Olja Mihic, Lake Tahoe Realtor
2011 Weekly Lake Tahoe Real Estate Market Report
North Lake Tahoe MLS Including Truckee Real Estate and Squaw Valley Real Estate
Residential and Lot/Land Lake Tahoe Real Estate
Week of: February 14th to February 20th
Lake Tahoe Real Estate Active Inventory Summary:
Lake Tahoe Real Estate Active Listings: Lake Tahoe MLS shows active inventory for residential and lot listing remained relatively unchanged from the previous week. There are 1,556 active listings in the market; 1,071 residential Lake Tahoe real estate and 485 lots and land listed for sale. Coldwell Banker has over 15% of the active listings in the market.
Lake Tahoe Foreclosures (REO)-Lake Tahoe Short Sale Listings: Of the active Lake Tahoe real estate listings, there are 142 Lake Tahoe properties listed as Lake Tahoe short sales, (9.1%) and 57 Lake Tahoe properties listed as Lake Tahoe Foreclosures (REO) sales, (3.7%).
Months of Inventory: Based on the current inventory and sales per Lake Tahoe MLS for the previous 30-day period, the market has over 19-months of inventory available. The inventory of Lake Tahoe real estate and land at today’s prices continues to favor the buyer interested in an investment Lake Tahoe real estate, vacation home or moving up to a larger home or better location.
Lake Tahoe Real Estate Sales Summary: Year-To-Date
Lake Tahoe Real Estate Total Sales 2011 Vs 2010:
Lake Tahoe MLS shows for 2011, there have been 124 Lake Tahoe real estate sold in the market as compared to 137 for the same period in 2010 which is a 9.5% decrease in sales. Based on a very good week of sales this past week, this year’s total sales compared to last year’s have improved to only a 9.5% decrease in sales as compared to the week prior report which had sales down by 22%.
Of the Lake Tahoe real estate sold, 29 have been Lake Tahoe foreclosures (REO’s), (23.4%), and 19 have been Lake Tahoe Short Sales, (15.3%) which results in 38.7% of the properties sold being a distressed property. In 2010 for the same period, there were 38 Lake Tahoe foreclosures (REO) sales and 17 Lake Tahoe short sales or 40% of the total sales which is slightly higher than this year thus far.
For the year, there have been 90 Lake Tahoe properties sold priced below $500,000, 28 Lake Tahoe properties sold between $500,000 and $1,000,000 and 7 Lake Tahoe properties sold over $1,000,000.
Lake Tahoe Real Estate Median and Average Sales Prices 2011 Vs 2010:
Lake Tahoe MLS shows the median sales price for Lake Tahoe real estate sold year to date improved to $346,000 while the average sale price went down slightly to $447,907. For the same period in 2010, the median sales price was $410,000 and the average sales price was $541,751 which is an (15.6%) and (17.3%) decline in price respectively year over year.
Lake Tahoe Real Estate Last Week’s Sales: For the week of February 14th a total of 25 Lake Tahoe real estate sold which was up significantly from the previous week’s sales of 13 Lake Tahoe real estate. The total number of Lake Tahoe real estate sold for the past week was the single largest week of sales since January 1st. Of the Lake Tahoe real estate sold last week, three (3) of the Lake Tahoe properties sold was priced over $750,000.
Lake Tahoe Real Estate Pending Sales: Currently there are 169 pending sales in the market which went up slightly from the previous week with 12 being a Lake Tahoe short sale and 45 being an Lake Tahoe foreclosure (REO).
Lake Tahoe Real Estate Market Activity Summary:
As reported last week, the first six weeks of the 2011 New Year was off to a slower start than was the case in 2010. However, with the burst in sales last week it was encouraging to see and only time will tell if the trend will continue. Overall, sales year to date are down 9.5% as compared to the same period for 2010.
The hottest segment of the market are homes priced under $500,000 as roughly 73% or 90 Lake Tahoe real estate have sold in this price range. Lake Tahoe Luxury homes priced above $1,000,000 are off to a slower start than last year by half the number of sales and the mid range market, $500,000 to $1,000,000 Lake Tahoe luxury homes are roughly the same on a percentage basis.
Distressed properties, Lake Tahoe foreclosures (REO) and Lake Tahoe Short Sales represent 38.7% of the sales in the market. However, there is still considerable interest in non distressed Lake Tahoe real estate as many are priced at levels that are too good to pass up.
Lake Tahoe MLS shows the median sales prices for Lake Tahoe real estate have decreased by an amazing 15.6% to $346,000 while the average sales prices have decreased by 17.3% to $541,751. Because we are still early in the year and there have been a higher percentage of low priced lots and land selling, the lower price trends at this level may not continue.
All in all, with the existing inventory levels, the lower median and average sales prices, favorable interest rates available to qualified Buyers, now may be the right time for that investment in a vacation home or investment property especially before the spring.
Contact Olja Mihic, Lake Tahoe Realtor Today… Find Out More about the Great Opportunities in the Lake Tahoe Real Estate Including Truckee Real Estate and Squaw Valley Real Estate Market
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