2012 Weekly Real Estate Market Report

North Lake Tahoe-Truckee Region

 Residential Properties – Single Family Homes and Condominiums

Week of:  April 9^th – 15^th

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 9^th 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!!

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.

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

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!

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

Residential Properties – Single Family Homes and Condominiums

Week of:  December 12th to December 18th

Active Inventory Summary:

Active Listings: The inventory for residential properties is currently at its lowest level of the year with 938 active listings in the market; 695 single family homes and 243 condominiums for sale.  Coldwell Banker has over 15% of the active listings in the market and continues to be the market leader for listings.

REO-Short Sale Listings:  Of the active listings, there are 150 properties listed as short sales, (16.0%) and 41 properties listed as REO sales, (4.4%).

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 2011 Vs 2010:

Total Sales:  For 2011, there have been 1,157 residential properties sold in the market as compared to 1,090 for the same period in 2010 which is a year over year 6.1% increase in sales.  Of the total sales in the market for 2011, 909 have been single family homes, while 248 or 21% of the sales are condominiums.  I n 2010, condominiums represented 31% of the sales which is significantly higher than we are experiencing in 2011.

REO & Short Sales:  Of the properties sold this year, 199 have been REO’s, (17.2%), and 167 have been Short Sales, (14.4%) which results in over 31% of the properties sold being distressed properties.  In 2010 for the same period, there were 206 REO sales and 135 short sales or just over 31% of the total sales which is identical to this year.

Sales Price Range:  For the year, there have been 760 residential properties sold priced below $500,000, 297 properties sold between $500,000 and $1,000,000 and 100 properties sold over $1,000,000.

Median and Average Sales Prices:  The median sales price for properties sold year to date is $400,000 while the average sales price is $541,747. For the same period in 2010, the median sales price was $431,000 and the average sales price was $647,421 which is a (7.2%) and (16.3%) decline in price respectively year over year.

Last Week’s Sales:  For the week of December 12th, a total of 24 properties sold which was down from the previous week’s sales of 32 properties.  Of the properties sold last week, seven (7) of the properties sold were priced over $750,000 and of those, three were sold over $1.8 million.

Pending Sales:  Currently there are only 130 pending residential sales in the market which up slightly from the previous week.  Of the pending sales, 16 are short sales and 29 are REO properties which are roughly 35% of the pending sales being distressed properties.

Market Activity Summary:

Thus far, sales for the first three weeks of December have been excellent with an average of 29 sales per week.  December sales have far exceeded sales for the same period last year which is always encouraging.

Last week’s residential sales represented a decrease from the week before with 24 total properties closing escrow.  Within last week’s sales, seven properties sold with a price above $750,000 and three of these sales were priced above $1,800,000.  Coldwell Banker continues to be the market leader in terms of units sold and sales volume with roughly 16.5% market share in the north Lake Tahoe and Truckee area.

Median sales prices have decreased from last year by 7.2% to $400,000 while the average sales prices have decreased by 16.3% to $541,747.  The overall decline in sales prices continues to be one of the driving factors influencing home sales on a year to date basis for astute investors looking to own a property in this remarkable resort area.

The hottest segment of the market continues to be homes priced under $500,000 as roughly 66% or 760 properties have sold in this price range.  In 2010, 60% or 649 properties sold in this price range which was lower than this year.  Certainly the price declines have influenced this trend.

Luxury home sales, homes priced above $1,000,000, are down 23% from 2010 sales as 100 properties or 8.6% of sales have sold year to date as compared to 130 properties sold last year in this segment.  The median sales price of the luxury properties sold in 2011 is $1,613,000 which is up 1% from last year.  Conversely, the average sales price of the luxury sales this year is $2,005,489 which is 9% lower than last year.

The mid range market sales, $500,000 to $1,000,000 are down slightly from last year with 297 properties sold or 25.7% of sales as compared to 311 properties sold or 28.5% in this range in 2010.

Distressed properties, REO and Short Sales represent just over 31% of the sales in the market which is identical to the quantity of REO and Short sales sold in 2010. On a comparative basis, 31% of the sales are distressed properties while 20% of the active listings and 35% of the pending sales are distressed properties.

The active inventory of residential properties is at its lowest point for the entire year to 938 residential properties.  This is not uncommon this time of year as homeowners take their homes off the market for the winter or place them on a ski lease program.

