Lake Tahoe Real Estate Market Report Sep 9-15th
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: September 9th to September 15th
Active Inventory Summary:
Active Listings: Lake Tahoe MLS shows the current inventory of residential Lake Tahoe real estate went down slightly from last week to 869 residential Lake Tahoe properties for sale; 656 single family Lake Tahoe homes and 213 Lake Tahoe condominiums for sale. Coldwell Banker has over 15% of the active listings in the market and continues to be the market leader for listings.
Lake Tahoe Foreclosures (REO)-Short Sale Active Listings: Of the active Lake Tahoe real estate listings, there are only 7 properties listed as a Lake Tahoe foreclosure (REO) and 14 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 6-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 1,015 residential Lake Tahoe real estate sold in the market which is 10% higher than the 920 Lake Tahoe properties sold in 2012 for the same period. Of the total Lake Tahoe real estate sales in the market this year, 805 have been single family Lake Tahoe homes, while 210 or 20% of the sales are Lake Tahoe condominiums. In 2012 for the same period, condominiums represented 26% of the Lake Tahoe real estate sales.
Lake Tahoe Foreclosures (REO) & Short Sales: Distressed property sales are down significantly for the year with 53 Lake Tahoe Foreclosures (REO) sales, (5%), and 90 Short Sales, (9%) which results in 14% of the Lake Tahoe properties sold being distressed properties. Conversely, in 2012 for the same period, there were 146 Lake Tahoe Foreclosures (REO) sales and 139 short sales or 31% of the total sales being distressed Lake Tahoe properties.
Sales by Price Range: In 2013, there have been 567 residential Lake Tahoe real estate sold with a purchase price below $500,000, 328 Lake Tahoe properties sold between $500,000 and $1,000,000 and 120 Lake Tahoe properties sold over $1,000,000.
Median and Average Sales Prices: The median sales price for Lake Tahoe homes sold year to date is $455,000 while the average Lake Tahoe real estate sales price is $683,257. For the same period in 2012, the median Lake Tahoe real estate sales price was $395,000 and the average Lake Tahoe real estate sales price was $539,124 which is an increase of 15% in median sales price and an increase of 26% in average sales price.
Last Week’s Sales: Lake Tahoe MLS shows for the week of September 9th a total of 29 properties sold which was just under the 30 properties sold last week. Of the 29 Lake Tahoe real estate sales this past week, there were 6 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 238 pending residential Lake Tahoe real estate sales in the market which is up slightly from last week’s pending Lake Tahoe real estate sales of 237. Of the pending Lake Tahoe homes, 15% are distressed properties with 32 being short sales and 5 being Lake Tahoe Foreclosures (REO’s).
Lake Tahoe Real Estate Market Summary:
At the midpoint for September sales, residential Lake Tahoe real estate sales are slightly ahead of last year’s sales with 59 Lake Tahoe properties selling as compared to 57 for the same period last year. On a year to date basis, a total of 1,015 residential Lake Tahoe homes have sold which is up 10% from the 920 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 $455,000 which is up 15% from the median Lake Tahoe real estate sales price of $395,000 in 2012. Similarly the average Lake Tahoe real estate sales price has gone up a dramatic 26% to $683,257 as compared to last year’s average Lake Tahoe real estate sales price of $539,124.
The segment of the market with the highest level of sales continues to be Lake Tahoe homes priced under $500,000 as 56% of the Lake Tahoe real estate sales or 567 properties have sold in this price range which is down slightly from 2012 where over 64% of Lake Tahoe real estate sales or 595 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 58% from 2012 with 120 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 sales thus far this year. The median sales price for Lake Tahoe luxury homes in 2013 is $1,712,500 as compared to a median price of $1,484,289 in 2012 which is up 15%. The average sales price of Lake Tahoe luxury homes in 2013 is $2,421,570 as compared to $2,036,680 in 2012 which is a 19% increase.
Mid-range market sales, Lake Tahoe homes priced $500,000 to $1,000,000 have gone up 31% from last year with 328 Lake Tahoe properties sold in this segment or 32% of Lake Tahoe real estate sales as compared to 249 properties sold or 27% of sales in this price range in 2012.
Lake Tahoe MLS reports distressed properties, Lake Tahoe Foreclosures (REO’s) and Short Sales, completely reversed the trend set in 2012. For 2013, short sale properties closed have gone down 35% with 90 closed short sales in 2013 as compared to 139 closed short sales in 2012. Similarly, Lake Tahoe foreclosures (REO) closed in 2013 have gone down 63% with 53 properties closed in 2013 as compared to 146 properties closed in 2012. Overall, distressed Lake Tahoe 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.
The active Lake Tahoe real estate inventory on a year over year basis is down roughly 3% as we currently have 869 residential Lake Tahoe properties listed for sale as compared to 894 a year ago at this time.
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, 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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