Lake Tahoe Real Estate Market Report: Week June 3-9
Lake Tahoe Real Estate Market Report, by Olja Mihic, Lake Tahoe Realtor
North Lake Tahoe-Truckee Real Estate Lake Tahoe MLS
Residential Properties – Single Family Homes and Condominiums
Week of: June 3rd to June 9th
Lake Tahoe Real Estate Active Inventory Summary:
Active Listings: The current inventory of residential Lake Tahoe real estate went up 2% from the previous week to 784 residential Lake Tahoe real estate for sale; 589 single family homes and 195 Lake Tahoe condominiums for sale. Coldwell Banker has over 15% of the active listings in the Lake Tahoe real estate market and continues to be the market leader for listings, so call Olja Mihic your Lake Tahoe Realtor today to discuss your Lake Tahoe real estate needs!
Lake Tahoe Foreclosures REO-Short Sale Active Listings: Of the active listings, there are only 4 properties listed as short sales, (0.5%) and 7 properties listed as Lake Tahoe foreclosures REO sales, (1%).
Months of Inventory: Based on the current active Lake Tahoe real estate inventory and sales for the previous 30-day period, the Lake Tahoe real estate market has just over 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 539 residential Lake Tahoe properties sold in the market which slightly higher than the 506 Lake Tahoe properties sold in 2012 for the same period. Of the total Lake Tahoe real estate sales in the market this year, 422 have been single family homes, while 117 or 22% of the sales are condominiums. In 2012 for the same period, Lake Tahoe condominiums represented almost 25% of the sales.
Lake Tahoe Foreclosures REO & Short Sales: Distressed Lake Tahoe property sales are down significantly for the year with 35 Lake Tahoe foreclosures REO sales, (6%), and 69 Short Sales, (13%) which results in 19% of the Lake Tahoe real estate sold being distressed properties. In 2012 for the same period, there were 97 Lake Tahoe foreclosures REO sales and 95 short sales or 38% of the total sales being distressed Lake Tahoe properties.
Sales by Price Range: Per Lake Tahoe MLS in 2013, there has been 316 residential Lake Tahoe real estate sold priced below $500,000, 142 Lake Tahoe real estate sold between $500,000 and $1,000,000 and 66 Lake Tahoe real estate sold over $1,000,000.
Median and Average Sales Prices: The median Lake Tahoe real estate sales price for properties sold year to date is $437,000 while the average Lake Tahoe real estate sales price is $664,116. For the same period in 2012, the median Lake Tahoe real estate sales price was $380,000 and the average Lake Tahoe real estate sales price was $534,681 which is an increase of 15% in median sales price and an increase of 24% in average sales price.
Last Week’s Lake Tahoe Real Estate Sales: For the week of June 3rd a total of 16 Lake Tahoe properties sold which was down significantly from the prior week’s Lake Tahoe real estate sales of 24 properties. Of the Lake Tahoe real estate sold last week only 1 Lake Tahoe property sold at a price above $1,000,000.
Pending Sales: Lake Tahoe MLS shows currently there are 243 pending residential Lake Tahoe real estate sales in the market which is up 4% from the previous week’s pending sales. Of the Lake Tahoe real estate pending properties, 21% are distressed properties with 41 being short sales and 12 being Lake Tahoe foreclosures REO’s.
Market Activity Summary:
Residential Lake Tahoe real estate sales activity for 2013 has been very favorable as we continue to see the market outpace 2012 for residential sales. Thus far, 539 residential Lake Tahoe properties have sold year to date which is up 5% from the 506 sales for the same period last year. We are continuing to see significant buyer interest for the Lake Tahoe real estate market and Truckee real estate with multiple offer situations occurring more frequently than what we experienced last year. June has gotten off to a slower start this year as compared to last year with 17 sales month to date as compared to 24 a year ago. However, we are still seeing solid activity by interested Buyers.
Coldwell Banker Residential Brokerage for 2013 is #1 in the entire market in terms of both unit sides sold, (253 sales) and sales volume sold, ($107 million).
Lake Tahoe MLS shows the median Lake Tahoe real estate sales price for residential Lake Tahoe properties reached 437,000 last week which is up 15% from the median Lake Tahoe real estate sales price of $380,000 in 2012. Similarly the average Lake Tahoe real estate sales price has gone up a whopping 24% to $664,116 as compared to last year’s average Lake Tahoe real estate sales price of $534,681 due in large part to the higher number of Lake Tahoe luxury homes sales in the market since the beginning of the new year.
The segment of the market with the highest level of activity continues to be homes priced under $500,000 as 58% of the sales or 316 Lake Tahoe properties have sold in this price range which is similar to 2012 where over 64% of sales or 327 Lake Tahoe properties sold in this price range.
Lake Tahoe luxury home sales, homes priced above $1,000,000, have gone up 78% from 2012 with 66 Lake Tahoe luxury homes selling since the beginning of the year as compared to only 37 Lake Tahoe luxury homes sold for the same period in 2012. Lake Tahoe luxury homes sold represent over 12% of 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 $1,300,000 in 2012 which is up 34%. The average sales price of Lake Tahoe luxury homes in 2013 is $2,262,831 as compared to $2,154,316 in 2012 which is a 5% increase.
The mid range market sales, $500,000 to $1,000,000 are trending up from last year with 157 properties sold in this segment or 29% of Lake Tahoe real estate sales as compared to 142 Lake Tahoe real estate sold or 28% of sale in this range in 2012.
Distressed properties, (Lake Tahoe foreclosures REO’s and Short Sales), have really lagged 2012 thus far. For 2013, short sale properties closed have gone down 27% with 69 closed short sales in 2013 as compared to 95 closed short sales in 2012. Similarly, Lake Tahoe foreclosures REO properties closed in 2013 have gone down (64%) with 35 Lake Tahoe properties closed in 2013 as compared to 97 Lake Tahoe real estate closed in 2012. Overall, distressed property sales, (Lake Tahoe foreclosures REO and Short Sales) represent 19% of the Lake Tahoe real estate sales in 2013 which is less than the 38% in 2012.
Per Lake Tahoe MLS, the active Lake Tahoe real estate inventory on a year over year basis is down roughly 17% as we currently have 784 residential Lake Tahoe properties listed for sale as compared to 951 a year ago at this time. However, this past week we had a 2% increase in Lake Tahoe real estate inventory bringing our total to 784 residential Lake Tahoe real estate on the market; 589 single family Lake Tahoe homes and 195 Lake Tahoe condominiums listed for sale.
SUMMER IS AROUND THE CORNER…IT’S NOT TOO LATE! While Lake Tahoe real estate inventory levels are lower than normal, there are still many quality Lake Tahoe properties to choose from throughout the north Lake Tahoe and Truckee real estate area. When you compound the Lake Tahoe real estate inventory available with Lake Tahoe homes still priced at 10-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 real estate and Truckee real estate resort communities.
Contact Olja Mihic, Lake Tahoe Realtor Today to Find Out More about the Opportunities Available in the Lake Tahoe-Truckee Real Estate Market.
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. DRE License # 1908304
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