Thanks to my broker, who has prepared this update…I don’t think I could have done a better job putting the figures together.
We are ahead of 2012, short sales and bank owned sales are down and the median price is up. This is all good news for our area in the Truckee/Lake Tahoe Basin.
Here is the information:
Week of: April 1st to April 7th
Active Inventory Summary:
Active Listings: The current inventory of residential properties went up 3% from the previous report to 557 residential properties for sale; 369 single family homes and 188 condominiums for sale. Coldwell Banker has roughly 13% 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 only 8 properties listed as short sales, (1.4%) and 9 properties listed as REO sales, (1.6%).
Months of Inventory: Based on the current active inventory and sales for the previous 30-day period, the market has a over 4-months of inventory available.
Sales Summary: Year-To-Date
Total Sales 2013 Vs. 2012:
Total Sales: For 2013, there have been 312 residential properties sold in the market which is slightly higher than the 295 properties sold in 2012 for the same period. Of the total sales in the market this year, 241 have been single family homes, while 71 or 23% of the sales are condominiums. In 2012 for the same period, condominiums represented a little over 19% of the sales.
REO & Short Sales: Distressed property sales are down significantly for the year with 26 REO sales, (8%), and 45 Short Sales, (15%) which results in 23% of the properties sold being distressed properties. In 2012 for the same period, there were 67 REO sales and 61 short sales or 43% of the total sales being distressed properties.
Sales by Price Range: In 2013, there have been 186 residential properties sold priced below $500,000, 81 properties sold between $500,000 and $1,000,000 and 45 properties sold over $1,000,000.
Median and Average Sales Prices: The median sales price for properties sold year to date is $423,750 while the average sales price is $685,625. For the same period in 2012, the median sales price was $364,565 and the average sales price was $528,497 which is an increase of 16% in median sales price and an increase of 29% in average sales price.
Last Week’s Sales: For the week of April 1st a total of 18 properties sold which was almost half of the prior week’s sales of 35 properties. Of the properties sold last week, 3 properties sold at a price above $1,000,000.
Pending Sales: Currently there are 204 pending residential sales in the market which is down slightly from the previous week’s pending sales of 206. Of the pending properties, 28% are distressed properties with 51 being short sales and 7 being REO’s.
Market Activity Summary:
Real estate activity for 2013 is slightly ahead of 2012 in terms of total sales as there have been 312 residential properties sold year to date which is up 6% from the 295 sales for the same period last year. We are continuing to see sizeable buyer interest for this market with multiple offer situations occurring more frequently than what we experienced last year.
Coldwell Banker Residential Brokerage as was the case in 2012 continues to be #1 in the entire market in terms of both unit sides sold, (131 sales) and sales volume sold, ($59 million) on a year to date basis.
The median sales price for residential properties reached 423,750 last week which is up 16% from the median sales price of $364,565 in 2012. Similarly the average sales price has gone up a whopping 29% to $685,625 as compared to last year’s average sales price of $528,497 due in large part to the higher number of luxury sales in the market since the beginning of the new year.
The segment of the market with the highest level of activity continues to be homes priced under $500,000 as 59% of the sales or 186 properties have sold in this price range which is similar to 2012 where over 66% of sales or 195 properties sold in this price range.
Luxury home sales, homes priced above $1,000,000, have almost doubled from 2012 with 45 luxury properties selling since the beginning of the year as compared to only 23 luxury properties sold for the same period in 2012. Luxury properties sold represents over 14% of sales thus far this year. The median sales price for luxury properties in 2013 is $1,637,500 as compared to a median price of $1,370,000 in 2012 which is up 19%. Similarly, the average sales price of luxury homes in 2013 is $2,234,199 as compared to $2,113,260 in 2012 which is a 6% increase.
The mid-range market sales, $500,000 to $1,000,000 are up slightly from last year with 81 properties sold in this segment or 26% of sales as compared to 77 properties sold or 26% of sale in this range in 2012.
Distressed properties, (REO’s and Short Sales), have really lagged 2012 thus far. For 2013, short sale properties closed have gone down 26% with 45 closed short sales in 2013 as compared to 61 closed short sales in 2012. Similarly, REO properties closed in 2013 have gone down (61%) with 26 properties closed in 2013 as compared to 67 properties closed in 2012. Overall, distressed property sales, (REO and Short Sales) represent 23% of the sales in 2013 which is less than the 43% in 2012.
The active inventory on a year over year basis is down roughly 30% as we currently have 557 residential properties listed for sale as compared to 791 a year ago at this time. However, this past week we had a slight increase in inventory once again with a total of 557 residential properties on the market; 369 single family homes and 188 condominiums listed for sale. As is the case in many California markets, low inventory levels are the norm and the Tahoe-Truckee market is experiencing similar trends.
IT’S NOT TOO LATE! While inventory levels are lower than normal, there are still many quality properties to choose from throughout the north Lake Tahoe and Truckee area. When you compound the inventory available with homes still priced at 10-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.