Archive for the ‘North Lake Tahoe and Truckee Real Estate sales stats’ Tag
Coldwell Banker
2014 Real Estate Market Report
North Lake Tahoe-Truckee Region
Residential Properties – Single Family Homes and Condominiums
Period: August 1st to August 15th
Residential Sales Summary 2014
Total Sales: On a year to date basis through August 15th there have been 683residential properties sold in the market. For the same period in 2013, there were 790 residential properties sold which is a year over year decrease in sales of (14%). Of the total sales in the market this year, 504 have been single family homes, while 179 were condominiums. Condominiums represent 26% of total sales. In 2013 for the same period, there were 616 single family homes sold and 174 condominiums. Condominiums represented 28% of the sales in 2013.
August 1st to August 15th Sales: For the first two weeks of August there were 59 properties sold which was up 16% from the precious two weeks sales. For the same period in 2013, there were 63 properties sold. Of the 51 properties sold this period, twelve (12) were sold at a price above $1.0 million.
Coldwell Banker Ranks #1: Among all brokerages in the north Lake Tahoe market, Coldwell Banker ranks #1 on a year to date basis in both total units sold, 363 and total sales volume, $199 million.
REO & Short Sales: For 2014 thus far, short sale properties closed have gone down (57%) with 31 closed short sales as compared to 72 closed short sales in 2013. Similarly, REO properties closed in 2014 have gone down (49%) with 21 properties closed in 2014 as compared to 41 REO sales in 2013. Overall, distressed property sales, (REO and Short Sales) represents only 7% of the sales in 2014 which is significantly less than the 14% in 2013.
Median and Average Sales Prices: The median sales price for residential properties through August 15th was $515,000 which is up 11% from 2013 where the median sales price was $465,000 for the same period. The average sales price has gone up 30% to $842,675 as compared to last year’s average price of $646,586 for the same period.
Sales by Price Range or Market Segment: For the year, there have been 327 residential properties sold at a price below $500,000, 235 properties sold between $500,000 and $1,000,000 and 121 properties sold over $1,000,000.
Sales Under $500,000 Sales: The segment of the market with the highest level of sales activity are homes priced under $500,000 as over 47% of the sales or 327 properties have sold in this price range. In 2013 for the same period, there were 439 properties sold in this price range which represented 55% of the sales.
Luxury Home Sales Over $1.0 Million: Luxury sales for properties priced above $1,000,000 have gone up 23% from last year. For 2014, there have been 121 luxury properties sold as compared to 98 properties sold last year for the same period. The median sales price for luxury properties in 2014 thus far is $1,837,500 as compared to a median price of $1,700,000 in 2013 which is up 8%. The average sales price of luxury homes in 2014 is $2,501,391 as compared to $1,998,225 in 2013 which is up 25%.
Mid-Range Market Sales: There have been 235 properties sold at a price between $500,000 and $1,000,000 representing 34% of total sales. For the same period in 2013, there were 253 properties sold in this price range which represented 32% of total sales.
Pending Sales: The pending sales through August 15th were at 187 residential sales in the market which is up nicely from the 180 pending sales from the last report.
Active Residential Inventory Summary:
Active Listings: The current inventory of residential properties has gone up almost 2% from the last report. There are currently 877 residential properties for sale; 648 single family homes and 229 condominiums for sale. For the same period in 2013, the active inventory was at 815 residential properties which is a 7% increase in inventory from last year to this year. Coldwell Banker has over 15% of the active listings in the market and continues to be the market leader for listings. Of the active listings, there are only 6 properties listed as a short sale, and 2 properties listed as an REO sale.
NOW MAY BE A GREAT TIME TO BUY: With inventory levels at the high point for the year there are many quality properties to choose from throughout the north Lake Tahoe and Truckee areas. While homes prices have come up, they are still priced at levels we have not seen since 2008. With continued favorable mortgage interest rates, savvy real estate investors are taking advantage of this market and acquiring homes in many of the Lake Tahoe and Truckee resort communities.
Share this: Lynn Richardson, Your Friend in High Places
Posted in the last blog was a summary of North Tahoe/Truckee real estate sales activity for the first half of 2013 in comparison with the first half of 2012. What do those numbers mean if you are contemplating buying or selling.
A few key points:
The average and median prices were up 16% in the first half of 2013, while total sales were up only 5.7%.
The median days on the market was only 37 days in 2013…a drop of 44% from the number of days it took to sell a home in 2012. The average days on the market in 2013, however, was significantly higher, 92 days, just 19% faster then 2012.
Remember, median is the 50th percentile. To compute the average, you take all the sales, add up the total price or days on the market and then divide it in half. The average may be higher than the median when several very high numbers are reflected in the average.
What accounts for the significant differences between median and average when it comes to the days on the market, and number of sales?
Perhaps it is a sign of two markets:
The first market is one of well maintained homes that are priced competitively. Buyers are ready, willing and able to jump on these puppies as soon as they hit the market. These buyers are driving up the average and median prices, and driving down the median days on the market. The lack of homes that fit this description is why even though the buyers are there, the homes that meet their needs are not.
The second market is composed of a large supply of homes that need work and are priced too high. Some of these homes were purchased at the height of the market, and the sellers are not able to sell the properties at a lower price. And some are listed for sale by those who are only motivated to sell if they can get “the right price.” This market is reflected in the high average days on the market. What accounts for a median days on the market of 37, with an average of 92? A lot of homes that sit on the market for six months or a year or more before they finally sell…usually after several price reductions.
