Market Update
Coldwell Banker
2011 Weekly Real Estate Market Report
North Lake Tahoe-Truckee Region MLS
Residential and Lot/Land Properties
Week of: June 20th to June 26th
Active Inventory Summary:
Active Listings: The active inventory for residential and lot listings went up sizably by over 100 new properties to 1,937 active listings in the market; 1,381 residential properties and 556 lots and land listed for sale. The summer listing season is in full swing and prospective home buyers should have a large array of quality properties to choose from. Coldwell Banker has roughly 15% of the active listings in the market and is the market leader for listings.
REO-Short Sale Listings: Of the active listings, there are 166 properties listed as short sales, (8.6%) and 44 properties listed as REO sales, (2.4%).
Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has over 15-months of inventory available. The inventory of homes and land at today’s prices continues to favor the buyer interested in an investment property, vacation home or moving up to a larger home or better location.
Sales Summary: Year-To-Date
Total Sales 2011 Vs 2010:
Sales: For 2011, there have been 572 properties sold in the market as compared to 610 for the same period in 2010 which is roughly an (6.2%) decrease in sales.
REO & Short Sales: Of the properties sold, 133 have been REO’s, (23.3%), and 79 have been Short Sales, (14%) which results in roughly 37% of the properties sold being a distressed property. In 2010 for the same period, there were 129 REO sales and 88 short sales or roughly 35% of the total sales.
Price Range: For the year, there have been 402 properties sold priced below $500,000, 132 properties sold between $500,000 and $1,000,000 and 38 properties sold over $1,000,000.
Median and Average Sales Prices: The median sales price for properties sold year to date is $365,000 while the average sales price is $466,325. For the same period in 2010, the median sales price was $395,000 and the average sales price was $539,714 which is an (7.6%) and (13.6%) decline in price respectively year over year.
Last Week’s Sales: For the week of June 20th a total of 20 properties sold which was down slightly from the previous week’s sales of 22 properties. Of the properties sold last week, two of the properties sold were priced over $750,000.
Pending Sales: Currently there are 190 pending sales in the market which is up slightly from the previous week. Of the pending sales, 20 are short sales and 26 are REO properties.
Market Activity Summary:
With 4th of July right around the corner, summer has finally arrived in the Sierras and we are beginning to see visitors and summer residents back in town. June sales have been encouraging and hopefully an indicator for the remainder of the summer and fall.
Overall sales year to date as compared to last year are down only 6.2% from 610 sales in 2010 to 572 sales in 2011. More and more homes are coming on the market which if priced competitively could further stimulate sales for a strong third quarter.
The hottest segment of the market continues to be homes priced under $500,000 as roughly 70% or 402 properties have sold in this price range. Luxury home sales, homes priced above $1,000,000, continue lag behind 2010 sales as 38 properties have sold year to date as compared to 58 properties last year which is a 34% drop. The mid range market, sales $500,000 to $1,000,000 are down as well from last year with 132 properties sold or 23% as compared to 157 properties sold in 2010.
Distressed properties, REO and Short Sales represent 37% of the sales in the market which is almost identical to the quantity of REO and Short sales in 2010. Interestingly enough while 37% of the sales are distressed properties only 11% of the active listings are distressed properties.
Median sales prices have decreased by 7.6% to $365,000 while the average sales prices have decreased by 13.6% to $466,325.
