Lake Tahoe Real Estate Market Report by Olja Mihic, Your Lake Tahoe Realtor
Lake Tahoe MLS, Including Truckee Real Estate and Squaw Valley Real Estate
Week of: March 14th to March 20th
Lake Tahoe/Truckee Real Estate Active Inventory Summary:
Lake Tahoe/Truckee Active Listings: Lake Tahoe MLS shows the active inventory for residential Lake Tahoe real estate and Truckee real estate and lot listings went down slightly from 1,550 the previous week to 1,532 active listings in the market; 1,057 residential Lake Tahoe real estate and 475 lots and land listed for sale.
Lake Tahoe Foreclosures REO- Short Sale Listings: Of the Lake Tahoe real estate active listings, there are 149 properties listed as short sales, (9.7%) and 52 properties listed as Lake Tahoe foreclosures REO sales, (3.4%).
Months of Inventory: Based on the current Lake Tahoe MLS Lake Tahoe real estate inventory and Lake Tahoe real estate sales for the previous 30-day period, the market has over 12-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 Lake Tahoe 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 232 Lake Tahoe real estate sold in the market as compared to 229 for the same period in 2010 which is a 1.3% increase in sales.
Of the Lake Tahoe properties sold, 60 have been Lake Tahoe foreclosures REO’s, (25.9%), and 33 have been Lake Tahoe Short Sales, (14.2%) which results in 40.1% of the properties sold being a distressed property. In 2010 for the same period, there were 59 Lake Tahoe foreclosures REO sales and 28 Lake Tahoe short sales or 38% of the total Lake Tahoe real estate sales.
For the year, there have been 157 Lake Tahoe real estate sold priced below $500,000, 63 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 sales price for Lake Tahoe real estate and Truckee real estate sold year to date went up from last week to $370,000 and the average sales price dropped slightly to $473,892. For the same period in 2010, the median sales price was $400,000 and the average Lake Tahoe and Truckee real estate sales price was $517,352 which is an (7.5%) and (8.4%) decline in price respectively year over year.
Last Week’s Lake Tahoe Truckee Real Estate Sales: For the week of March 14th a total of 16 Lake Tahoe real estate sold which is down considerably from two very strong weeks. Of the Lake Tahoe real estate sold last week, none of the Lake Tahoe properties sold were priced over $750,000.
Pending Lake Tahoe Truckee Real Estate Sales: Currently there are 150 pending Lake Tahoe real estate sales in the market which went up slightly from the previous week with 12 being a short sale and 38 being Lake Tahoe foreclosures REO properties.
Market Activity Summary:
Last week’s Lake Tahoe real estate and Truckee real estate sales took a breather from the two previous weeks which were the highest two weeks of the year. There were 16 Lake Tahoe properties sold in the market which is a little below the average of 21 sales per week. Not sure if weather had anything to do with the drop off given that we have had tremendous snow storms in the area which has impacted travel to the mountains. With great snow in the mountains and spring approaching we are hopeful of good things to come.
The hottest segment of the market continues to be Lake Tahoe real estate priced under $500,000 as roughly 68% or 157 properties have sold in this price range. Sales of Lake Tahoe luxury homes priced above $1,000,000 have continued to be off from last year as only 12 Lake Tahoe luxury homes have sold year to date in this price range. The mid range market sales, $500,000 to $1,000,000 are almost identical as in 2010 with 63 properties sold or 27% of the total Lake Tahoe real estate sales.
Distressed properties, Lake Tahoe foreclosures REO and Short Sales represent 40.1% 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 median and average Lake Tahoe real estate sales prices for properties have gone from double digit decreases to a more reasonable single digit decreases. Median sales prices have decreased by 7.5% to $370,000 while the average Lake Tahoe real estate sales prices have decreased by 8.4% to $473,892.
All in all, with the existing inventory levels, the lower median and average Lake Tahoe real estate sales prices, favorable interest rates available to qualified Buyers, now may be the right time for that investment Lake Tahoe real estate, Truckee real estate or Squaw Valley real estate especially before the spring.
Contact Olja Mihic, Lake Tahoe Realtor Today…For a Free Lake Tahoe Real Estate Market Valuation, Including Truckee Real Estate and Squaw Valley Real Estate
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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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