Thursday, March 31, 2011

Market Update

2011 Weekly Real Estate Market Report

North Lake Tahoe-Truckee Region MLS

Residential and Lot/Land Properties

Week of: March 14th to March 20th

Active Inventory Summary:

Active Listings: The active inventory for residential and lot listings went down slightly from 1,550 the previous week to 1,532 active listings in the market; 1,057 residential properties and 475 lots and land listed for sale. Coldwell Banker has over 15% of the active listings in the market.

REO-Short Sale Listings: Of the active listings, there are 149 properties listed as short sales, (9.7%) and 52 properties listed as REO sales, (3.4%).

Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has over 12-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: Year-To-Date

Total Sales 2011 Vs 2010:

For 2011, there have been 232 properties sold in the market as compared to 229 for the same period in 2010 which is a 1.3% increase in sales.

Of the properties sold, 60 have been REO’s, (25.9%), and 33 have been Short Sales, (14.2%) which results in 40.1% of the properties sold being a distressed property. In 2010 for the same period, there were 59 REO sales and 28 short sales or 38% of the total sales.

For the year, there have been 157 properties sold priced below $500,000, 63 properties sold between $500,000 and $1,000,000 and 12 properties sold over $1,000,000.

Median and Average Sales Prices 2011 Vs 2010:

The median sales price for properties sold year to date went up from last week to $370,000 and the average sales price dropped slightly to $473,892. For the same period in 2010, the median sales price was $400,000 and the average sales price was $517,352 which is an (7.5%) and (8.4%) decline in price respectively year over year.

Last Week’s Sales: For the week of March 14th a total of 16 properties sold which is down considerably from two very strong weeks. Of the properties sold last week, none of the properties sold were priced over $750,000.

Pending Sales: Currently there are 150 pending sales in the market which went up slightly from the previous week with 12 being a short sale and 38 being REO properties.

Market Activity Summary:

Last week’s sales took a breather from the two previous weeks which were the highest two weeks of the year. There were 16 properties sold in the market which is a little below the average of 21 sales per week. Not sure if weather had anything to do with the drop off given that we have had tremendous snow storms in the area which has impacted travel to the mountains. With great snow in the mountains and spring approaching we are hopeful of good things to come.

The hottest segment of the market continues to be homes priced under $500,000 as roughly 68% or 157 properties have sold in this price range. Sales of homes priced above $1,000,000 have continued to be off from last year as only 12 properties have sold year to date in this price range. The mid range market sales, $500,000 to $1,000,000 are almost identical as in 2010 with 63 properties sold or 27% of the total sales.

Distressed properties, REO and Short Sales represent 40.1% of the sales in the market. However, there is still considerable interest in non distressed properties as many are priced at levels that are too good to pass up.

Median and average sales prices for properties have gone from double digit decreases to a more reasonable single digit decreases. Median sales prices have decreased by 7.5% to $370,000 while the average sales prices have decreased by 8.4% to $473,892.

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