2011 Weekly Lake Tahoe Real Estate Market Report by Olja Mihic, Your Lake Tahoe Realtor
North Lake Tahoe MLS, Including Truckee Real Estate and Squaw Valley Real Estate
Residential and Lot/Land Properties
Week of: February 21st to February 27th
Active Inventory Summary:
Active Listings: Lake Tahoe MLS shows the active Lake Tahoe real estate for residential and lot listings went down slightly from the previous week. There are 1,530 active listings in the market; 1,057 residential properties and 473 lots and land listed for sale.
REO-Short Sale Listings: Lake Tahoe MLS shows of the active Lake Tahoe real estate listings, there are 137 properties listed as short sales, (9.0%) and 51 properties listed as Lake Tahoe foreclosures sales, (3.3%).
Months of Inventory: Based on the current inventory in the Lake Tahoe MLS and sales for the previous 30-day period, the market has over 19-months of inventory available. The Lake Tahoe real estate 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 Lake Tahoe Real Estate Sales 2011 Vs 2010:
Lake Tahoe MLS shows for 2011, there have been 142 Lake Tahoe properties sold in the market as compared to 166 for the same period in 2010 which is a 14.5% decrease in sales.
Of the Lake Tahoe real estate sold, 35 have been Lake Tahoe foreclosures REO’s, (23.6%), and 21 have been Short Sales, (14.8%) which results in 38.4% of the Lake Tahoe properties sold being a distressed property. In 2010 for the same period, there were 48 Lake Tahoe foreclosures sales and 18 short sales or 41% of the total Lake Tahoe real estate sales which is slightly higher than this year thus far.
Lake Tahoe MLS shows for the year, there have been 100 Lake Tahoe real estate sold priced below $500,000, 35 properties sold between $500,000 and $1,000,000 and 7 Lake Tahoe luxury homes sold over $1,000,000.
Median and Average Sales Prices 2011 Vs 2010:
The median sales price for Lake Tahoe real estate sold year to date went down from last week to $329,000 while the average Lake Tahoe real estate sale price went down slightly to $445,086. For the same period in 2010, the median Lake Tahoe real estate sales price was $402,500 and the average Lake Tahoe real estate sales price was $525,599 which is an (18.3%) and (15.3%) decline in price respectively year over year.
Last Week’s Sales: For the week of February 21st a total of 17 Lake Tahoe properties sold which was down 32% from the previous week’s sales of 25 properties. Of the Lake Tahoe real estate sold last week, three (3) of the Lake Tahoe homes sold were priced over $750,000.
Pending Sales: Currently there are 155 pending Lake Tahoe real estate sales in the market which went down slightly from the previous week with 13 being a short sale and 42 being a Lake Tahoe foreclosure.
Market Activity Summary:
Lake Tahoe MLS reports the last week of February was another average week with only 17 Lake Tahoe real estate sales occurring whereas the previous week saw 25 Lake Tahoe real estate sales in the market. In 2010, the last week of February had 29 Lake Tahoe real estate sales which were significantly higher than this year. Lake Tahoe real estate market sales are choppy as the New Year is off to a slower than anticipated start. Overall, Lake Tahoe real estate sales year to date are down 14.5% as compared to the same period for 2010.
The hottest segment of the market are Lake Tahoe homes priced under $500,000 as roughly 70% or 100 properties have sold in this price range. Sales of Lake Tahoe homes priced above $1,000,000 are half of what they were last year and the mid range market, $500,000 to $1,000,000 is roughly the same on a percentage basis.
Distressed properties, Lake Tahoe foreclosures and Short Sales represent 38.4% 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.
Lake Tahoe MLS shows the median Lake Tahoe real estate sales prices for properties have decreased by an amazing 18.3% to $329,000 while the average Lake Tahoe real estate sales prices have decreased by 15.3% to $445,086. Because we are still early in the year and 18% of the Lake Tahoe real estate sales have been low priced lots and land selling, the lower price averages at this level may not continue.
All in all, with the existing Lake Tahoe real estate 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 Lake Tahoe real estate including, Squaw Valley real estate and Truckee real estate especially before the spring.
Note: Data on this page is based on information from the Tahoe Sierra Board of Realtors, MLS. Due to Lake Tahoe MLS reporting methods and allowable reporting policy, this data is only informational and may not be completely accurate. Therefore, Brokerage does not guarantee the data’s accuracy. Data maintained by the MLS may not reflect all real estate activity in the market. DRE License # 00313415
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