Residential Properties – Single Family Homes and Condominiums
Week of: November 14th to November 20th
Active Inventory Summary:
Active Listings: The inventory for residential properties went down slightly from the previous week to 1,069 active listings in the market; 818 single family homes and 251 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 165 properties listed as short sales, (15.4%) and 51 properties listed as REO sales, (4.8%).
Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has roughly 9-months of inventory available.
Sales Summary: Year-To-Date
Total Sales 2011 Vs 2010:
Total Sales: For 2011, there have been 1,049 residential properties sold in the market as compared to 987 for the same period in 2010 which is a year over year 6.3% increase in sales. Of the total sales in the market for 2011, 826 have been single family homes, while 223 or 21% of the sales were condominiums. I n 2010, condominiums represented 32% of the sales which is significantly higher than in 2011.
REO & Short Sales: Of the properties sold this year, 184 have been REO’s, (17.5%), and 141 have been Short Sales, (13.4%) which results in over 30% of the properties sold being distressed properties. In 2010 for the same period, there were 193 REO sales and 121 short sales or just over 31% of the total sales which is almost identical to this year.
Sales Price Range: For the year, there have been 692 residential properties sold priced below $500,000, 266 properties sold between $500,000 and $1,000,000 and 91 properties sold over $1,000,000.
Median and Average Sales Prices: The median sales price for properties sold year to date is $400,000 while the average sales price is $543,087. For the same period in 2010, the median sales price was $432,000 and the average sales price was $638,111 which is a (7.4%) and (14.9%) decline in price respectively year over year.
Last Week’s Sales: For the week of November 14th, a total of 25 properties sold which was up nicely from the previous week’s sales of 20 properties. Of the properties sold last week, only one of the properties sold were priced over $750,000.
Pending Sales: Currently there are 153 pending residential sales in the market which went down slightly from the previous week. Of the pending sales, 21 are short sales and 26 are REO properties which are roughly 31% of the pending sales being distressed properties.
Market Activity Summary:
November sales are slightly better than last year for the first three weeks of the month. Last week’s residential sales represented a nice spike up from the week before with 25 total properties closing escrow. Coldwell Banker continues to be the market leader in terms of units sold and sales volume with roughly 16% market share in the north Tahoe and Truckee area.
Median sales prices have decreased from last year by 7.4% to $400,000 while the average sales prices have decreased by 14.9% to $543,087. The percentage drop in sales has been rather consistent for the past 2-3 months and continues to be one of the driving factors influencing home sales on a year to date basis for astute investors looking to own a property in this remarkable resort area.
The hottest segment of the market continues to be homes priced under $500,000 as roughly 66% or 692 properties have sold in this price range. In 2010, 59% or 589 properties sold in this price range which was lower than this year primarily because of the drop in home prices.
Luxury home sales, homes priced above $1,000,000, are down 25% from 2010 sales as 91 properties or 8.7% of sales have sold year to date as compared to 122 properties last year in this segment. The median sales price of the luxury properties sold in 2011 is $1,650,000 which is up 3% from last year. Conversely, the average sales price of the luxury sales this year is $2,053,202 which is roughly 2% lower than last year.
The mid range market sales, $500,000 to $1,000,000 are down slightly from last year with 266 properties sold or 25.4% of sales as compared to 276 properties sold or 28.0% in this range in 2010.
Distressed properties, REO and Short Sales represent just over 30% of the sales in the market which is almost identical to the quantity of REO and Short sales in 2010. On a comparative basis, 30% of the sales are distressed properties while 20% of the active listings and 31% of the pending sales are distressed properties.
The active inventory of residential properties showed a slight decrease in active listings. The inventory for single family homes is fairly significant as compared to other parts of California where inventory is limited.
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, savvy real estate investors are taking advantage of this market for a home in the Lake Tahoe – 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 Lake Tahoe-Truckee market.