Some Fast Facts From the California Association of Realtors:
Calif. median home price: March 2010: $301,790 (Source: C.A.R.)
Calif. highest median home price by C.A.R. region March 2010: Santa Barbara So. Coast $890,000(Source: C.A.R.)
Calif. lowest median home price by C.A.R. region March 2010: High Desert $122,970 (Source: C.A.R.)
Calif. First-time Buyer Affordability Index - Fourth Quarter 2009: 64 percent (Source: C.A.R.)
Mortgage rates - week ending 4/22/10 30-yr. fixed: 5.07 Fees/points: 0.7% 15-yr. fixed: 4.39% Fees/points: 0.6% 1-yr. adjustable: 4.22% Fees/points: 0.5% (Source: Freddie Mac)
Thursday, April 29, 2010
Monday, April 12, 2010
Weekly Market Report
Weekly Sales and Market Activity Report
North Lake Tahoe-Truckee Region
Week of: March 29th to April 4th
Active Listings: The active listing inventory for the Tahoe-Truckee bumped up nicely for residential homes from the previous week. Currently there are 1,602 active listings - 1,092 residential properties and 510 lots and land listed for sale.
Active REO-Short Sale Listings: Of the active listings, there are 160 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 14-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.
Total Sales 2010 Vs 2009:
For 2010, year to date (YTD), there have been 288 properties sold in the market as compared to 163 for the same period in 2009 which is a 77% increase in sales.
Of the properties sold, 74 were REO’s, (26%), and 36 were Short Sales, (13%) which results in 39% of the properties sold being a short sales or REO. In 2009 for the same period, there were 17 REO sales and 16 short sales or 20% total.
For 2010, there have been 181 properties sold priced below $500,000, 81 properties sold between $500,000 and $1,000,000 and 26 properties sold over $1,000,000.
Median and Average Sales Prices 2010 Vs 2009: The median sales price for properties sold year to date in 2010 is $405,000 while the average sale price is $511,103. For the same period in 2009, the median sales price was $465,000 and the average sales price was $584,437 which is a (13%) and (12%) decline in price respectively year over year for the same period of time.
Last Week’s Sales: For the week of March 29th to April 4th, a total of 41 properties sold which is the single highest week of sales in five months. Of the properties sold last week eight (8) were sold with a price over $750,000. Coldwell Banker was involved in 20 of the 82 sales sides closed or 25% of the sales.
Pending Sales: Pending sales decreased because of the large number of sales from the previous week from 188 to 170 properties.
In Summary:
With the extremely strong week of sales for the last week of March the overall unit sales activity continues to be very encouraging as total sales are up 77% from the same time last year which is a positive indication that buyers are interested in investing in Lake Tahoe-Truckee properties.
One of the key reasons for the spike in unit sales is likely due to the fact that median and average sales prices for properties has gone down as compared to the 2009 prices for the same period. Median sales prices have decreased by 13% to $405,000 and average sales prices have decreased by 12% to $511,103. It certainly stands to reason that continued favorable pricing is fueling the robust sales activity.
We are continuing to see the trend for sales towards homes priced under $500,000 with 63% of the sales this year being in this price range. REO and Short sales are occurring at a much greater rate this year than last year as roughly 39% of our sales are either REO or short sales. Within the under $500,000 price segment of the market we are often seeing multiple offer situations occur routinely.
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.
North Lake Tahoe-Truckee Region
Week of: March 29th to April 4th
Active Listings: The active listing inventory for the Tahoe-Truckee bumped up nicely for residential homes from the previous week. Currently there are 1,602 active listings - 1,092 residential properties and 510 lots and land listed for sale.
Active REO-Short Sale Listings: Of the active listings, there are 160 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 14-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.
Total Sales 2010 Vs 2009:
For 2010, year to date (YTD), there have been 288 properties sold in the market as compared to 163 for the same period in 2009 which is a 77% increase in sales.
Of the properties sold, 74 were REO’s, (26%), and 36 were Short Sales, (13%) which results in 39% of the properties sold being a short sales or REO. In 2009 for the same period, there were 17 REO sales and 16 short sales or 20% total.
For 2010, there have been 181 properties sold priced below $500,000, 81 properties sold between $500,000 and $1,000,000 and 26 properties sold over $1,000,000.
Median and Average Sales Prices 2010 Vs 2009: The median sales price for properties sold year to date in 2010 is $405,000 while the average sale price is $511,103. For the same period in 2009, the median sales price was $465,000 and the average sales price was $584,437 which is a (13%) and (12%) decline in price respectively year over year for the same period of time.
Last Week’s Sales: For the week of March 29th to April 4th, a total of 41 properties sold which is the single highest week of sales in five months. Of the properties sold last week eight (8) were sold with a price over $750,000. Coldwell Banker was involved in 20 of the 82 sales sides closed or 25% of the sales.
Pending Sales: Pending sales decreased because of the large number of sales from the previous week from 188 to 170 properties.
In Summary:
With the extremely strong week of sales for the last week of March the overall unit sales activity continues to be very encouraging as total sales are up 77% from the same time last year which is a positive indication that buyers are interested in investing in Lake Tahoe-Truckee properties.
One of the key reasons for the spike in unit sales is likely due to the fact that median and average sales prices for properties has gone down as compared to the 2009 prices for the same period. Median sales prices have decreased by 13% to $405,000 and average sales prices have decreased by 12% to $511,103. It certainly stands to reason that continued favorable pricing is fueling the robust sales activity.
We are continuing to see the trend for sales towards homes priced under $500,000 with 63% of the sales this year being in this price range. REO and Short sales are occurring at a much greater rate this year than last year as roughly 39% of our sales are either REO or short sales. Within the under $500,000 price segment of the market we are often seeing multiple offer situations occur routinely.
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.
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