Truckee and North Lake Tahoe Sales Activity
Coldwell Banker – Evans-Jitloff Group
2012 Weekly Real Estate Market Report
North Lake Tahoe-Truckee Region
Residential Properties – Single Family Homes and Condominiums
Week of: April 9th – 15th
Active Inventory Summary:
Active Listings: The inventory for residential properties went up slightly from last week to 794 residential properties for sale; 561 single-family homes and 233 condominiums for sale. Active inventory for residential properties continues to be off from last year at this time by roughly 26%. Coldwell Banker has over 15% of the active listings in the market and continues to be the market leader for listings.
REO-Short Sale Active Listings: Of the active listings, there are 104 properties listed as short sales, (13.1%) and 26 properties listed as REO sales, (3.3%). The total percentage of distressed properties listed for sale, (16.4%) is vastly different that the percentage of distressed properties sold on a year to date basis, which is roughly 42% of sales.
Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has roughly 7-months of inventory available.
Sales Summary: Year-To-Date
Total Sales 2012 Vs 2011:
Total Sales: For 2012, there have been 304 residential properties sold in the market as compared to 275 for the same period in 2011, which is a year over year increase in sales of 10.5%. Of the total sales in the market this year, 254 have been single-family homes, while 50 or 16.4% of the sales are condominiums. I n 2011 for the same period, condominiums represented 28.5% of the sales, which is significantly higher than we are experiencing in 2012.
REO & Short Sales: Of the properties sold this year, 68 have been REO’s, (22.4%), and 62 have been Short Sales, (20.4%) which results in just over 42% of the properties sold being distressed properties. In 2011 for the same period, there were 74 REO sales and 38 short sales or just over 40% of the total sales.
Sales Price Range: For the year, there have been 202 residential properties sold priced below $500,000, 78 properties sold between $500,000 and $1,000,000 and 24 properties sold over $1,000,000.
Median and Average Sales Prices: The median sales price for properties sold year to date is $363,282 while the average sales price is $525,834. For the same period in 2011, the median sales price was $403,000 and the average sales price was $545,297 which is a (9.9%) decline in median sales price and a (3.6%) decline in average sales price from 2011 to 2012.
Last Week’s Sales: For the week of April 9th a total of 10 properties sold which was significantly lower than last week’s sale of 30 properties and was the single lowest week of sales this year. Of the properties sold last week, only one (1) of the properties sold were priced over $750,000.
Pending Sales: Currently there are only 151 pending residential sales in the market which up 10% from the previous week. Of the pending sales, 19 are short sales and 27 are REO properties which are roughly 30% of the pending sales being distressed properties.
Market Activity Summary:
While the month of April got off to a brisk start in terms of weekly sales. last week was a big departure from the previous week with only 10 residential properties selling for the week. It is likely that due to spring break and the Easter Holiday we could have seen a slight lull in sales closed. The 10 residential sales this past week was the single lowest week thus far in 2012. On a year to date basis, there have been 304 residential properties sold as compared to 275 for 2011, which is an overall favorable increase of 10.5%.
Median sales prices have decreased from last year by (9.9%) to $363,282. In addition, average sales prices have decreased by (3.6%) to $525,834.
The hottest segment of the market continues to be homes priced under $500,000 as roughly 66% or 202 properties have sold in this price range as compared to 2011 where 177 properties sold in this price range or 64% of sales.
Luxury home sales, homes priced above $1,000,000, are up 14% from 2011. There have been 24 luxury properties sold or 8.0% of sales this year as compared to 21 properties sold last year in this segment. The median sales price for luxury properties in 2012 is $1,335,000 as compared to a median price of $1,875,000 in 2011, which is down (28%). Similarly, the average sales price of luxury homes in 2012 is $2,068,958 as compared to $2,256,617 in 2011, which is a decrease of roughly (8%). It is likely that the lower home prices have been the reason for the higher number of sales we are experiencing this far.
The mid range market sales, $500,000 to $1,000,000 are almost identical to last year with 78 properties sold in this segment or 25.7% of sales as compared to 77 properties sold or 28% in this range in 2011.
