Active Inventory Summary:
Active Listings: The active listing inventory for the Tahoe-Truckee market increased 3.5% from the previous week as more homeowners are putting their homes on the market for the summer season. Currently there are 1,817 active listings in the market; 1,255 residential properties and 561 lots and land listed for sale. Coldwell Banker has over 15% of the listings in the market.
REO-Short Sale Listings: Of the active listings, there are 149 properties listed as short sales, (8%) and 58 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 roughly 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.
Sales Summary:
Total Sales 2010 Vs 2009:
For 2010, year to date (YTD), there have been 472 properties sold in the market as compared to 265 for the same period in 2009 which is a 78% increase in sales.
Of the properties sold, 108 were REO’s, (23%), and 67 were Short Sales, (14%) which results in 37% of the properties sold being a short sale or REO. In 2009 for the same period, there were 32 REO sales and 27 short sales or 22% total.
For 2010, there have been 302 properties sold priced below $500,000, 123 properties sold between $500,000 and $1,000,000 and 47 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 $400,000 while the average sale price is $526,586. For the same period in 2009, the median sales price was $450,000 and the average sales price was $580,943 which is an (11%) and (9%) decline in price respectively year over year for the same period of time.
Last Week’s Sales: For the week of May 17th to May 21st, a total of 17 properties sold which was the lowest single week of sales since the first week of March. Of the properties sold last week two (2) of the properties sold were over $1.0 million.
Pending Sales: Pending sales went up slightly from the previous week to 183 properties.
Market Activity Summary:
This past week the Tahoe-Truckee area experienced some winter weather which may have been the reason for a slower sales week where only 17 properties sold for the week. That being said, there continues to be a great deal of activity brewing and continued buyer interest in our market.
With residential and lot sales up 78% from the previous year, it points to the fact that astute buyers continue to show strong interested in investing in Tahoe-Truckee real estate which is priced in some cases at 2001 price levels.
One of the key reasons for the spike in unit sales is highly influenced by the drop in home prices. The median sales prices have decreased by 11% to $400,000 and average sales prices have decreased by 9% to $526,586.
We continue to see a greater percentage of sales in the REO and Short Sale arena as roughly 37% of our sales are either REO’s or Short Sales. However, there is still considerable interest in non distressed properties as many are priced at levels that are too good to pass up.
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.
Tahoe-Truckee Median Sales Prices of $400,000 Have Not Been Seen Since 2000-2001!
