Lake Tahoe Real Estate: Market Report Week of Nov 12-18

Lake Tahoe Real Estate Active Inventory Summary:

 

Lake Tahoe Real Estate Active Listings: The inventory for residential Lake Tahoe real estate has been declining weekly for the past few weeks and this past week was no different.  The current inventory of residential Lake Tahoe real estate stands at 736 Lake Tahoe properties for sale; 530 single family homes and 206 Lake Tahoe condominiums for sale.  The current inventory level is at the lowest point for the entire 2012 year.  Coldwell Banker has almost 13% of the active listings in the market and continues to be the market leader for listings.

 

Lake Tahoe Foreclosures (REO)-Lake Tahoe Short Sale Active Listings: Of the active listings, there are 84 Lake Tahoe real estate listed as Lake Tahoe short sales, (11.4%) and 8 properties listed as Lake Tahoe Foreclosures (REO) sales, (1.1%).

 

Lake Tahoe Real Estate Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has a little over 4-months of inventory available.

 

Lake Tahoe Real Estate Sales Summary:  Year-To-Date

 

Total Sales 2012 Vs 2011:


Total Sales:
For 2012, there have been 1,247 residential Lake Tahoe real estate sold in the market as compared to 1,055 for the same period in 2011 which is a year over year increase in Lake Tahoe real estate sales of over 18.2%.  Of the total sales in the market this year, 990 have been single family homes, while 257 or 20.6% of the sales are Lake Tahoe condominiums.  I n 2011 for the same period, condominiums represented 27% of the sales.

 

Lake Tahoe Foreclosures (REO) & Lake Tahoe Short Sales: For distressed Lake Tahoe properties sold this year, 170 have been Lake Tahoe Foreclosures (REO’s), (13.6%), and 178 have been Lake Tahoe Short Sales, (14.3%) which results in almost  28% of the Lake Tahoe properties sold being distressed properties.  In 2011 for the same period, there were 184 Lake Tahoe Foreclosures (REO) sales and 143 Lake Tahoe short sales or 31% of the total Lake Tahoe real estate sales.

 

Sales by Price Range: For the year, there have been 797 residential Lake Tahoe properties sold priced below $500,000, 336 Lake Tahoe real estate sold between $500,000 and $1,000,000 and 114 Lake Tahoe real estate sold over $1,000,000.

 

Median and Average Sales Prices:The median sales price for Lake Tahoe real estate sold year to date is $400,000 while the average sales price is $554,780. For the same period in 2011, the median Lake Tahoe real estate sales price was $400,000 and the average Lake Tahoe real estate sales price was $543,022.  Median sales prices are identical to 2011 and the average Lake Tahoe real estate sales price has increase roughly 2.2%.

 

Last Week’s Sales: For the week of November 12th, a total of 30 Lake Tahoe properties sold which was down slightly from the prior week’s sales of 33 Lake Tahoe properties.  Of the Lake Tahoe properties sold last week, eight (8) Lake Tahoe properties sold at a price above $750,000 and of the eight, five (5) were greater than $1 million.

Pending Sales: Currently there are 171 pending residential Lake Tahoe real estate sales in the market which is down (6%) from the previous week.  Currently 17% of the pending sales are distressed Lake Tahoe properties with 14 being Lake Tahoe short sales and 15 being Lake Tahoe Foreclosures (REO’s).

Lake Tahoe Real Estate Market Activity Summary:

 

The first two weeks of November has resulted in very solid Lake Tahoe real estate sales activity as 72 residential Lake Tahoe properties sold during this period.  The month of October was the most active month of the year for residential Lake Tahoe real estate sales with 175 Lake Tahoe properties sold.  The first two weeks of November sales while not as active as October is trending to be the second best month for sales for all of 2012.

 

On a year to date basis, there have been 1,247 residential Lake Tahoe real estate sold as compared to 1,055 for 2011 which is an overall favorable increase of over 18%.  This is by far the strongest sales year in the past four years in the north Lake Tahoe and Truckee market.

 

The median sales price for residential Lake Tahoe real estate reached $400,000 which is identical to last year at this time.  The average sales price has risen 2.2% to $554,780. Both median and average Lake Tahoe real estate sales prices are at their highest point of the 2012 year which strongly indicates that the Lake Tahoe-Truckee market has reached or is nearing the bottom.

 

The segment of the market with the highest level of activity continues to be homes priced under $500,000 as over 63% of the Lake Tahoe real estate sales or 797 Lake Tahoe properties have sold in this price range which is similar on a percentage basis to 2011 where over 65% of sales or 695 Lake Tahoe properties sold in this price range.

 

Lake Tahoe Luxury homes sales, homes priced above $1,000,000, are up 25% from 2011.  There have been 114 Lake Tahoe luxury properties sold which represents over 9% of sales this year as compared to 91 Lake Tahoe real estate sold last year in this segment.  The median sales price for Lake Tahoe luxury properties in 2012 is $1,544,500 as compared to a median price of $1,650,000 in 2011 which is down (6%). Similarly, the average sales price of Lake Tahoe luxury homes in 2012 is $2,028,758 as compared to $2,053,202 in 2011 which is a decrease of (1.2%).  Coldwell Banker is the market leader for Lake Tahoe Luxury properties sold over $1.0 million with 26 Lake Tahoe properties sold with a Lake Tahoe real estate sales volume of $38 million.

 

The mid range market sales, $500,000 to $1,000,000 are up 25% from last year with 336 Lake Tahoe real estate sold in this segment or 27% of Lake Tahoe real estate sales as compared to 269 Lake Tahoe properties sold or 25% in this range in 2011.

 

Distressed properties, (Lake Tahoe foreclosures (REO’s) and Lake Tahoe Short Sales), are mirroring the national trend of more banks supporting short sales as compared to last year.  For 2012, Lake Tahoe short sale properties closed have gone up by 24% with 178 closed Lake Tahoe short sales in 2012 as compared to 143 closed Lake Tahoe short sales in 2011.  Lake Tahoe short sales closed have surpassed Lake Tahoe foreclosures (REO) properties closed in 2012.  Lake Tahoe foreclosures (REO) properties closed in 2012 have gone down (7.6%) with 170 properties closed in 2012 as compared to 184 properties closed in 2011.  Overall, distressed property sales, (Lake Tahoe REO and Lake Tahoe Short Sales) represent almost 28% of the sales in 2012 which is less than the 31% in 2011.

 

The active inventory of residential Lake Tahoe real estate has been steadily declining the past 6-weeks and is at the lowest point this year with 736 residential Lake Tahoe properties for sale.  There are 530 single family homes and 206 condominiums listed for sale in the market.  On a year over year bases, residential listings are down 28% from last year.

 

IT’S NOT TOO LATE! While inventory levels are at the low point for the year, there are still many quality Lake Tahoe properties to choose from throughout the north Lake Tahoe and Truckee area which is not the case in many areas of California.  When you compound the inventory available with homes still 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.

 

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 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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