2013 Weekly Real Estate Market Report
North Lake Tahoe-Truckee Region
Residential Properties – Single Family Homes and Condominiums
Week of: August 26th to September 1st
Active Inventory Summary:
Active Listings: The current inventory of residential properties went down slightly from last week with 886 residential properties for sale; 667 single family homes and 219 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 Active Listings: Of the active listings, there are only 6 properties listed as an REO and 17 properties listed as a short sale.
Months of Inventory: Based on the current active inventory and sales for the previous 30-day period, the market has over 6-months of inventory available.
Sales Summary: Year-To-Date
Total Sales 2013 Vs. 2012:
Total Sales: For 2013, there have been 944 residential properties sold in the market which is 9% higher than the 863 properties sold in 2012 for the same period. Of the total sales in the market this year, 751 have been single family homes, while 193 or 20% of the sales are condominiums. In 2012 for the same period, condominiums represented 25% of the sales.
REO & Short Sales: Distressed property sales are down significantly for the year with 50 REO sales, (5%), and 88 Short Sales, (9%) which results in 14% of the properties sold being distressed properties. Conversely, in 2012 for the same period, there were 142 REO sales and 133 short sales or 32% of the total sales being distressed properties.
Sales by Price Range: In 2013, there have been 529 residential properties sold with a purchase price below $500,000, 307 properties sold between $500,000 and $1,000,000 and 108 properties sold over $1,000,000.
Median and Average Sales Prices: The median sales price for properties sold year to date is $456,250 while the average sales price is $673,696. For the same period in 2012, the median sales price was $392,000 and the average sales price was $545,021 which is an increase of 16% in median sales price and an increase of 23% in average sales price.
Last Week’s Sales: For the week of August 26th a total of 43 properties sold which was up significantly from the prior week’s sales of 26 properties. Of the 43 sales this past week, there was one property which sold for $9.4 million and one that sold for $7.9 million.
Pending Sales: Currently there are 256 pending residential sales in the market which is identical to pending sales last week. Of the pending properties, 15% are distressed properties with 32 being short sales and 7 being REO’s.
Market Activity Summary:
The last week of August was the highest single week of closed residential sales for the entire 2013 year with 43 properties closing. For the month of August there were a total of 148 residential sales as compared to 157 residential sales in 2012 which was down 6%. On a year to date basis, a total of 944 residential properties have sold which is up 9% from the 863 sales for the same period last year.
Coldwell Banker Residential Brokerage for 2013 is #1 in the entire market in terms of both unit sides sold, (448 sales) and sales volume sold, ($195 million).
The median sales price for residential properties for 2013 is currently at $456,250 which is up 16% from the median sales price of $392,000 in 2012. Similarly the average sales price has gone up a dramatic 23% to $673,696 as compared to last year’s average sales price of $545,021 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 sales continues to be homes priced under $500,000 as 56% of the sales or 529 properties have sold in this price range which is down slightly from 2012 where over 64% of sales or 558 properties sold in this price range. This variance is an indication of the rising prices in the market.
Luxury home sales, homes priced above $1,000,000, have gone up 44% from 2012 with 108 luxury properties selling since the beginning of the year as compared to only 75 luxury sales for the same period in 2012. Luxury sales represent 11% of sales thus far this year. The median sales price for luxury properties in 2013 is $1,732,500 as compared to a median price of $1,479,000 in 2012 which is up 17%. The average sales price of luxury homes in 2013 is $2,399,115 as compared to $2,048,032 in 2012 which is a 17% increase.
The mid range market sales, $500,000 to $1,000,000 have gone up 33% from last year with 307 properties sold in this segment or 32% of sales as compared to 230 properties sold or 26% of sales in this price range in 2012.
Distressed properties, REO’s and Short Sales, completely reversed the trend set in 2012. For 2013, short sale properties closed have gone down 34% with 88 closed short sales in 2013 as compared to 133 closed short sales in 2012. Similarly, REO properties closed in 2013 have gone down (64%) with 50 properties closed in 2013 as compared to 142 properties closed in 2012. Overall, distressed property sales, (REO and Short Sales) represent 14% of the sales in 2013 which is significantly less than the 32% in 2012.
The active inventory on a year over year basis is down roughly 11% as we currently have 886 residential properties listed for sale as compared to 998 a year ago at this time.
IT’S NOT TOO LATE: With current inventory levels there remain 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 still favorable interest rates, savvy real estate investors are taking advantage of this market and acquiring homes in many of the Lake Tahoe and Truckee resort communities.
Contact Manon and Stefanie Today to Find Out More about the Opportunities Available in the Tahoe-Truckee Market.