With the inventory of great residential properties on the market, homes priced at 10-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.

Residential Properties – Single Family Homes and Condominiums

Week of:  November 14th to November 20th

Active Inventory Summary:

Active Listings: The inventory for residential properties went down slightly from the previous week to 1,069 active listings in the market; 818 single family homes and 251 condominiums for sale.  Coldwell Banker has over 16% of the active listings in the market and continues to be the market leader for listings.

REO-Short Sale Listings:  Of the active listings, there are 165 properties listed as short sales, (15.4%) and 51 properties listed as REO sales, (4.8%).

Months of Inventory:  Based on the current inventory and sales for the previous 30-day period, the market has roughly 9-months of inventory available.

Sales Summary:  Year-To-Date

Total Sales 2011 Vs 2010:

Total Sales:  For 2011, there have been 1,049 residential properties sold in the market as compared to 987 for the same period in 2010 which is a year over year 6.3% increase in sales.  Of the total sales in the market for 2011, 826 have been single family homes, while 223 or 21% of the sales were condominiums.  I n 2010, condominiums represented 32% of the sales which is significantly higher than in 2011.

REO & Short Sales:  Of the properties sold this year, 184 have been REO’s, (17.5%), and 141 have been Short Sales, (13.4%) which results in over 30% of the properties sold being distressed properties.  In 2010 for the same period, there were 193 REO sales and 121 short sales or just over 31% of the total sales which is almost identical to this year.

Sales Price Range:  For the year, there have been 692 residential properties sold priced below $500,000, 266 properties sold between $500,000 and $1,000,000 and 91 properties sold over $1,000,000.

Median and Average Sales Prices:  The median sales price for properties sold year to date is $400,000 while the average sales price is $543,087. For the same period in 2010, the median sales price was $432,000 and the average sales price was $638,111 which is a (7.4%) and (14.9%) decline in price respectively year over year.

Last Week’s Sales:  For the week of November 14th, a total of 25 properties sold which was up nicely from the previous week’s sales of 20 properties.  Of the properties sold last week, only one of the properties sold were priced over $750,000.

Pending Sales:  Currently there are 153 pending residential sales in the market which went down slightly from the previous week.  Of the pending sales, 21 are short sales and 26 are REO properties which are roughly 31% of the pending sales being distressed properties.

Market Activity Summary:

November sales are slightly better than last year for the first three weeks of the month.  Last week’s residential sales represented a nice spike up from the week before with 25 total properties closing escrow.  Coldwell Banker continues to be the market leader in terms of units sold and sales volume with roughly 16% market share in the north Tahoe and Truckee area.

Median sales prices have decreased from last year by 7.4% to $400,000 while the average sales prices have decreased by 14.9% to $543,087.  The percentage drop in sales has been rather consistent for the past 2-3 months and continues to be one of the driving factors influencing home sales on a year to date basis for astute investors looking to own a property in this remarkable resort area.

The hottest segment of the market continues to be homes priced under $500,000 as roughly 66% or 692 properties have sold in this price range.  In 2010, 59% or 589 properties sold in this price range which was lower than this year primarily because of the drop in home prices.

Luxury home sales, homes priced above $1,000,000, are down 25% from 2010 sales as 91 properties or 8.7% of sales have sold year to date as compared to 122 properties last year in this segment.  The median sales price of the luxury properties sold in 2011 is $1,650,000 which is up 3% from last year.  Conversely, the average sales price of the luxury sales this year is $2,053,202 which is roughly 2% lower than last year.

The mid range market sales, $500,000 to $1,000,000 are down slightly from last year with 266 properties sold or 25.4% of sales as compared to 276 properties sold or 28.0% in this range in 2010.

Distressed properties, REO and Short Sales represent just over 30% of the sales in the market which is almost identical to the quantity of REO and Short sales in 2010. On a comparative basis, 30% of the sales are distressed properties while 20% of the active listings and 31% of the pending sales are distressed properties.

The active inventory of residential properties showed a slight decrease in active listings.  The inventory for single family homes is fairly significant as compared to other parts of California where inventory is limited.

With the inventory of great residential properties on the market, homes priced at 10-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.

