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NORTH TAHOE MARKET UPDATE
Coldwell Banker
Weekly Real Estate Market Report
North Lake Tahoe-Truckee Region
Week of: August 2nd to August 8th
Active Inventory Summary:
Active Listings: The active listing inventory for the Tahoe-Truckee market increased slightly from the previous week to 2,201 active listings in the market; 1,575 residential properties and 626 lots and land listed for sale. Coldwell Banker has 15.4% of the active listings in the market.
REO-Short Sale Listings: Of the active listings, there are 172 properties listed as short sales, (8%) and 73 properties listed as REO sales, (3%).
Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has roughly 20-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:
Total Sales 2010 Vs 2009:
Of the properties sold, 165 were REO’s, (22%), and 98 were Short Sales, (13%) which results in 35% of the properties sold being a distressed property. In 2009 for the same period, there were 64 REO sales and 54 short sales or 24% total.
For the year, there have been 513 properties sold priced below $500,000, 181 properties sold between $500,000 and $1,000,000 and 68 properties sold over $1,000,000.
Median and Average Sales Prices 2010 Vs 2009: The median sales price for properties sold year to date is $380,000 while the average sale price is $516,075. For the same period in 2009, the median sales price was $460,000 and the average sales price was $578,970 which is an (17%) and (11%) decline in price respectively year over year for the same period of time.
Last Week’s Sales: For the week of August 2nd a total of 17 properties sold which was lower than the two previous weeks. Of the properties sold last week (1) of the properties sold was over $750,000 and actually sold for $3.2 million. Coldwell Banker was involved in 8 of the 17 sales this past week.
Pending Sales: Pending sales went up slightly from the previous week to 182 properties.
Market Activity Summary:
The first week of August got off to a slow start with only 17 sales recorded. However, pending sales went up by 15 properties which is a good indication of continued interest in the market.
For the year thus far, residential and lot sales are up 54% from the previous year and the outlook remains positive for the remainder of the year. We continue to see advantageous sales prices, favorable interest rates and consumer confidence in our market as compared to the previous year.
The median sales price has decreased by a whopping 17% to $380,000 and the average sales price have decreased by 11% to $516,075. We are certainly seeing a market in the Tahoe-Truckee where prices in some cases are at 2001 price levels. This is a strong Buyers market and the time may be right for that investment in a second home or investment property.
The hottest segment of the market is homes priced under $500,000 as roughly 67%. (513), of the sales have occurred in this segment. Distressed properties, REO and Short Sales represent roughly 35% of the sales in the market. However, there is still considerable interest in non distressed properties as many are priced at levels that are too good to pass up.
For 2010, there have been 762 properties sold in the market as compared to 494 for the same period in 2009 which is a 54% increase in sales.
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