One of the biggest changes this year is in the area of distressed properties as short sales closed have gone up by 63% with 62 closed short sales in 2012 as compared to only 38 closed short sales in 2011. Conversely REO properties closed in 2012 have gone down (8%) with 68 properties closed in 2012 as compared to 74 properties closed in 2011. Overall, distressed property sales, (REO and Short Sales) represent 42% of the sales in 2012 as compared to 2011 where they represented 40% of sales.
The active inventory of residential properties went up slightly from last week to 794 residential properties for sale. On a year over year bases, residential listings are down 26% from last year at this time. As spring and summer approach we certainly expect inventory to increase. However, the real question is whether or not it mirrors the inventory levels of 2011.
With the adequate level of inventory of residential properties on the market, homes priced at 12-year lows and some of the lowest interest rates in history, savvy real estate investors are taking advantage of this market for a home in the Lake Tahoe–Truckee resort communities.
Now may be one of the best times for Buyers considering an investment in a vacation home or investment property in the Lake Tahoe-Truckee market.
Check out our website and please give us a call!
Thank you broker Michael Lombardi for the above information!!
Fantastic Condo 11403 Northwoods #4 Just Reduced
11403 Northwoods Blvd, #4, Fantastic Condo in Tahoe Donner just reduced!
Grab this opportunity and check out this beautiful upstairs unit located centrally in Tahoe Donner to the amenities and still near the town of Truckee. Built in 2003 with granite kitchen counters, white appliances, high ceilings and a beautiful view off the living room to the forest. 3 bedrooms, 2 baths, bright, clean and a turn key possibility. Just reduced to $335,000.
12098 Bennett Flat, Tahoe Donner
12098 Bennett Flat, Tahoe Donner is back on the market!
This is a great value for a home in a fantastic Tahoe Donner location.
- Beautiful lot
- Popular floor plan
- Original owner
- 4 bedrooms, 3 baths
- 4 PLUS garage
- Approximately 2800 sq. ft.
- $595,000
Tahoe Donner Inventory – When should I list?
“When should I list?” is a common question I hear from my potential sellers. These days that is a hard question to answer with clarity. The Tahoe Donner Inventory is low! There are only 59 active single family residences available right now. I’d have to check my “history” books to see how that figure stacks up over the last decade. My best guess is it’s been a long time since it has been that low! So the answer to the question “When should I list?” would be NOW! Most folks assume after Memorial Day when we begin the summer selling season and that’s a good time as well, but if everybody does it then, there will be a lot of competition coming on the market at the same time. There are buyers out there right now, and maybe your home is the perfect home for someone, but how will you ever know if you don’t put it on the market?
The bottom line…Truckee, CA is a paradise of its own...and real estate in Truckee, CA right now is selling. We are ready to help you list your home or buy one! We love what we do and we specialize in High Altitude Homes!
Truckee Real Estate and the Weather in Truckee, CA
TRUCKEE REAL ESTATE AND THE WEATHER IN TRUCKEE, CA….that seems to be all that the locals are talking about. It makes sense when you think about it. Truckee is a resort town so the bulk of our commerce comes from second homeowners and the ski industry. How long has it been since we have had a really really good storm? It seems to me it was back in October, 2011 when we got a huge dump of snow and all started bracing ourselves for what we thought would be a repeat of the winter of 2010-2011.
Today I look out of my window at the office and it looks like Spring. We all know March and April could be turn around months for us, but as far as the local economy, the season is lost. But, we could certainly use any sort of precipitation so believe me, rain or snow is much better than shine!! By the way, I always check with the Northstar Weather Blog to see what the upcoming forecast looks like.
And what about the Truckee real estate? Our inventory is so low it is difficult to give a buyer a lot of choices. The short sales and the bank owned properties are discouraging any standard sale from coming on the market unless a seller really needs to move on. For a second homeowner seller, that urgency might not be there. So if he or she can wait, of course that is what they will do. Surprisingly, the market is definitely picking up. I had multiple offers last week on a listing and received over list because it seemed over the President’s Weekend a lot of buyers who weren’t skiing decided with such fantastic prices they better get into the game and find a house. But for the one buyer that got the deal, there is another buyer who didn’t and is looking with not much to choose from. So to any potential sellers out there in the Truckee real estate area, give me a call! We need more listings!!
Dinny Evans, Realtor
Coldwell Banker
Truckee, California
info@evans-jitloffgroup.com