2011 Weekly Real Estate Market Report
North Lake Tahoe-Truckee Region MLS

Residential Properties – Single Family Homes and Condominiums

Week of:  October 17th to October 23rd

Active Inventory Summary:

Active Listings: The inventory for residential properties went up slightly from the previous week to 1,214 active listings in the market; 943 single family homes and 271 condominiums for sale.  Coldwell Banker has over 16% of the active listings in the market and continues to be the market leader for listings.

REO-Short Sale Listings:  Of the active listings, there are 174 properties listed as short sales, (14.3%) and 45 properties listed as REO sales, (4.1%).

Months of Inventory:  Based on the current inventory and sales for the previous 30-day period, the market has roughly 9-months of inventory available.

Sales Summary:  Year-To-Date

Total Sales 2011 Vs 2010:

Total Sales:  For 2011, there have been 945 residential properties sold in the market as compared to 879 for the same period in 2010 which is a year over year 7.5% increase in sales.  Of the total sales in the market for 2011, 746 have been single family homes, while 199 or 21% of the sales were condominiums.  I n 2010, condominiums represented 32% of the sales which is significantly higher than in 2011.

REO & Short Sales:  Of the properties sold this year, 168 have been REO’s, (17.8%), and 130 have been Short Sales, (13.8%) which results in over 31% of the properties sold being distressed properties.  In 2010 for the same period, there were 172 REO sales and 110 short sales or roughly 32% of the total sales which is almost identical to this year.

Sales Price Range:  For the year, there have been 623 residential properties sold priced below $500,000, 238 properties sold between $500,000 and $1,000,000 and 84 properties sold over $1,000,000.

Median and Average Sales Prices:  The median sales price for properties sold year to date is $400,000 while the average sales price is $548,746. For the same period in 2010, the median sales price was $430,000 and the average sales price was $639,713 which is a (7.0%) and (14.2%) decline in price respectively year over year.

Last Week’s Sales:  For the week of October 17th, a total of 27 properties sold which was a significant increase from the previous week’s sales of 16 properties.  Of the properties sold last week, seven (7) of the properties sold were priced over $750,000 and of these seven, 5 were greater than $1.0 million.  Of the million sales, one property was $2.5 million and another was $3.0 million.  Coldwell Banker was involved in 35% of the closed transactions, including a multimillion dollar sale.

Pending Sales:  Currently there are 175 pending residential sales in the market which is identical to the previous week.  Of the pending sales, 16 are short sales and 27 are REO properties which are roughly 25% of the pending sales being distressed properties.

Market Activity Summary:

Sales for the week of October 17th went back up nicely from the previous week with 27 residential properties closing escrow.  October 2011 as expected is turning into a great month of sales and is outpacing sales for October of 2010.  What was particularly encouraging about last week’s sales was the number of sales over $1.0 million with five properties in this range.   Coldwell Banker has roughly 16% market share in the north Tahoe and Truckee area and is the market leader in terms of both units sold and sales volume.

Median sales prices have decreased from last year by 7.0% to $400,000 while the average sales prices have decreased by 14.2% to $548,746.  The continued downward trend in price in our market is one of the major factors influencing home sales on a year to date basis for astute investors looking to own a property in this remarkable resort area.

The hottest segment of the market continues to be homes priced under $500,000 as roughly 66% or 623 properties have sold in this price range.  In 2010, 60% or 525 properties sold in this price range which was lower than this year primarily because of the drop in home prices.

Luxury home sales, homes priced above $1,000,000, are down 21% from 2010 sales as 84 properties or 8.9% of sales have sold year to date as compared to 107 properties last year in this segment.

The mid range market sales, $500,000 to $1,000,000 are down slightly from last year with 238 properties sold or 25.2% of sales as compared to 247 properties sold or 28.1% in this range in 2010.  The gap in this segment of the market has narrowed in the past 90-days as more sales in this price range have occurred of late.

Distressed properties, REO and Short Sales represent 31% of the sales in the market which is almost identical to the quantity of REO and Short sales in 2010. Interestingly enough while 31% of the sales are distressed properties only 17% of the active listings and 25% of the pending sales are distressed properties.

The active inventory of residential properties leveled off last week with a slight increase in active listings occurring.  The inventory for single family homes is fairly significant as compared to other parts of California where inventory is limited.

With the inventory of great residential properties on the market, homes priced at 10-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.