Share this: Lynn Richardson, Your Friend in High Places
A charming Tahoe cabin in the woods
2013 Weekly Real Estate Market Report
North Lake Tahoe-Truckee Region
Residential Properties – Single Family Homes and Condominiums
Week of: March 11th to 17th
Active Inventory Summary:
Active Listings: The current inventory of residential properties went up slightly from the previous report to 528 residential properties for sale; 336 single family homes and 192 condominiums for sale. Coldwell Banker has roughly 13% 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 only 8 properties listed as short sales, (1.5%) and 9 properties listed as REO sales, (1.7%).
Months of Inventory: Based on the current active inventory and sales for the previous 30-day period, the market has a little over 5-months of inventory available.
Sales Summary: Year-To-Date
Total Sales 2013 Vs. 2012:
Total Sales: For 2013, there have been 217 residential properties sold in the market which is slightly higher than the 210 properties sold in 2012 for the same period. Of the total sales in the market this year, 162 have been single family homes, while 55 or 25% of the sales are condominiums. In 2012 for the same period, condominiums represented a little over 20% of the sales.
REO & Short Sales: Distressed property sales are down for the year with 15 REO sales, (7%), and 35 Short Sales, (16%) which results in 23% of the properties sold being distressed properties. In 2012 for the same period, there were 50 REO sales and 47 short sales or 46% of the total sales.
Sales by Price Range: In 2013, there have been 136 residential properties sold priced below $500,000, 51 properties sold between $500,000 and $1,000,000 and 30 properties sold over $1,000,000.
Median and Average Sales Prices: The median sales price for properties sold year to date is $399,000 while the average sales price is $693,011. For the same period in 2012, the median sales price was $350,000 and the average sales price was $516,440 which is an increase of 14% in median sales price and an increase of 34% in average sales price.
Last Week’s Sales: For the week of March 11th a total of 29 properties sold which was up slightly from the prior week’s sales of 26 properties. Of the properties sold last week, 5 properties sold at a price above $1,000,000.
Pending Sales: Currently there are 221 pending residential sales in the market which is down from the previous week’s pending sales of 242. Of the pending properties, 32% are distressed properties with 58 being short sales and 12 being REO’s.
Storm brewing over Tahoe
Market Activity Summary:
Real estate activity for 2013 is mirroring that of 2012 in terms of total sales as there have been 217 residential properties sold year to date which is slightly higher than the 210 sales the same period last year. The month of March through the 17th saw 65 properties sell as compared to 63 in 2012 for the same period which is a 3% increase.
Coldwell Banker Residential Brokerage as was the case in 2012 continues to be #1 in the entire market in terms of both unit sides sold, (92 sales) and sales volume sold, ($39 million) on a year to date basis.
The median sales price for residential properties reached 399,000 which is up 14% from the median sales price of $350,000 in 2012. Similarly the average sales price has gone up a whopping 34% to $693,011 as compared to last year’s average sales price of $516,440 due in large part to the higher number of luxury sales in the market since the beginning of the new year.
The segment of the market with the highest level of activity continues to be homes priced under $500,000 as 63% of the sales or 136 properties have sold in this price range which is similar on a percentage basis to 2012 where over 67% of sales or 142 properties sold in this price range.
Luxury home sales, homes priced above $1,000,000, are up 66% from 2012 with 30 luxury properties selling since the beginning of the year as compared to only 18 luxury properties sold for the same period in 2012. Luxury properties sold represents over 13% of sales thus far this year. The median sales price for luxury properties in 2013 is $1,616,250 as compared to a median price of $1,250,000 in 2012 which is up 29%. As dramatically, the average sales price of luxury homes in 2013 is $2,460,349 as compared to $1,969,166 in 2012 which is a 25% increase.
The mid range market sales, $500,000 to $1,000,000 are almost identical to last year with 51 properties sold in this segment or 23% of sales as compared to 50 properties sold or 24% of sale in this range in 2012.
Distressed properties, (REO’s and Short Sales), have really lagged 2012 thus far. For 2013, short sale properties closed have gone down 25% with 35 closed short sales in 2013 as compared to 47 closed short sales in 2012. Similarly, REO properties closed in 2013 have gone down (70%) with 15 properties closed in 2013 as compared to 50 properties closed in 2012. Overall, distressed property sales, (REO and Short Sales) represent 23% of the sales in 2013 which is less than the 46% in 2012.
The active inventory on a year over year basis is down roughly 35%. However, this past week we had a slight increase in inventory once again with a total of 528 residential properties on the market; 336 single family homes and 192 condominiums listed for sale. As is the case in many California markets, low inventory levels are the norm and the Tahoe-Truckee market is experiencing similar trends.
IT’S NOT TOO LATE! While inventory levels are lower than normal, there are still many quality properties to choose from throughout the north Lake Tahoe and Truckee area. When you compound the inventory available with homes still priced at 10-year lows and some of the lowest interest rates in history, savvy real estate investors are taking advantage of this market and acquiring homes in many of the Lake Tahoe and Truckee resort communities.
Share this: Lynn Richardson, Your Friend in High Places
YOUR FRIEND IN HIGH PLACES 