North Lake Tahoe Market Activity Summary Through May 19th
Residential sales activity for 2013 has been encouraging as sales are higher than in 2012. Thus far, 461 residential properties sold year to date which is up 6% from the 436 sales for the same period last year. We are continuing to see significant buyer interest for this market with multiple offer situations occurring more frequently than what we experienced last year. For the month of May 2013, there have been 63 residential sales in the market as compared to 77 in May 2012 which is down 18%.
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, (203 sales) and sales volume sold, ($89 million) for 2013.
The median sales price for residential properties reached 440,000 last week which is up 18% from the median sales price of $372,500 in 2012. Similarly the average sales price has gone up a whopping 32% to $674,262 as compared to last year’s average sales price of $510,239 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 58% of the sales or 265 properties have sold in this price range which is similar to 2012 where over 66% of sales or 289 properties sold in this price range.
Luxury home sales, homes priced above $1,000,000, have almost doubled from 2012 with 61 luxury properties selling since the beginning of the year as compared to only 32 luxury properties sold for the same period in 2012. Luxury properties sold represent over 13% of sales thus far this year. The median sales price for luxury properties in 2013 is $1,685,000 as compared to a median price of $1,335,000 in 2012 which is up 26%. Similarly, the average sales price of luxury homes in 2013 is $2,185,262 as compared to $1,930,928 in 2012 which is a 13% increase.
Distressed properties, (REO’s and Short Sales), have really lagged 2012 thus far. For 2013, short sale properties closed have gone down 22% with 63 closed short sales in 2013 as compared to 81 closed short sales in 2012. Similarly, REO properties closed in 2013 have gone down (64%) with 32 properties closed in 2013 as compared to 89 properties closed in 2012. Overall, distressed property sales, (REO and Short Sales) represent 21% of the sales in 2013 which is less than the 39% in 2012.The mid range market sales, $500,000 to $1,000,000 are up nicely from last year with 135 properties sold in this segment or 29% of sales as compared to 115 properties sold or 26% of sale in this range in 2012.
The active inventory on a year over year basis is down roughly 23% as we currently have 700 residential properties listed for sale as compared to 915 a year ago at this time. However, this past week we had an 8% increase in inventory with a total of 700 residential properties on the market; 515 single family homes and 185 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.
North Tahoe Sales Summary: May 19th
Total Sales 2013 Vs. 2012:
Total Sales: For 2013, there have been 461 residential properties sold in the market which slightly higher than the 436 properties sold in 2012 for the same period. Of the total sales in the market this year, 360 have been single family homes, while 101 or 21% of the sales are condominiums. In 2012 for the same period, condominiums represented a little over 23% of the sales.
REO & Short Sales: Distressed property sales are down significantly for the year with 32 REO sales, (7%), and 63 Short Sales, (14%) which results in 21% of the properties sold being distressed properties. In 2012 for the same period, there were 89 REO sales and 81 short sales or 39% of the total sales being distressed properties.
Sales by Price Range: In 2013, there have been 265 residential properties sold priced below $500,000, 135 properties sold between $500,000 and $1,000,000 and 61 properties sold over $1,000,000.
Median and Average Sales Prices: The median sales price for properties sold year to date is $440,000 while the average sales price is $674,347. For the same period in 2012, the median sales price was $372,500 and the average sales price was $510,239 which is an increase of 18% in median sales price and an increase of 32% in average sales price
Last Week’s Sales: For the week of May 13th a total of 20 properties sold which was down slightly from the prior week’s sales of 26 properties. Of the properties sold last week only 1 property sold at a price above $1,000,000.
Pending Sales: Currently there are 203 pending residential sales in the market which is similar to the previous week’s pending sales. Of the pending properties, 25% are distressed properties with 41 being short sales and 9 being REO’s.
North Lake Tahoe Weekly Market Report- May 13-May19th
Residential Properties – Single Family Homes and Condominiums
Active Inventory Summary:
Active Listings: The current inventory of residential properties went up 8% from the previous week to 700 residential properties for sale; 515 single family homes and 185 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 Active Listings: Of the active listings, there are only 10 properties listed as short sales, (1.4%) and 9 properties listed as REO sales, (1.3%).
Months of Inventory: Based on the current active inventory and sales for the previous 30-day period, the market has a little over 6-months of inventory available.
Analysts Do Not Believe Rising Home Prices Signal Housing Bubble
After so many people suffered through the housing bubble just a few years ago, many investors and real estate professionals fear another housing bubble. Two analysts, David Blitzer of Standard and Poor’s and Eric Belsky of the Harvard Joint Center for Housing Studies, don’t believe there will be another housing bubble due to current increases in home prices across much of the country.
These beliefs are based on the S&P/Case Shiller Home Price Index, which showed an 8.6% increase gain in home values over the same period last year in the top 20 regional markets. This is the largest gain since 2006.
Blitzer and Belsky do not see another housing bubble on the immediate horizon, but say median home prices and income levels along with such low historic rates are adding to the rise.
Properties in metropolitan areas that have high employment rates and many real estate investors are seeing multiple offers. Areas that experienced very high foreclosure rates in the past are now seeing an influx of investors picking up properties that will be used as long-term rentals.
Read more of the Mortgage Professional America article here.
Now is a very good time to buy in North Lake Tahoe and Truckee. Property values are increasing, but there is still the opportunity to get a good deal on one of the many lovely properties available. For more information on the North Lake Tahoe real estate market or to view available homes, please contact me here.
Year to Date North Tahoe Market Activity Summary
Real estate sales activity for 2013 are higher than in 2012 in terms of total sales as there have been 412 residential properties sold year to date which is up 9% from the 375 sales for the same period last year. We are continuing to see significant buyer interest for this market with multiple offer situations occurring more frequently than what we experienced last year. For the month of April 2013, there were 103 residential sales in the market as compared to 95 in April 2012 which is up 8%.
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, (180 sales) and sales volume sold, ($76 million) on a year to date basis.
The median sales price for residential properties reached 439,500 last week which is up 18% from the median sales price of $370,000 in 2012. Similarly the average sales price has gone up a whopping 32% to $675,428 as compared to last year’s average sales price of $509,699 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 58% of the sales or 238 properties have sold in this price range which is similar to 2012 where over 66% of sales or 249 properties sold in this price range.
Luxury home sales, homes priced above $1,000,000, have more than doubled from 2012 with 55 luxury properties selling since the beginning of the year as compared to only 26 luxury properties sold for the same period in 2012. Luxury properties sold represent over 13% of sales thus far this year. The median sales price for luxury properties in 2013 is $1,650,000 as compared to a median price of $1,335,000 in 2012 which is up 23%. Similarly, the average sales price of luxury homes in 2013 is $2,215,954 as compared to $2,025,000 in 2012 which is a 9% increase.
The mid range market sales, $500,000 to $1,000,000 are up slightly from last year with 119 properties sold in this segment or 28% of sales as compared to 100 properties sold or 26% 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 17% with 59 closed short sales in 2013 as compared to 71 closed short sales in 2012. Similarly, REO properties closed in 2013 have gone down (60%) with 31 properties closed in 2013 as compared to 79 properties closed in 2012. Overall, distressed property sales, (REO and Short Sales) represent 21% of the sales in 2013 which is less than the 40% in 2012.
The active inventory on a year over year basis is down roughly 18% as we currently have 648 residential properties listed for sale as compared to 789 a year ago at this time. However, this past week we had a 5% increase in inventory with a total of 648 residential properties on the market; 465 single family homes and 183 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.
