Weekly Real Estate Market Report

North Lake Tahoe-Truckee Region

Week of: June 21^st to June 27^th

Active Inventory Summary:

Active Listings: The active listing inventory for the Tahoe-Truckee market increased for the ninth consecutive week.  Listings increased by 4% from the previous week as more homeowners are putting their homes on the market for the summer season.  Currently there are 2,077 active listings in the market; 1,465 residential properties and 612 lots and land listed for sale.  Coldwell Banker has almost 15% of the active listings in the market.

REO-Short Sale Listings:  Of the active listings, there are 156 properties listed as short sales, (8%) and 70 properties listed as REO sales, (3%).

Months of Inventory:  Based on the current inventory and sales for the previous 30-day period, the market has roughly 18-months of inventory available.  The inventory of homes and land at today’s prices continues to favor the buyer interested in an investment property, vacation home or moving up to a larger home or better location.

Sales Summary: 

Total Sales 2010 Vs 2009: 

For 2010, there have been 606 properties sold in the market as compared to 357 for the same period in 2009 which is a 70% increase in sales.

Of the properties sold, 128 were REO’s, (21%), and 88 were Short Sales, (15%) which results in 36% of the properties sold being a distressed property.  In 2009 for the same period, there were 47 REO sales and 37 short sales or 24% total.

For the year, there have been 393 properties sold priced below $500,000, 157 properties sold between $500,000 and $1,000,000 and 56 properties sold over $1,000,000. 

Median and Average Sales Prices 2010 Vs 2009:  The median sales price for properties sold year to date is $395,000 while the average sale price is $530,677. For the same period in 2009, the median sales price was $459,950 and the average sales price was $560,330 which is an (14%) and (5%) decline in price respectively year over year for the same period of time.

Last Week’s Sales:  For the week of June 21^st a total of 29 properties sold which was highest week of sales since the middle of April.  Of the properties sold last week five (5) of the properties sold was over $750,000.

Pending Sales:  Pending sales went up slightly from the previous week to 182 properties.

Market Activity Summary: 

For the first six months of the year, residential and lot sales are up 70% from the previous year and all indications point to continued brisk sales as we enter the summer months.  We continue to see robust sales as a result of more advantageous sales prices as compared to the previous year.

The median sales prices have decreased by 14% to $395,000 and average sales prices have decreased by 5% to $530,677.  With the higher than expected number of sales and lower sales prices, it points to the fact that astute buyers continue to show strong interest in Tahoe-Truckee real estate which is priced in some cases at 2001 price levels. 

The hottest segment of the market is homes priced under $500,000 as roughly 65% of the sales have occurred in this segment.  Additionally, distressed properties, REO and Short Sales represent roughly 36% of the sales.  However, there is still considerable interest in non distressed properties as many are priced at levels that are too good to pass up.

Ø Tahoe-Truckee Median Sales Prices of $395,000 Have Not Been Seen Since 2000-2001!