2011 Lake Tahoe Real Estate Weekly Market Report by Olja Mihic, Your Lake Tahoe Realtor
North Lake Tahoe MLS: Including Truckee Real Estate and Squaw Valley Real Estate Region
Residential and Lot/Land Lake Tahoe Real Estate
Week of: February 7th to February 13th
Lake Tahoe Real Estate Active Inventory Summary:
Lake Tahoe Real Estate Active Listings: Since the first of the year, the Lake Tahoe real estate active listing inventory has grown by 8%. There are 1,555 active listings in the market; 1,069 residential Lake Tahoe properties and 486 lots and land listed for sale. Coldwell Banker has over 15% of the active listings in the market.
Lake Tahoe Foreclosures (REOs)-Lake Tahoe Short Sale Real Estate:
Lake Tahoe MLS reports, of the active Lake Tahoe real estate listings, there are 143 Lake Tahoe properties listed as Lake Tahoe short sales, (9.2%) and 52 properties listed as Lake Tahoe foreclosures (REO) sales, (3.5%).
Months of Inventory:
Based on the current Lake Tahoe real estate inventory and sales 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 property, vacation home or moving up to a larger home or better location.
Lake Tahoe Real Estate Sales Summary: Year-To-Date
Total Sales 2011 Vs 2010:
Lake Tahoe MLS shows, for 2011, there have been 99 Lake Tahoe real estate sold in the market as compared to 127 for the same period in 2010 which is a 22% decrease in sales. The market has gotten off to a slower start than last year but it is still too early to draw any conclusions.
Of the Lake Tahoe properties sold, 22 have been Lake Tahoe foreclosures (REO’s), (22%), and 15 have been Lake Tahoe Short Sales, (15%) which results in 37% of the Lake Tahoe properties sold being a distressed property. In 2010 for the same period, there were 35 Lake Tahoe foreclosures (REO) sales and 17 Lake Tahoe short sales or 41% of the total sales which is slightly higher than this year thus far.
For the year, there have been 73 Lake Tahoe real estate sold priced below $500,000, 21 Lake Tahoe properties sold between $500,000 and $1,000,000 and 6 Lake Tahoe properties sold over $1,000,000.
Median and Average Lake Tahoe Real Estate Sales Prices 2011 Vs 2010:
Lake Tahoe MLS shows the median sales price for Lake Tahoe real estate sold year to date is $321,000 while the average sale price is $452,000. For the same period in 2010, the median sales price was $425,000 and the average sales price was $548,791 which is an (24.5%) and (17.6%) decline in price respectively year over year. One of the factors for the lower prices may be attributed to the fact that roughly 20% of the sales in 2011 have been lots/land with a sales price under $100,000 as compared to only 11% of the sales in 2010 being lots/land.
Lake Tahoe Real Estate Last Week’s Sales:
For the week of February 7th a total of 13 Lake Tahoe properties sold which was up slightly from the previous week’s sales of 11 properties. Of the properties sold last week, only one (1) of the properties sold was priced over $750,000.
Lake Tahoe Real Estate Pending Sales:
Currently there are 166 pending sales in the market with 10 being a Lake Tahoe short sale and 49 being an Lake Tahoe foreclosures (REO). Pending sales increased slightly from the previous week.
Lake Tahoe Real Estate Market Activity Summary:
The first six weeks of the 2011 New Year is off to a slower start than was the case in 2010. Overall, sales year to date are down 22% as compared to the same period for 2010.
The hottest segment of the market are Lake Tahoe properties priced under $500,000 as roughly 73% or 73 Lake Tahoe properties have sold in this price range. The remaining Lake Tahoe luxury homes market segments above $500,000 are very similar in sales results to 2010 thus far.
Distressed properties, Lake Tahoe foreclosures (REOs) and Lake Tahoe Short Sales represent roughly 37% 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 has been the most dramatic statistic as prices have decreased by an amazing 24.5% to $321,000 while the average sales prices have decreased by 17.6% to $452,000. Because we are still early in the year and there have been a higher percentage of low priced lots/land selling, this decline may be temporary.
All in all, with the existing Lake Tahoe real estate inventory levels, including Truckee real estate, and Squaw Valley real estate, 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 Lake Tahoe properties especially before the spring.
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