North Lake Tahoe-Truckee Region MLS
Residential Properties – Single Family Homes and Condominiums
Week of: September 5th to September 11th
Active Inventory Summary:
Active Listings: The inventory for residential properties went down again for the second straight week to 1,349 active listings in the market; 1,046 single family homes and 303 condominiums for sale. Coldwell Banker has over 16% of the active listings in the market and continues to be the market leader for listings.
REO-Short Sale Listings: Of the active listings, there are 164 properties listed as short sales, (12.2%) and 49 properties listed as REO sales, (3.6%).
Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has over 13-months of inventory available.
Sales Summary: Year-To-Date
Total Sales 2011 Vs 2010:
Total Sales: For 2011, there have been 761 residential properties sold in the market as compared to 735 for the same period in 2010 which is a year over year 3.5% increase in sales. Of the total sales in the market for 2011, 589 have been single family homes, while 172 or 23% of the sales were condominiums. I n 2010, condominiums represented 33% of the sales which is significantly higher than in 2011.
REO & Short Sales: Of the properties sold this year, 150 have been REO’s, (19.7%), and 117 have been Short Sales, (15.4%) which results in over 35% of the properties sold being distressed properties. In 2010 for the same period, there were 146 REO sales and 95 short sales or roughly 33% of the total sales which is almost identical to this year.
Sales Price Range: For the year, there have been 510 residential properties sold priced below $500,000, 188 properties sold between $500,000 and $1,000,000 and 63 properties sold over $1,000,000.
Median and Average Sales Prices: The median sales price for properties sold year to date is $395,000 while the average sales price is $535,804. For the same period in 2010, the median sales price was $429,000 and the average sales price was $629,917 which is a (7.9%) and (14.9%) decline in price respectively year over year.
Last Week’s Sales: For the week of September 5th a total of 25 properties sold which was slightly higher than the previous week’s sales of 22 properties. Of the properties sold last week, five (5) of the properties sold were priced over $750,000 and three of the five were priced over $2,000,000. Coldwell Banker was involved in 10 of the properties sold last week.
Pending Sales: Currently there are 193 pending residential sales in the market which is down slightly from the previous week. Of the pending sales, 11 are short sales and 24 are REO properties which are roughly 18% of the pending sales being distressed properties.
Market Activity Summary:
The first eleven days of September have been excellent in terms of residential sales as compared to the four previous weeks. In addition, there continues to be a favorable trend as pending sales are holding strong.
Median sales prices have decreased from last year by 7.9% to $395,000 while the average sales prices have decreased by 14.9% to $534,804. The downward trend in price is one of the major factors influencing home sales to date and should bode well for the remainder of the year.
The hottest segment of the market continues to be homes priced under $500,000 as roughly 67% or 510 properties have sold in this price range. In 2010, 60% or 443 properties sold in this price range which makes sense given the drop median sales prices.
Luxury home sales, homes priced above $1,000,000, continue lag behind 2010 sales as 63 properties or 8.3%, have sold year to date as compared to 87 properties last year which is a 28% decline. For 2011, the median sales price for luxury properties is $1,675,000 while the average sales price is $2,098,498 which is slightly higher to the prices for 2010 in this segment.
The mid range market sales, $500,000 to $1,000,000 are down as well from last year with 188 properties sold or 24.7% of sales as compared to 205 properties sold or 27.9% in this range in 2010.
Distressed properties, REO and Short Sales represent 35% of the sales in the market which is almost identical to the quantity of REO and Short sales in 2010. Interestingly enough while 35% of the sales are distressed properties only 15% of the active listings and 18% of the pending sales are distressed properties.
With the inventory of great residential properties on the market, homes priced at 10-year lows and some of the lowest interest rates in history, we are anticipating a strong rally towards the end of the year.
Now may be one of the best times for Buyers considering an investment in a vacation home or investment property in the Lake Tahoe-Truckee market.