Residential Properties – Single Family Homes and Condominiums
Week of: September 26th to October 2nd
Active Inventory Summary:
Active Listings: The inventory for residential properties went down significantly from the previous week to 1,262 active listings in the market; 973 single family homes and 289 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 169 properties listed as short sales, (13.4%) and 50 properties listed as REO sales, (4.0%).
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 866 residential properties sold in the market as compared to 803 for the same period in 2010 which is a year over year 7.8% increase in sales. Of the total sales in the market for 2011, 682 have been single family homes, while 184 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, 160 have been REO’s, (18.5%), and 127 have been Short Sales, (14.7%) which results in over 33% of the properties sold being distressed properties. In 2010 for the same period, there were 154 REO sales and 106 short sales or roughly 32% of the total sales which is almost identical to this year.
Sales Price Range: For the year, there have been 577 residential properties sold priced below $500,000, 216 properties sold between $500,000 and $1,000,000 and 73 properties sold over $1,000,000.
Median and Average Sales Prices: The median sales price for properties sold year to date is $399,000 while the average sales price is $544,077. For the same period in 2010, the median sales price was $435,000 and the average sales price was $647,138 which is a (8.3%) and (15.9%) decline in price respectively year over year.
Last Week’s Sales: For the week of September 26th a total of 42 properties sold which was a significant decrease from the previous week’s sales of 18 properties. Of the properties sold last week, seven (7) of the properties sold were priced over $750,000. Coldwell Banker was involved in 23 of the closed transactions or 54% of the sales.
Pending Sales: Currently there are 173 pending residential sales in the market which is down slightly from the previous week. Of the pending sales, 10 are short sales and 23 are REO properties which are roughly 19% of the pending sales being distressed properties.
Market Activity Summary:
With 42 closed sales this past week, it was the single largest week of closed transactions in 2011. The month of September as anticipated was the most active month for closed sales with an average of 30 sales closed each week. Sales for the month of September were considerably better than for the same period in 2010. Historically, the month of October is another solid month of closed sales and we will wait to see if the trend continues.
Median sales prices have decreased from last year by 8.3% to $399,000 while the average sales prices have decreased by 15.9% to $544,077. This continued downward trend in price is one of the major factors influencing home sales on a year to date basis.
The hottest segment of the market continues to be homes priced under $500,000 as roughly 67% or 577 properties have sold in this price range. In 2010, 59% or 475 properties sold in this price range which makes sense given the drop in median sales prices.
Luxury home sales, homes priced above $1,000,000, are down from 2010 sales as 73 properties or 8.4%, have sold year to date as compared to 99 properties last year which is a 26% decline. For 2011, the median sales price for luxury properties is $1,675,000 while the average sales price is $2,135,635 which is slightly higher than the prices for 2010 in this segment.
The mid range market sales, $500,000 to $1,000,000 are down slightly from last year with 216 properties sold or 24.9% of sales as compared to 229 properties sold or 28.5% in this range in 2010. The gap in this segment of the market has narrowed in the past 60-days as more sales in this price range have occurred of late.
Distressed properties, REO and Short Sales represent 33% of the sales in the market which is almost identical to the quantity of REO and Short sales in 2010. Interestingly enough while 33% of the sales are distressed properties only 17% of the active listings and 19% of the pending sales are distressed properties.
The active inventory of residential properties as anticipated has been declining steadily over the past few weeks with the increase in closed sales as well as homeowners starting to take their homes off the market for the upcoming winter season.
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.