Lake Tahoe Real Estate Market Report: Oct 1-7

Lake Tahoe Real Estate Market Report: Oct 1-7

Lake Tahoe Active Inventory Summary:

Lake Tahoe Real Estate Active Listings: The inventory for residential Lake Tahoe real estate went down slightly from the previous week to 887 residential Lake Tahoe real estate for sale; 669 single family homes and 218 condominiums for sale.  The current inventory level is at the lowest point since May of this year which is obviously a result of a very active summer for Lake Tahoe real estate sales in the market as well as homeowners taking their homes off the market for the winter.  Coldwell Banker has almost 15% of the active listings in the market and continues to be the market leader for listings.

Lake Tahoe Foreclosures-Short Sale Active Listings: Of the active listings, there are 91 Lake Tahoe properties listed as Lake Tahoe short sales, (10.3%) and 14 Lake Tahoe properties listed as Lake Tahoe foreclosures sales, (1.6%).  The total percentage of distressed Lake Tahoe properties listed for sale, (11.9%) is vastly different than the percentage of distressed Lake Tahoe properties sold on a year to date basis which is roughly 30%.

Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has a little over 5-months of inventory available.

Sales Summary:  Year-To-Date

Total Sales 2012 Vs 2011:

Total Sales: For 2012, there has been 1,025 residential Lake Tahoe real estate sold in the market as compared to 900 for the same period in 2011 which is a year over year increase in sales of over 14%.  Of the total sales in the market this year, 807 have been single family homes, while 218 or 21% of the sales are condominiums.  I n 2011 for the same period, condominiums represented 27% of the sales which is much higher than what we are experiencing in 2012.

Lake Tahoe Foreclosures(REO) & Short Sales: Of the properties sold this year, 155 have been Lake Tahoe foreclosures(REO), (15.1%), and 154 have been Lake Tahoe Short Sales, (15%) which results in 30% of the properties sold being distressed Lake Tahoe properties.  In 2011 for the same period, there were 162 Lake Tahoe foreclosures (REO) sales and 129 Lake Tahoe short sales or just over 32% of the total sales.

Sales by Price Range: For the year, there has been 666 residential Lake Tahoe real estate sold priced below $500,000, 274 Lake Tahoe properties sold between $500,000 and $1,000,000 and 85 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 $390,000 while the average sales price is $535,749. For the same period in 2011, the median sales price was $400,000 and the average sales price was $544,037 which is a (2.5%) decline in median sales price and a (1.5%) decline in the average sales price from 2011 to 2012.

Last Week’s Sales: For the week of October 1^st, a total of 26 Lake Tahoe real estate sold which was down 38% from the prior week’s sales of 42 Lake Tahoe real estate.  Of the Lake Tahoe properties sold last week, three (3) properties sold at a price above $750,000.

Pending Sales: Currently there are 218 pending residential Lake Tahoe real estate sales in the market which is down slightly from the previous week.  Currently 16% of the pending sales are distressed Lake Tahoe properties with 19 being Lake Tahoe short sales and 17 being Lake Tahoe foreclosures (REO).

Market Activity Summary:

The month of September ended on a very strong note with an average of 39 sales per week for the last two weeks.  September 2012 sales saw 137 Lake Tahoe real estate sell which was down slightly from the 146 sales in September of 2011.  The first week of October sales of 26 Lake Tahoe real estate is encouraging as we continue to experience brisk activity from interested Buyers.

On a year to date basis, there have been 1,025 residential Lake Tahoe properties sold as compared to 900 for 2011 which is an overall favorable increase of 14%.

Thus far in 2012, Coldwell Banker Residential Brokerage is #1 in the entire market in terms of both residential units sold, (461 Units Sold) and sales volume sold, ($185 million in Sales Volume).

The median sales price for residential Lake Tahoe real estate has decreased from last year by almost (2.5%) to $390,000, while average sales prices have similarly decreased by almost 2% to $535,749.  These price trends continue to support the sense that the North Lake Tahoe and Truckee market may be nearing or at the bottom of the market based on the sales activity and sold price trends we have experienced in the past 90-days.

The segment of the market with the highest level of activity continues to be Lake Tahoe real estate priced under $500,000 as over 65% of the sales or 666 Lake Tahoe real estate have sold in this price range which is similar to 2011 where 67% of sales or 599 Lake Tahoe properties sold in this price range.

Lake Tahoe Luxury homes sales, homes priced above $1,000,000, are up 13% from 2011.  There have been 85 Lake Tahoe luxury homes sold which represents over 8% of sales this year as compared to 75 Lake Tahoe properties sold last year in this segment.  The median sales price for Lake Tahoe luxury homes in 2012 is $1,489,519 as compared to a median price of $1,675,000 in 2011 which is down (11%). Similarly, the average sales price of Lake Tahoe luxury homes in 2012 is $2,022,078 as compared to $2,142,351 in 2011 which is a decrease of (5.6%).  Coldwell Banker is the market leader for Lake Tahoe Luxury homes sold over $1.0 million with 22 Lake Tahoe properties sold or 26% with a sales volume of $31 million.

The mid range market Lake Tahoe real estate sales, $500,000 to $1,000,000 are up 21% from last year with 274 Lake Tahoe properties sold in this segment or 27% of sales as compared to 226 Lake Tahoe real estate sold or 25% in this range in 2011.

In the area of distressed Lake Tahoe real estate we are mirroring the national trend of more banks supporting short sales as compared to last year.  For 2012, Lake Tahoe short sales properties closed have gone up by 19% with 154 closed Lake Tahoe short sales in 2012 as compared to 129 closed Lake Tahoe short sales in 2011.  Conversely Lake Tahoe foreclosures (REO) properties closed in 2012 have gone down (4%) with 155 Lake Tahoe properties closed in 2012 as compared to 162 Lake Tahoe properties closed in 2011.  Overall, distressed Lake Tahoe real estate sales, (Lake Tahoe foreclosures (REO) and Lake Tahoe Short Sales) represent over 30% of the sales in 2012 which is slightly less than the 32% in 2011.

The active inventory of residential Lake Tahoe properties went down slightly from last week to 887 residential Lake Tahoe real estate for sale.  There are 669 single family homes and 218 condominiums listed for sale in the market.  On a year over year bases, residential listings are down 30% from last year at this time.

NOW MAY THE BEST TIME TO BUY! With the existing inventory of residential Lake Tahoe real estate in the market, homes priced at 12-year lows and some of the lowest interest rates in history, savvy real estate investors are taking advantage of this market and acquiring homes in many of the Lake Tahoe and Truckee resort communities.  Now may be one of the best times for Buyers considering an investment in a vacation home or investment Lake Tahoe property in the North Lake Tahoe area.

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