Lake Tahoe Real Estate: Market Report Nov 25 – Dec 1
2013 Weekly Lake Tahoe Real Estate Market Report, by Olja Mihic, Your Lake Tahoe Realtor
North Lake Tahoe MLS – Including: Lake Tahoe Real Estate, Truckee Real Estate Region, Squaw Valley Real Estate
Residential Properties – Single Family Homes and Condominiums
Week of: November 25rd to December 1st
Active Inventory Summary:
Active Listings: Lake Tahoe MLS shows the current inventory of residential Lake Tahoe real estate at 659 residential Lake Tahoe properties for sale; 479 single family Lake Tahoe homes and 180 Lake Tahoe condominiums for sale.
Lake Tahoe Foreclosures (REO)-Short Sale Active Listings: Of the active Lake Tahoe real estate listings, there are only 8 properties listed as a Lake Tahoe foreclosure (REO) and 5 properties listed as a short sale.
Months of Lake Tahoe Real Estate Inventory: Based on the current active Lake Tahoe real estate inventory and sales for the previous 30-day period, as reported by Lake Tahoe MLS, the market has over 5.7–months of inventory available.
Lake Tahoe Real Estate Sales Summary: Year-To-Date
Total Sales 2013 Vs. 2012:
Total Sales: Lake Tahoe MLS shows for 2013, there have been 1,373 residential Lake Tahoe real estate sold in the market which is 4% lower than the 1428 Lake Tahoe properties sold in 2012 for the same period. Of the total Lake Tahoe real estate sales in the market this year, 1085 have been single family Lake Tahoe homes, while 287 or 21% of the sales are Lake Tahoe condominiums. In 2012 for the same period, condominiums represented 21% of the Lake Tahoe real estate sales.
Lake Tahoe Foreclosures (REO) & Short Sales: Distressed property sales are down significantly for the year with 63 Lake Tahoe Foreclosures (REO) sales, (4.5%), and 89 Short Sales, (6.5%) which results in 11% of the Lake Tahoe properties sold being distressed properties. Conversely, in 2012 for the same period, there were 184 Lake Tahoe Foreclosures (REO) sales and 182 short sales or 26% of the total sales being distressed Lake Tahoe properties.
Sales by Price Range: In 2013, there have been 760 residential Lake Tahoe real estate sold with a purchase price below $500,000, 465 Lake Tahoe properties sold between $500,000 and $1,000,000 and 160 Lake Tahoe luxury homes sold over $1,000,000.
Median and Average Sales Prices: The median sales price for Lake Tahoe homes sold year to date is $479,000 while the average Lake Tahoe real estate sales price is $702,885. For the same period in 2012, the median Lake Tahoe real estate sales price was $415,000 and the average Lake Tahoe real estate sales price was $642,743 which is an increase of 15% in median sales price and an increase of 9% in average sales price.
Last Week’s Sales: Lake Tahoe MLS shows for the week of Nov 25 through Dec 1 a total of 11 properties sold. Of the 11 Lake Tahoe real estate sales this past week, there were 2 Lake Tahoe properties sold over $1.0 million and of those one sold at a price above $5.0 million.
Pending Sales: Currently there are 159 pending residential Lake Tahoe real estate sales in the market. Of the pending Lake Tahoe homes, 22% are distressed properties with 29 being short sales and 6 being Lake Tahoe Foreclosures (REO’s).
Lake Tahoe Real Estate Market Summary:
For the month of November, residential Lake Tahoe real estate sales are about the same as last year’s November sales, with 111 Lake Tahoe properties selling as compared to 113 for the same period last year. On a year to date basis, a total of 1,373 residential Lake Tahoe homes have sold which is down 4% from the 1428 sales for the same period last year.
The median Lake Tahoe real estate sales price for residential Lake Tahoe real estate for 2013 is currently at $479,000 which is up 15% from the median Lake Tahoe real estate sales price of $415,000 in 2012. Similarly the average Lake Tahoe real estate sales price has gone up a 9% to $702,885 as compared to last year’s average Lake Tahoe real estate sales price of $642,743.
The segment of the market with the highest level of sales continues to be Lake Tahoe homes priced under $500,000 as 55% of the Lake Tahoe real estate sales or 760 properties have sold in this price range which is down slightly from 2012 where over 64% of Lake Tahoe real estate sales or 920 properties sold in this price range. This variance is an indication of the rising prices in the market.
Lake Tahoe luxury homes sales, Lake Tahoe homes priced above $1,000,000, have gone up 20% from 2012 with 161 Lake Tahoe luxury homes selling since the beginning of the year as compared to 134 Lake Tahoe luxury homes sales for the same period in 2012. Lake Tahoe luxury homes sales represent 12% of sales thus far this year. The median sales price for Lake Tahoe luxury homes in 2013 is $1,675,000 as compared to a median price of $1,600,500 in 2012 which is up 5%. The average sales price of Lake Tahoe luxury homes in 2013 is $2,255,132 as compared to $2,431,235 in 2012 which is a 8% decrease.
Mid-range market sales, Lake Tahoe homes priced $500,000 to $1,000,000 have gone up 18% from last year with 465 Lake Tahoe properties sold in this segment or 34% of Lake Tahoe real estate sales as compared to 393 properties sold or 28% of sales in this price range in 2012.
Lake Tahoe MLS reports for 2013, short sale properties closed have gone down 51% with 89 closed short sales in 2013 as compared to 182 closed short sales in 2012. Similarly, Lake Tahoe foreclosures (REO) closed in 2013 have gone down 66% with 63 properties closed in 2013 as compared to 184 properties closed in 2012. Overall, distressed Lake Tahoe property sales, (Lake Tahoe foreclosures (REO) and Short Sales) represent 18% of the Lake Tahoe real estate sales in 2013 which is about the same at 19% in 2012.
THERE ARE STILL GREAT BUYING OPPORTUNITIES: With current Lake Tahoe real estate inventory levels there remain many quality Lake Tahoe homes to choose from throughout the north Lake Tahoe real estate and Truckee real estate area, including Squaw Valley real estate. When you compound the Lake Tahoe real estate inventory available with Lake Tahoe homes priced at 10-year lows and favorable interest rates, savvy Lake Tahoe real estate investors are taking advantage of this market and acquiring homes in many of the Lake Tahoe real estate and Truckee real estate resort communities, including Squaw Valley real estate.
Contact Olja Mihic, Your Lake Tahoe Realtor Today to Find Out More about the Opportunities Available in the Lake Tahoe Real Estate-Truckee Real Estate Market, Including Squaw Valley Real Estate.
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, data’s accuracy is not guaranteed. Data maintained by the MLS may not reflect all real estate activity in the market.
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