Lake Tahoe Real Estate Market Report Sep 2-8th
Lake Tahoe Real Estate Market Report by Olja Mihic, Lake Tahoe Realtor
Lake Tahoe MLS: North Lake Tahoe Real Estate-Truckee Real Estate Region, Including Squaw Valley Real Estate
Residential Properties – Single Family Lake Tahoe Homes and Lake Tahoe Condominiums
Week of: September 2nd to September 8th
Active Inventory Summary:
Lake Tahoe MLS Active Listings: Lake Tahoe MLS shows the current inventory of residential Lake Tahoe real estate went down slightly from last week to 876 residential Lake Tahoe properties for sale; 664 single family Lake Tahoe homes and 212 Lake Tahoe condominiums for sale.
Lake Tahoe Foreclosures (REO)-Short Sale Active Listings: Lake Tahoe MLS shows of the active Lake Tahoe real estate listings, there are only 6 properties listed as Lake Tahoe foreclosures (REO) and 16 properties listed as a short sale.
Months of Inventory: Based on the current active Lake Tahoe real estate inventory, as shown in Lake Tahoe MLS, and sales for the previous 30-day period, the market has over 6-months of inventory available.
Sales Summary: Year-To-Date
Total Sales 2013 Vs. 2012:
Total Lake Tahoe Real Estate Sales: Lake Tahoe MLS shows, for 2013, there have been 986 residential Lake Tahoe properties sold in the market which is 11% higher than the 886 Lake Tahoe properties sold in 2012 for the same period. Of the total Lake Tahoe real estate sales in the market this year, 782 have been single family Lake Tahoe homes, while 204 or 20% of the Lake Tahoe real estate sales are Lake Tahoe condominiums. In 2012 for the same period, Lake Tahoe condominiums represented 25% of the Lake Tahoe real estate sales.
Lake Tahoe Foreclosures (REO) & Short Sales: Distressed Lake Tahoe property sales are down significantly for the year with 51 Lake Tahoe foreclosures (REO) sales and 90 Short Sales which results in 14% of the Lake Tahoe real estate sold being distressed Lake Tahoe properties. Conversely, in 2012 for the same period, there were 143 Lake Tahoe foreclosures (REO) sales and 136 short sales or 31% of the total Lake Tahoe real estate sales being distressed Lake Tahoe properties.
Sales by Price Range: Lake Tahoe MLS shows in 2013, there have been 555 residential Lake Tahoe real estate sold with a purchase price below $500,000, 317 Lake Tahoe properties sold between $500,000 and $1,000,000 and 114 Lake Tahoe properties sold over $1,000,000.
Median and Average Sales Prices: Lake Tahoe MLS shows the median sales price for Lake Tahoe real estate sold year to date is $455,000 while the average Lake Tahoe real estate sales price is $681,188. For the same period in 2012, the median Lake Tahoe real estate sales price was $396,000 and the average Lake Tahoe real estate sales price was $544,680 which is an increase of 15% in median sales price and an increase of 25% in average sales price.
Last Week’s Sales: For the week of September 2nd a total of 30 Lake Tahoe properties sold which was down from the prior week’s Lake Tahoe real estate sales of 43 Lake Tahoe properties. Of the 30 Lake Tahoe real estate sales this past week, there were four properties sold over $1.0 million and of those, three (3) were sold at a price above $5.0 million.
Pending Sales: Currently there are 237 pending residential Lake Tahoe real estate sales in the market which is down from last week’s pending Lake Tahoe real estate sales of 256. Of the pending Lake Tahoe real estate, 16% are distressed properties with 29 being short sales and 6 being Lake Tahoe foreclosures (REO’s).
Market Activity Summary:
The first week of September has gotten off to a great start with 30 closed residential Lake Tahoe properties as compared to 23 for the same period in 2012. On a year to date basis, a total of 986 residential Lake Tahoe real estate have sold which is up 11% from the 886 sales for the same period last year.
Coldwell Banker Residential Brokerage for 2013 is #1 in the entire market in terms of both unit sides sold, (465 sales) and sales volume sold, ($206 million).
The median Lake Tahoe real estate sales price for residential Lake Tahoe real estate for 2013 is currently at $455,000 which is up 15% from the median Lake Tahoe real estate sales price of $396,000 in 2012. Similarly the average sales price has gone up a dramatic 25% to $681,188 as compared to last year’s average sales price of $544,680.
The segment of the market with the highest level of Lake Tahoe real estate sales continues to be homes priced under $500,000 as 56% of the sales or 555 properties have sold in this price range which is down slightly from 2012 where over 64% of Lake Tahoe real estate sales or 570 properties sold in this price range. This variance is an indication of the rising prices in the market.
Lake Tahoe luxury homes sales, homes priced above $1,000,000, have gone up 50% from 2012 with 114 Lake Tahoe luxury homes selling since the beginning of the year as compared to only 76 Lake Tahoe luxury homes sales for the same period in 2012. Lake Tahoe luxury homes sales represent 11% of Lake Tahoe real estate sales thus far this year. The median sales price for Lake Tahoe luxury homes in 2013 is $1,745,000 as compared to a median price of $1,484,289 in 2012 which is up 17%. The average sales price of Lake Tahoe luxury homes in 2013 is $2,451,039 as compared to $2,036,680 in 2012 which is a 20% increase.
Mid-range market sales, Lake Tahoe homes priced $500,000 to $1,000,000 have gone up 32% from last year with 317 Lake Tahoe properties sold in this segment or 32% of sales as compared to 240 Lake Tahoe properties sold or 27% of sales in this price range in 2012.
Distressed properties, Lake Tahoe foreclosures (REO’s) and Short Sales, completely reversed the trend set in 2012. For 2013, short sale Lake Tahoe real estate closed have gone down 34% with 90 closed short sales in 2013 as compared to 136 closed short sales in 2012. Similarly, Lake Tahoe foreclosures (REO) closed in 2013 have gone down 64% with 51 Lake Tahoe properties closed in 2013 as compared to 143 Lake Tahoe properties closed in 2012. Overall, distressed property sales, (Lake Tahoe foreclosures (REO) and Short Sales) represent 14% of the Lake Tahoe real estate sales in 2013 which is significantly less than the 31% in 2012.
Lake Tahoe MLS shows the active Lake Tahoe real estate inventory on a year over year basis is down roughly 12% as we currently have 876 residential Lake Tahoe properties listed for sale as compared to 998 a year ago at this time.
THERE ARE STILL GREAT BUYING OPPORTUNTIES: With current Lake Tahoe real estate inventory levels there remain many quality Lake Tahoe properties 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 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, 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. BRE License # 1908304
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