Lake Tahoe Real Estate 2013 Weekly Market Report by Olja Mihic, Your Lake Tahoe Realtor
Lake Tahoe MLS: North Lake Tahoe Real Estate/Truckee Real Estate Region Including Squaw Valley Real Estate
Residential Properties – Single Family Homes and Condominiums
Week of: July 29th to August 4th
Active Inventory Summary:
Lake Tahoe Real Estate Active Listings: Lake Tahoe MLS shows the current inventory of residential Lake Tahoe real estate went up slightly from last week with 908 residential Lake Tahoe real estate for sale; 682 single family homes and 226 Lake Tahoe condominiums for sale.
Lake Tahoe Foreclosures (REO)-Short Sale Active Listings: Lake Tahoe MLS shows of the active Lake Tahoe real estate listings, there are only 4 Lake Tahoe properties listed as a Lake Tahoe foreclosure (REO) and 15 properties listed as a short sale.
Lake Tahoe Real Estate Months of Inventory: Based on the current active Lake Tahoe real estate inventory and sales for the previous 30-day period, the market has over 7-months of inventory available.
Sales Summary: Year-To-Date
Total Sales 2013 Vs. 2012:
Total Sales: For 2013, there have been 806 residential Lake Tahoe properties sold in the market which is 11% higher than the 728 Lake Tahoe properties sold in 2012 for the same period. Of the total Lake Tahoe real estate sales in the market this year, 637 have been single family homes, while 169 or 21% of the sales are Lake Tahoe condominiums. In 2012 for the same period, Lake Tahoe condominiums represented 24% of the sales.
Lake Tahoe Foreclosures (REO) & Short Sales: Distressed Lake Tahoe real estate sales are down significantly for the year with 47 Lake Tahoe foreclosures (REO) sales, (6%), and 80 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 128 Lake Tahoe foreclosures (REO) sales and 117 short sales or 33% of the total Lake Tahoe real estate sales being distressed properties.
Sales by Price Range: In 2013, there have been 460 residential Lake Tahoe properties sold with a purchase price below $500,000, 250 Lake Tahoe properties sold between $500,000 and $1,000,000 and 96 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 $664,194. For the same period in 2012, the median Lake Tahoe real estate sales price was $391,000 and the average Lake Tahoe real estate sales price was $531,362 which is an increase of 15% in median sales price and an increase of 25% in average sales price.
Last Week’s Sales: Lake Tahoe MLS shows for the week of July 29th a total of 30 Lake Tahoe properties sold which was up slightly from the prior week’s sales of 27 properties.
Pending Sales: Per Lake Tahoe MLS, currently there are 238 pending residential Lake Tahoe real estate sales in the market which is down from the previous week’s pending sales of 247. Of the pending Lake Tahoe properties, 19% are distressed properties with 37 being short sales and 8 being Lake Tahoe Foreclosures (REO’s).
Lake Tahoe Real Estate Market Activity Summary:
July 2013 Lake Tahoe real estate sales finished strong and were 19% of July sales last year. For the month of July, there were 135 total residential Lake Tahoe real estate sales as compared to 113 in 2012. On a year to date basis, a total of 806 residential Lake Tahoe properties have sold which is up 11% from the 728 sales for the same period last year.
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 Lake Tahoe real estate sales price of $391,000 in 2012. Similarly the average Lake Tahoe real estate sales price has gone up a dramatic 25% to $664,194 as compared to last year’s average sales price of $531,362 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 Lake Tahoe real estate market with the highest level of sales continues to be homes priced under $500,000 as 57% of the sales or 460 properties have sold in this price range which is down slightly from 2012 where over 65% of sales or 475 properties sold in this price range.
Lake Tahoe luxury homes sales, homes priced above $1,000,000, have gone up 71% from 2012 with 96 Lake Tahoe luxury homes selling since the beginning of the year as compared to only 56 Lake Tahoe luxury homes sales for the same period in 2012. Lake Tahoe luxury homes sales represent 12% of sales thus far this year. The median sales price for Lake Tahoe luxury homes in 2013 is $1,712,500 as compared to a median price of $1,397,500 in 2012 which is up 22%. The average sales price of Lake Tahoe luxury homes in 2013 is $2,276,729 as compared to $2,046,173 in 2012 which is an 11% increase.
The mid range Lake Tahoe real estate market sales, $500,000 to $1,000,000 have gone up 27% from last year with 250 Lake Tahoe properties sold in this segment or 31% of sales as compared to 197 lake Tahoe properties sold or 27% of sale in this range in 2012.
Distressed properties, Lake Tahoe foreclosures (REO’s) and Short Sales, have become much less impactful relative to what we experienced in 2012. For 2013, short sale properties closed have gone down 31% with 80 closed short sales in 2013 as compared to 117 closed short sales in 2012. Similarly, lake Tahoe foreclosures (REO) properties closed in 2013 have gone down (63%) with 47 properties closed in 2013 as compared to 128 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 33% in 2012.
The active Lake Tahoe real estate inventory on a year over year basis is down roughly 12% as we currently have 908 residential Lake Tahoe properties listed for sale as compared to 1,035 a year ago at this time. Lake Tahoe real estate inventory is at its highest point for 2013.
IT’S NOT TOO LATE: With current Lake Tahoe real estate inventory levels, there remain many quality properties to choose from throughout the north Lake Tahoe real estate and Truckee real estate area. When you compound the Lake Tahoe real estate 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 real estate and Truckee real estate 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