2013 Weekly Lake Tahoe Real Estate Market Report by Olja Mihic, Your Lake Tahoe Realtor
North Lake Tahoe MLS-Truckee Real Estate Region, Including Squaw Valley Real Estate Lake Tahoe MLS
Residential Properties – Single Family Homes and Condominiums
Week of: July 15th to July 21st
Lake Tahoe Real Estate Active Inventory Summary:
Active Listings: The current inventory of residential Lake Tahoe real estate, including Squaw Valley Real Estate, went up slightly from the previous week to 892 residential Lake Tahoe properties for sale; 674 single family homes and 218 Lake Tahoe condominiums for sale. Coldwell Banker has over 16% of the Lake Tahoe real estate active listings in the market and continues to be the market leader for Lake Tahoe real estate listings.
Lake Tahoe Foreclosures (REO)-Short Sale Active Listings: Of the Lake Tahoe real estate active listings, there are only 4 Lake Tahoe properties listed as a Lake Tahoe Foreclosure (REO) and 11 properties listed as a short sale.
Months of Inventory: Based on Lake Tahoe MLS, the current Lake Tahoe real estate active inventory and sales for the previous 30-day period, including Squaw Valley Real Estate, the market has almost 7-months of inventory available.
Lake Tahoe Real Estate Sales Summary: Year-To-Date
Total Sales 2013 Vs. 2012:
Total Sales: Lake Tahoe MLS reports for 2013, there have been 737 residential Lake Tahoe real estate sold in the market which is roughly 10% higher than the 672 Lake Tahoe properties sold in 2012 for the same period. Of the total Lake Tahoe real estate sales in the market this year, 578 have been single family homes, while 159 or 22% of the sales are Lake Tahoe condominiums. In 2012 for the same period, Lake Tahoe condominiums represented almost 23% of the Lake Tahoe real estate sales.
Lake Tahoe Foreclosures (REO) & Short Sales: Distressed Lake Tahoe real estate sales are down significantly for the year with 45 Lake Tahoe Foreclosures (REO) sales, (6%), and 77 Short Sales, (10%) which results in 16% of the Lake Tahoe properties sold being distressed properties. Conversely, in 2012 for the same period, there were 119 Lake Tahoe foreclosures (REO) sales and 113 short sales or 34% of the total Lake Tahoe real estate sales being distressed properties.
Sales by Price Range: Lake Tahoe MLS reports in 2013, there have been 420 residential Lake Tahoe real estate sold with a purchase price below $500,000, 226 Lake Tahoe properties sold between $500,000 and $1,000,000 and 91 Lake Tahoe properties sold over $1,000,000.
Median and Average Sales Prices: The median Lake Tahoe real estate sales price for properties sold year to date is $450,000 while the average Lake Tahoe real estate sales price is $674,266. For the same period in 2012, the median sales price was $389,950 and the average sales price was $525,477 which is an increase of 15% in median sales price and an increase of 28% in average Lake Tahoe real estate sales price.
Last Week’s Sales: Lake Tahoe MLS shows for the week of July 15th a total of 30 Lake Tahoe properties sold which was up 67% from the prior week’s sales of 18 Lake Tahoe properties. Of the Lake Tahoe real estate sold last week, (6) properties sold at a price above $1,000,000.
Pending Sales: Per Lake Tahoe MLS, currently there are 239 pending residential Lake Tahoe real estate sales in the market which is up from the previous week’s pending sales of 237. Of the pending Lake Tahoe real estate, 19% are distressed properties with 39 being short sales and 7 being Lake Tahoe foreclosures (REO’s).
Market Activity Summary:
Lake Tahoe real estate sales for the first three weeks of July are identical to the sales for 2012 with 79 residential sales in 2013 thus far. For 2013, a total of 737 residential Lake Tahoe properties have sold which is up almost 10% from the 672 sales for the same period last year.
Coldwell Banker Residential Brokerage for 2013 is #1 in the entire market in terms of both unit sides sold, (355 sales) and sales volume sold, ($155 million).
The median Lake Tahoe real estate sales price for residential Lake Tahoe properties remains at its highest point of $450,000 which is up 15% from the median sales price of $389,950 in 2012. Similarly the average Lake Tahoe real estate sales price has gone up a sizeable 28% to $674,266 as compared to last year’s average sales price of $525,477 due in large part to the higher number of lake Tahoe luxury homes sales in the market since the beginning of the new year.
The segment of the market with the highest level of sales continues to be homes priced under $500,000 as 57% of the sales or 420 lake Tahoe properties have sold in this price range which is down slightly from 2012 where over 65% of sales or 440 Lake Tahoe properties sold in this price range.
Lake Tahoe luxury homes sales, homes priced above $1,000,000, have gone up 89% from 2012 with 91 Lake Tahoe luxury homes selling since the beginning of the year as compared to only 48 Lake Tahoe luxury homes sales for the same period in 2012. Lake Tahoe luxury homes sales represented 12% of Lake Tahoe real estate sales thus far this year. The median sales price for Lake Tahoe luxury homes in 2013 is $1,725,000 as compared to a median price of $1,385,000 in 2012 which is up 24%. The average sales price of Lake Tahoe luxury homes in 2013 is $2,317,731 as compared to $2,089,181 in 2012 which is an 11% increase.
The mid range market sales, $500,000 to $1,000,000 have gone up 23% from last year with 226 Lake Tahoe properties sold in this segment or 31% of sales as compared to 184 properties sold or 27% of sale in this range in 2012.
Distressed properties, Lake Tahoe foreclosures (REO’s) and Short Sales, have in essence become much less impactful relative to what we experienced in 2012. For 2013, short sale properties closed have gone down 32% with 77 closed short sales in 2013 as compared to 113 closed short sales in 2012. Similarly, Lake Tahoe foreclosures (REO) properties closed in 2013 have gone down (62%) with 45 Lake Tahoe properties closed in 2013 as compared to 119 properties closed in 2012. Overall, distressed property sales, (Lake Tahoe foreclosures REO and Short Sales) represent 16% of the Lake Tahoe real estate sales in 2013 which is significantly less than the 34% in 2012.
The active Lake Tahoe real estate inventory on a year over year basis is down roughly 14% as we currently have 892 residential Lake Tahoe real estate listed for sale as compared to 1,037 a year ago at this time. We are still seeing slight growth in Lake Tahoe real estate inventory week to week which is likely to end in the next 30-45 days. Inventory is at its highest point for 2013.
NOW MAY BE A GREAT TIME TO CONSIDER BUYING! With today’s solid Lake Tahoe real estate inventory, there remain many quality Lake Tahoe properties to choose from throughout the north Lake Tahoe real estate and Truckee real estate area (for full list call Olja Mihic, your Lake Tahoe Realtor). When you compound the inventory available with homes still priced at 10-year lows and some of the lowest interest rates in history, savvy real estate investors are taking advantage of this market and acquiring homes in many of the Lake Tahoe and Truckee resort communities.
Contact Olja Mihic, Your Lake Tahoe Realtor Today to Find Out More about the Opportunities Available in the Lake Tahoe Real Estate-Truckee Real Estate Market, Including Squaw Valley Real Estate.
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, Coldwell Banker Residential Brokerage does not guarantee the data’s accuracy. Data maintained by the MLS may not reflect all real estate activity in the market. BRE License # 1908304