sold over $1,000,000.

 

Median and Average Sales Prices: The median sales price for Lake Tahoe real estate sold year to date is $400,000 while the average Lake Tahoe real estate sales price is $558,948. For the same period in 2011, the median Lake Tahoe real estate sales price was an identical $400,000 and the average Lake Tahoe real estate sales price was $542,621.  Median Lake Tahoe real estate sales prices are identical to 2011 and the average Lake Tahoe real estate sales price has increased 3.0%.

 

Last Week’s Sales: For the week of November 25th, a total of 22 Lake Tahoe real estate sold which was down slightly from the prior week’s sales of 30 Lake Tahoe properties.  Of the Lake Tahoe real estate sold last week, three (3) Lake Tahoe properties sold at a price above $750,000 and of the three, two (2) were greater than $1 million with sales of roughly $3.2 million and $5.9 million.

Pending Sales: Currently there are 169 pending residential sales in the market which is down slightly from the previous week.  Currently 16.5% of the pending sales are distressed properties with 13 being Lake Tahoe short sales and 15 being Lake Tahoe Foreclosures (REO’s).

Lake Tahoe Real Estate Market Activity Summary:

 

The week of Thanksgiving saw fewer sales as compared to the previous two weeks which was expected.  Overall Lake Tahoe real estate sales for the month of November have outpaced Lake Tahoe real estate sales for the same period in 2011 with 97 residential Lake Tahoe properties sold.

 

On a year to date basis, there have been 1,272 residential Lake Tahoe real estate sold as compared to 1,070 for 2011 which is an overall favorable increase of almost 19%.  This is by far the strongest sales year in the past four years in the north Lake Tahoe and Truckee market.

 

Coldwell Banker Residential Brokerage is #1 in the entire market in terms of both units sold, (555 sales) and sales volume sold, ($232 million).

 

The median Lake Tahoe real estate sales price for residential Lake Tahoe properties reached $400,000 which is identical to last year at this time.  The average Lake Tahoe real estate sales price has gone up 3.0% to $558,948 as compared to last year.  With the last 8-week trend in both median and average sales prices and the fact that they have reached their highest point of the 2012 one could surmise the bottom has been reached in the north Lake Tahoe real estate and Truckee market.

 

The segment of the Lake Tahoe real estate market with the highest level of activity continues to be Lake Tahoe properties priced under $500,000 as over 63% of the Lake Tahoe real estate sales or 812 Lake Tahoe properties have sold in this price range which is similar on a percentage basis to 2011 where over 65% of sales or 703 Lake Tahoe properties sold in this price range.

 

Lake Tahoe luxury homes sales, homes priced above $1,000,000, has are up 27% from 2011 which has been the largest growing segment of the market for the year on a percentage basis.  There have been 116 Lake Tahoe luxury homes sold which represents over 9% of sales this year as compared to 91 Lake Tahoe luxury homes sold last year in this segment.  The median sales price for Lake Tahoe luxury homes in 2012 is $1,562,500 as compared to a median price of $1,650,000 in 2011 which is down (5%). Conversely, the average Lake Tahoe real estate sales price of Lake Tahoe luxury homes in 2012 is $2,072,874 as compared to $2,053,202 in 2011 which is a 1% increase.  Coldwell Banker is the market leader for Lake Tahoe Luxury homes sold over $1.0 million with 27 Lake Tahoe luxury homes sold representing a sales volume of over $44 million.

 

The mid range market Lake Tahoe real estate sales, $500,000 to $1,000,000 are up 24.6% from last year with 344 Lake Tahoe properties sold in this segment or 27% of Lake Tahoe real estate sales as compared to 276 Lake Tahoe properties sold or 25% in this range in 2011.

 

Distressed properties, (Lake Tahoe Foreclosures (REO’s) and Lake Tahoe Short Sales), are mirroring the national trend of more banks supporting short sales as compared to last year.  For 2012, Lake Tahoe short sale properties closed have gone up by 23% with 181 closed Lake Tahoe short sales in 2012 as compared to 147 closed Lake Tahoe short sales in 2011.  Lake Tahoe short sales closed have surpassed Lake Tahoe Foreclosures (REO) properties closed in 2012.  Lake Tahoe Foreclosures (REO) properties closed in 2012 have gone down (8%) with 170 Lake Tahoe properties closed in 2012 as compared to 185 Lake Tahoe properties closed in 2011.  Overall, distressed property sales, (Lake Tahoe Foreclosures (REO) and Lake Tahoe Short Sales) represent almost 28% of the Lake Tahoe real estate sales in 2012 which is less than the 31% in 2011.

 

The active inventory of residential Lake Tahoe real estate has been steadily declining the past 8-weeks and is at the lowest point this year with 728 residential Lake Tahoe properties for sale.  There are 529 single family homes and 199 Lake Tahoe condominiums listed for sale in the market.  On a year over year bases, residential listings are down 29% from last year.

 

IT’S NOT TOO LATE! While inventory levels are at the low point for the year, there are still many quality Lake Tahoe properties to choose from throughout the north Lake Tahoe and Truckee area which is not the case in many areas of California.  When you compound the inventory available with homes still priced at 12-year lows and some of the lowest interest rates in history, savvy Lake Tahoe real estate investors are taking advantage of this market and acquiring homes in many of the Lake Tahoe and Truckee resort communities.

Contact Olja Mihic, Lake Tahoe Realtor, Today to Find Out More about the Opportunities Available in the Lake Tahoe-Truckee Market.

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 # 1908304

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