Wednesday, March 10, 2010

Market Update

Weekly Sales and Market Activity Report

North Lake Tahoe-Truckee Region

Week of: March 1st – 7th

Active Inventory Summary:

Active Listings: The active listing inventory for the Tahoe-Truckee market stayed relatively flat from the previous week. Currently there are 1,587 active listings - 1,072 residential properties and 515 lots and land listed for sale.

Active REO-Short Sale Listings: Of the active listings, there are 164 properties listed as short sales, (10%) and 54 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 a little over 16-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 bigger home or better location in the Tahoe-Truckee market.

Sales Summary:

Total Sales 2010 Vs 2009:

For 2010, year to date (YTD), there have been 186 properties sold in the market as compared to 105 for the same period in 2009 which is a 77% increase in sales.

Of the properties sold, 52 were REO’s, (28%), and 19 were Short Sales, (10%) which results in 38% of the properties sold being a short sales or REO. In 2009 for the same period, there were 12 REO sales and 10 short sales or 22% total.

For 2010, there have been 119 properties sold priced below $500,000, 47 properties sold between $500,000 and $1,000,000 and 20 properties sold over $1,000,000.

Median and Average Sales Prices 2010 Vs 2009: The median sales price for properties sold YTD in 2010 is $407,500 while the average sale price is $541,891. For the same period in 2009, the median sales price was $416,000 and the average sales price was $581,643 which is a (2%) and (7%) decline in price respectively for year over year.

Last Week’s Sales: For the week of March 1-7, sales were down from the previous week with 20 properties sold. Of the properties sold last week, five (5) of those sold at a price above $1.0 million with one sale at $3.6 million.

Pending Sales: Pending sales increased slightly to 154 properties which is a jump from the previous week.

Market Activity Summary:

Sales continue to be very encouraging as total sales are up 77% from the same time last year which is a positive indication that we may see more inventory movement in 2010 than in 2009.

As we have been expecting, the median and average sales prices for properties have for the first time in 2010 gone down as compared to the 2009 prices for the same period. Median sales price have decreased by 2% and the average sales have decreased by 7%.

We are continuing to see the trend for sales towards homes priced under $500,000 with 64% of the sales this year being in this price range. REO and Short sales are happening at a much greater rate this year than last year for the same period. Of interest, sales over $1.0 million are up 53% in 2010 with 20 properties sold thus far this year above a million dollars.

we continue to see solid activity in the market as buyers are very interested in taking advantage of our large inventory of properties that are priced at 2003 levels.

Coldwell Banker is off to a fast start as our sales are up 45% from the previous year and sales volume is up 92%.

Tahoe-Truckee Homes Prices are at 2003 Levels…

Now is a Great Time to Buy or Move-Up in this Market!

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