Market Activity Summary Through June 9, 2013
Residential sales activity for 2013 has been very favorable as we continue to see the market outpace 2012 for residential sales. Thus far, 539 residential properties have sold year to date which is up 5% from the 506 sales for the same period last year. We are continuing to see significant buyer interest for the Tahoe-Truckee market with multiple offer situations occurring more frequently than what we experienced last year. June has gotten off to a slower start this year as compared to last year with 17 sales month to date as compared to 24 a year ago. However, we are still seeing solid activity by interested Buyers.
Coldwell Banker Residential Brokerage for 2013 is #1 in the entire market in terms of both unit sides sold, (253 sales) and sales volume sold, ($107 million).
The median sales price for residential properties reached 437,000 last week which is up 15% from the median sales price of $380,000 in 2012. Similarly the average sales price has gone up a whopping 24% to $664,116 as compared to last year’s average sales price of $534,681 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 316 properties have sold in this price range which is similar to 2012 where over 64% of sales or 327 properties sold in this price range.
Luxury home sales, homes priced above $1,000,000, have gone up 78% from 2012 with 66 luxury properties selling since the beginning of the year as compared to only 37 luxury properties sold for the same period in 2012. Luxury properties sold represent over 12% of sales thus far this year. The median sales price for luxury properties in 2013 is $1,745,000 as compared to a median price of $1,300,000 in 2012 which is up 34%. The average sales price of luxury homes in 2013 is $2,262,831 as compared to $2,154,316 in 2012 which is a 5% increase.
The mid range market sales, $500,000 to $1,000,000 are trending up from last year with 157 properties sold in this segment or 29% of sales as compared to 142 properties sold or 28% 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 27% with 69 closed short sales in 2013 as compared to 95 closed short sales in 2012. Similarly, REO properties closed in 2013 have gone down (64%) with 35 properties closed in 2013 as compared to 97 properties closed in 2012. Overall, distressed property sales, (REO and Short Sales) represent 19% of the sales in 2013 which is less than the 38% in 2012.
The active inventory on a year over year basis is down roughly 17% as we currently have 784 residential properties listed for sale as compared to 951 a year ago at this time. However, this past week we had a 2% increase in inventory bringing our total to 784 residential properties on the market; 589 single family homes and 195 condominiums listed for sale.
Truckee Chili Cook Off to Benefit Kidzone Museum
The Truckee Sunrise Rotary Club will hold the Third Annual Truckee Chili Cookoff on June 22 from 2 p.m. t0 6 p.m. at Truckee River Regional Park located at 10500 Old Brockway Road.
This fundraiser will have chili tasting, food, beverages, and activities for adults and children. The area’s best chili cooks will compete in the following categories: Nonprofits, Restaurants, Individuals, and Best Overall. There will also be a People’s Choice award to the chili cook who receives the most votes from the tasters.
All proceeds benefit Kidzone Museum of Truckee.The cost is $15 for adults and $3 for children under 12.
Schaffer’s Mill Homes Available- Clubhouse to Open July 6th
Schaffer’s Mill has three and four bedroom homes and luxury cabins priced as low as they will be all year. The Clubhouse Village Grand Opening will be held July 6 and the brand new North Village will feature The Sport’s Shop, The Market restaurant and cafe, locker rooms, Millworks workout facility, family pool, Peg’s Poolside Restaurant, Schaffer’s Hot Springs and Schaffer’s Square.
In addition to gorgeous luxury homes, Schaffer’s Mill offers excellent amenities:
- A 48′ Sunseeker Yacht. Named No Brainer, the yacht is moored just minutes away from Schaffer’s Mill, and with one simple call to our Club Concierge, Members can be enjoying the crystal blue waters of Lake Tahoe.
- A full-time Member Services Team ready to help Members with everything from grocery pickup to yacht use and shuttle pickup.
- Private Lake Club at Jake’s on the Lake. Located on the waterfront in the heart of Tahoe City, Jake’s boasts sweeping views of Lake Tahoe’s crystalline water and stunning mountain vistas.
- An award-winning John Harbottle and Johnny Miller-designed golf course.
- A Club Shuttle service with complimentary drop-off and pickup at area ski resorts.
Home Prices Increase Strengthening Consumer Confidence
Home prices are increasing and Americans are gaining confidence in the housing market again. According to Mortgage Professional America, “The Conference Board, a New York-based private research group, said its consumer confidence index rose in May to 76.2, up from a reading of 69.0 in April and the highest since in more than five years.”Bike Rodeo at Commons Beach June 1st
On Saturday, June 1,the Tahoe City Parks and Recreation Department is hosting a a bike rodeo for the entire family. The event will run from 10 a.m. to 2 p.m.
Events will include a Family Bike Poker Run on the Tahoe City Lakeside Trail, a strider glider race for the kids, a street obstacle course, bounce house and face painting. There will also be free bike safety checks, as well as other bike safety information. Kids will love dunking staff members Shaun and Tim in the dunk tank.
