Lake Tahoe Real Estate – Market Report – Sep 12-18

Olja Mihic, Lake Tahoe Real Estate Weekly Market Report
North Lake Tahoe-Truckee Region MLS – Residential Properties – Single Family Homes and Condominiums

Week of:  September 12th to September 18th

Active Inventory Summary:

Active Listings: The inventory for residential properties went down slightly from last week to 1,328 active listings in the market; 1,026 single family homes and 302 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 REO-Short Sale Listings: Of the active listings, there are 165 properties listed as Lake Tahoe short sales, (12.4%) and 48 properties listed as Lake Tahoe REO sales, (3.6%).

Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has over 11-months of inventory available.

 

Sales Summary:  Year-To-Date

Total Sales 2011 Vs 2010:

Total Sales: For 2011, there have been 798 residential properties sold in the market as compared to 756 for the same period in 2010 which is a year over year 5.6% increase in sales.  Of the total sales in the market for 2011, 623 have been single family homes, while 175 or 22% of the sales were condominiums.  I n 2010, condominiums represented 33% of the sales which is significantly higher than in 2011.

Lake Tahoe REO & Short Sales: Of the properties sold this year, 152 have been REO’s, (19.0%), and 119 have been Short Sales, (14.9%) which results in over 34% of the properties sold being distressed properties.  In 2010 for the same period, there were 147 REO sales and 96 short sales or roughly 32% of the total sales which is almost identical to this year.

Sales Price Range: For the year, there have been 533 residential properties sold priced below $500,000, 200 properties sold between $500,000 and $1,000,000 and 65 properties sold over $1,000,000.

Median and Average Sales Prices: The median sales price for properties sold year to date is $399,500 while the average sales price is $540,700. For the same period in 2010, the median sales price was $431,000 and the average sales price was $633,829 which is a (7.3%) and (14.7%) decline in price respectively year over year.

Last Week’s Sales: For the week of September 12th a total of 35 properties sold which was a significant increase from the previous week’s sales of 25 properties.  Of the properties sold last week, four (4) of the properties sold were priced over $750,000 and three of the four were priced over $1,000,000.  Last week there was a $6.0 million sale.

Pending Sales: Currently there are 187 pending residential sales in the market which is down slightly from the previous week.  Of the pending sales, 10 are short sales and 25 are REO properties which are roughly 18% of the pending sales being distressed properties.

Market Activity Summary:

The 35 properties closed this past week was the single largest week of residential sales in the last four months.  September sales as expected have been brisk and the trend for the next 30-45 appears to be positive.

Median sales prices have decreased from last year by 7.3% to $399,500 while the average sales prices have decreased by 14.7% to $540,700.  This continued downward trend in price is one of the major factors influencing home sales to date and should bode well for the remainder of the year.

The hottest segment of the market continues to be homes priced under $500,000 as roughly 67% or 533 properties have sold in this price range.  In 2010, 60% or 451 properties sold in this price range which makes sense given the drop in median sales prices.

Lake Tahoe luxury home sales, homes priced above $1,000,000, continue lag behind 2010 sales as 65 properties or 8.1%, have sold year to date as compared to 90 properties last year which is a 27% decline.  For 2011, the median sales price for Lake Tahoe luxury homes is $1,675,000 while the average sales price is $2,148,390 which is slightly higher than the prices for 2010 in this segment.

The mid range market sales, $500,000 to $1,000,000 are down slightly from last year with 200 properties sold or 25.1% of sales as compared to 215 properties sold or 28.4% in this range in 2010.  The gap in this segment of the market has narrowed in the past 60-days as more sales in this price range have occurred of late.  Last week, 12 residential properties closed in this price range.

Lake Tahoe distressed properties, Lake Tahoe REO and Lake Tahoe Short Sales represent 34% of the sales in the market which is almost identical to the quantity of Lake Tahoe REO and Lake Tahoe Short sales in 2010. Interestingly enough while 34% of the sales are distressed properties only 16% of the active listings and 18% of the pending sales are distressed properties.

With the inventory of great residential properties on the market, homes priced at 10-year lows and some of the lowest interest rates in history, we are anticipating a strong rally towards the end of the year.

Now may be one of the best times for Buyers considering an investment in a vacation home or investment property in the Lake Tahoe-Truckee market.

Contact Olja Mihic, Lake Tahoe Real Estate Specialist with Coldwell Banker 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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