2011 Weekly Real Estate Market Report
North Lake Tahoe-Truckee Region MLS

Residential Properties – Single Family Homes and Condominiums

Week of:  October 10th to October 16th

Active Inventory Summary:

Active Listings: The inventory for residential properties went down significantly from the previous week to 1,211 active listings in the market; 931 single family homes and 280 condominiums for sale.  Coldwell Banker has over 16% of the active listings in the market and continues to be the market leader for listings.

REO-Short Sale Listings:  Of the active listings, there are 169 properties listed as short sales, (14.0%) and 45 properties listed as REO sales, (3.7%).

Months of Inventory:  Based on the current inventory and sales for the previous 30-day period, the market has roughly 9-months of inventory available.

Sales Summary:  Year-To-Date

Total Sales 2011 Vs 2010:

Total Sales:  For 2011, there have been 916 residential properties sold in the market as compared to 857 for the same period in 2010 which is a year over year 6.9% increase in sales.  Of the total sales in the market for 2011, 724 have been single family homes, while 192 or 21% of the sales were condominiums.  I n 2010, condominiums represented 33% of the sales which is significantly higher than in 2011.

REO & Short Sales:  Of the properties sold this year, 163 have been REO’s, (17.8%), and 129 have been Short Sales, (14.1%) which results in over 31% of the properties sold being distressed properties.  In 2010 for the same period, there were 168 REO sales and 108 short sales or roughly 32% of the total sales which is almost identical to this year.

Sales Price Range:  For the year, there have been 607 residential properties sold priced below $500,000, 230 properties sold between $500,000 and $1,000,000 and 79 properties sold over $1,000,000.

Median and Average Sales Prices:  The median sales price for properties sold year to date is $400,000 while the average sales price is $545,472. For the same period in 2010, the median sales price was $429,000 and the average sales price was $637,969 which is a (6.8%) and (14.5%) decline in price respectively year over year.

Last Week’s Sales:  For the week of October 10th, a total of 16 properties sold which was a significant decrease from the previous week’s sales of 30 properties.  Of the properties sold last week, four (4) of the properties sold were priced over $1,000,000.  Coldwell Banker was involved in 23 of the closed transactions or 54% of the sales.

Pending Sales:  Currently there are 175 pending residential sales in the market which is up slightly from the previous week.  Of the pending sales, 14 are short sales and 28 are REO properties which are roughly 24% of the pending sales being distressed properties.

Market Activity Summary:

The first two weeks of October were on fire with 42 sales the first week and 30 sales the second week.  This past week sales took a bit of a breather with 16 sales closed for the week.  All in all, sales thus far for October are 25% higher than last year for the same period. Coldwell Banker is the market leader in terms of unit sales and sales volume with 393 units sold and $168,000,000 in sales volume.  Coldwell Banker has roughly 16% market share in the north Tahoe and Truckee area.

Median sales prices have decreased from last year by 6.8% to $400,000 while the average sales prices have decreased by 14.5% to $545,742.  This continued downward trend in price is one of the major factors influencing home sales on a year to date basis for astute investors looking to own a property in this remarkable resort area.

The hottest segment of the market continues to be homes priced under $500,000 as roughly 67% or 607 properties have sold in this price range.  In 2010, 60% or 513 properties sold in this price range which was lower than this year which is influenced because of the reduction in home prices.

Luxury home sales, homes priced above $1,000,000, are down 23% from 2010 sales as 79 properties or 8.6% of sales have sold year to date as compared to 103 properties last year in this segment.  For 2011, the median sales price for luxury properties is $1,675,000 while the average sales price is $2,135,635 which is slightly higher than the prices for 2010 for luxury properties.

The mid range market sales, $500,000 to $1,000,000 are down slightly from last year with 230 properties sold or 25.1% of sales as compared to 241 properties sold or 28.1% in this range in 2010.  The gap in this segment of the market has narrowed in the past 90-days as more sales in this price range have occurred of late.

Distressed properties, REO and Short Sales represent 31% of the sales in the market which is almost identical to the quantity of REO and Short sales in 2010. Interestingly enough while 31% of the sales are distressed properties only 17% of the active listings and 23% of the pending sales are distressed properties.

The active inventory of residential properties as anticipated has been declining steadily over the past few weeks with the increase in closed sales as well as homeowners starting to take their homes off the market for the upcoming winter season.

With the inventory of great residential properties on the market, homes priced at 10-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.