2011 Weekly Lake Tahoe Real Estate Market Report by Olja Mihic, Lake Tahoe Realtor
North Lake Tahoe MLS, Including Truckee Real Estate and Squaw Valley Real Estate
Residential and Lot/Land Properties
Week of: March 7th to March 13th
Lake Tahoe Real Estate Active Inventory Summary:
Active Listings: Lake Tahoe MLS shows the active Lake Tahoe real estate inventory for residential and lot listings went up slightly from 1,537 the previous week to 1,550 active listings in the market; 1,074 residential Lake Tahoe properties and 476 lots and land listed for sale.
Lake Tahoe Foreclosures (REO)-Short Sale Listings: Of the Lake Tahoe real estate active listings, there are 153 properties listed as short sales, (9.9%) and 53 properties listed as Lake Tahoe foreclosures (REO) sales, (3.4%).
Months of Inventory: Based on the current Lake Tahoe MLS inventory and Lake Tahoe real estate sales for the previous 30-day period, the market has over 13-months of Lake Tahoe real estate inventory available. The inventory of Lake Tahoe homes and land at today’s prices continues to favor the buyer interested in an investment Lake Tahoe property, vacation home or moving up to a larger home or better location.
Sales Summary: Year-To-Date
Total Sales 2011 Vs 2010:
Lake Tahoe MLS shows for 2011, there have been 215 Lake Tahoe properties sold in the market as compared to 204 for the same period in 2010 which is a 5.4% increase in sales. Because of the last two weeks of Lake Tahoe real estate sales, this is the first time this year that Lake Tahoe property sales have exceeded 2010 sales which is exciting.
Of the Lake Tahoe real estate sold, 56 have been Lake Tahoe foreclosures REO’s, (26.0%), and 31 have been Short Sales, (14.4%) which results in 40.4% of the Lake Tahoe properties sold being a distressed property. In 2010 for the same period, there were 57 Lake Tahoe foreclosure sales and 21 short sales or 38% of the total Lake Tahoe real estate sales.
For the year, there have been 148 Lake Tahoe properties sold priced below $500,000, 55 Lake Tahoe properties sold between $500,000 and $1,000,000 and 12 Lake Tahoe luxury homes sold over $1,000,000.
Median and Average Sales Prices 2011 Vs 2010:
Lake Tahoe MLS shows the median Lake Tahoe real estate sales price for properties sold year to date went up from last week to $364,250 and the average Lake Tahoe real estate sales price tool a sizeable increase to $476,989. For the same period in 2010, the median Lake Tahoe real estate sales price was $402,500 and the average sales price was $527,799 which is an (9.5%) and (9.6%) decline in price respectively year over year.
Last Week’s Sales: For the week of March 7th a total of 27 Lake Tahoe properties sold which reflects yet another solid week of Lake Tahoe real estate sales in the market. Of the Lake Tahoe properties sold last week, six (6) of the properties sold were priced over $750,000. Of the sales over $750,000, two Lake Tahoe luxury homes were priced at $6.3 million and $3.2 million.
Lake Tahoe MLS Pending Sales: Currently there are 142 pending sales on the Lake Tahoe MLS which went down slightly from the previous week with 13 being a short sale and 34 being Lake Tahoe foreclosures properties.
Market Activity Summary:
Last week’s sale of 27 Lake Tahoe properties was another great week in the Lake Tahoe real estate market and the second largest week for sales year to date. We have had two strong weeks of Lake Tahoe real estate sales back to back. For the first time this year, year to date Lake Tahoe real estate sales has exceeded sales for the same period in 2010. With spring approaching we are hopeful of good things to come.
The hottest segment of the Lake Tahoe real estate market continues to be homes priced under $500,000 as roughly 69% or 148 properties have sold in this price range. Sales of Lake Tahoe homes priced above $1,000,000 took a nice bump last week as five Lake Tahoe luxury homes sold in this range bringing the total year to date to 12 Lake Tahoe luxury homes sales. The mid range market sales, $500,000 to $1,000,000 are almost identical as in 2010 on both a unit and percentage basis.
Distressed properties, Lake Tahoe foreclosures REOs and Short Sales represent 40.4% 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.
Because of the large Lake Tahoe real estate sales last week, Lake Tahoe MLS shows the median and average sales prices for Lake Tahoe homes have gone from double digit decreases to a more reasonable single digit decreases. Median Lake Tahoe real estate sales prices have decreased by 9.5% to $364,250 while the average sales prices have decreased by 9.6% to $476,989.
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 Lake Tahoe real estate, including Truckee real estate and Squaw Valley real estate, especially before the spring.
Contact Olja Mihic, Lake Tahoe Realtor Today… Find Out More about the Great Opportunities in the Lake Tahoe Real Estate Market, Including Truckee real estate, and 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. DRE License # 00313415
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