2012 Weekly Real Estate Market Report North Lake Tahoe-Truckee Region
Single Family Homes and Condominiums
Week of:? July 9th?to July 15th
Active Inventory Summary:
Active Listings:?The inventory for residential properties went up slightly from the previous week to 1,037 residential properties for sale; 778 single family homes and 259 condominiums for sale.? The current inventory is at its highest level for the 2012 calendar year.? Coldwell Banker has over 15% of the active listings in the market and continues to be the market leader for listings.
REO-Short Sale Active Listings:? Of the active listings, there are 99 properties listed as short sales, (9.5%) and 15 properties listed as REO sales, (1%).? The total percentage of distressed properties listed for sale, (10.5%) is vastly different than the percentage of distressed properties sold on a year to date basis which is over 35% of sales.
Months of Inventory:? Based on the current inventory and sales for the previous 30-day period, the market has a little over?8-months of inventory?available.
Sales Summary:? Year-To-Date
Total Sales 2012 Vs 2011:
Total Sales:? For 2012, there have been 634 residential properties sold in the market as compared to 575 for the same period in 2011 which is a year over year increase in sales of over 10%.? Of the total sales in the market this year, 508 have been single family homes, while 126 or 20% of the sales are condominiums.? I n 2011 for the same period, condominiums represented 31% of the sales which is significantly higher than what we are experiencing in 2012.
REO & Short Sales:? Of the properties sold this year, 114 have been REO?s, (18%), and 110 have been Short Sales, (17%) which results in just over?35% of the properties sold being distressed properties.? In 2011 for the same period, there were 124 REO sales and 87 short sales or just over 36% of the total sales.
Sales Price Range:? For the year, there have been 413 residential properties sold priced below $500,000, 175 properties sold between $500,000 and $1,000,000 and 46 properties sold over $1,000,000.
Median and Average Sales Prices:??The median sales price for properties sold year to date is $389,950 while the average sales price is $527,413. For the same period in 2011, the median sales price was $400,000 and the average sales price was $521,524 which is a?(2.5%) decline in median sales price and a 1% increase in the average sales price?from 2011 to 2012.
Last Week?s Sales:? For the week of July 9th?a total of 28 properties sold which was up significantly from last week?s sales of 16 properties.? Of the properties sold last week, four (4) properties sold at a price above $750,000 with three of the properties sold above $1.0 million.
Pending Sales:??Currently there are 195 pending residential sales in the market which is up significantly from the previous week.? Currently 23% of the pending sales are distressed properties with 18 being short sales and 28 being REO?s.
Market Activity Summary:?
For the first two weeks of July there were 44 total sales in the market which is down 17% from last year?s sales of 53 properties for the same period.? On a year to date basis, there have been 634 residential properties sold as compared to 575 for 2011 which is an overall favorable increase of 10%.
For 2012 in the Tahoe-Truckee market, Coldwell Banker Residential Brokerage is #1 in the entire market in terms of both residential units sold, (258 properties) and sales volume sold, ($113 million).
The median sales price for residential properties has decreased from last year by (2.5%) to $389,950, while average sales prices have increased by 1% to $527,413.
The hottest segment of the market continues to be homes priced under $500,000 as over 65% of the sales or 413 properties have sold in this price range which is similar to 2011 where 381 properties sold in this price range or 66% of sales.
Luxury home sales, homes priced above $1,000,000, are up slightly from 2011.? There have been 46 luxury properties sold which is 7% of sales this year as compared to 44 properties sold last year in this segment.? The median sales price for luxury properties in 2012 is $1,335,000 as compared to a median price of $1,615,000 in 2011 which is down (17%). Conversely, the average sales price of luxury homes in 2012 is $2,077,841 as compared to $1,995,431 in 2011 which is an increase of over 4%.??Coldwell Banker is the market leader for Luxury properties sold over $1.0 million with 14 properties sold for the year and $20 million in luxury sales volume.
The mid range market sales, $500,000 to $1,000,000 are up 17% from last year with 175 properties sold in this segment or 27% of sales as compared to 150 properties sold or 26% in this range in 2011.
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In the area of distressed properties we are seeing similarities with the national trend of more banks supporting short sales as compared to last year.? For 2012, short sale properties closed have gone up by 26% with 110 closed short sales in 2012 as compared to only 87 closed short sales in 2011.? Conversely REO properties closed in 2012 have gone down (8%) with 114 properties closed in 2012 as compared to 124 properties closed in 2011. ?Overall, distressed property sales, (REO and Short Sales) represent over 35% of the sales in 2012 which is almost identical to 2011.
The active inventory of residential properties went up slightly from last week to 1,037 residential properties for sale.? There are 778 single family homes and 259 condominiums listed for sale in the market.? On a year over year bases, residential listings are down 18% from last year at this time.
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Now May Be the Best Time to Buy:?With the inventory of residential properties rising in the market, homes 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.? Now may be one of the best times for Buyers considering an investment in a vacation home or investment property in the North Lake Tahoe area.
Source: http://www.lakehomestahoe.com/lake-tahoe-real-estate-market-summary-2/
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