North Lake Tahoe-Truckee Market Activity Summary:Â
The first two months of 2013 have mirrored 2012 in terms of total sales as there have been 160 residential properties sold year to date which is identical for the same period last year.
The month of February had 67 properties sold as compared to 75 in 2012 for the same period which is an (11%) decline.Â Â Interesting enough, the month of January saw total sales for 2013 of 83 properties as compared to 72 properties for the same period in 2012 which is a 15% increase.
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, (67 sales) and sales volume sold, ($29 million) on a year to date basis.
The median sales price for residential properties reached 378,750 which is up 8.2% from the median sales price of $350,000 in 2012.Â Similarly theÂ average sales price has gone up a whopping 40% to $716,321Â as compared to last yearâ€™s average sales price of $508,971 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 over 64% of the sales or 102 properties have sold in this price range which is similar on a percentage basis to 2012 where over 67% of sales or 108 properties sold in this price range.
Luxury home sales, homes priced above $1,000,000, are up 90% from 2012 with 21 luxury properties selling since the beginning of the year as compared to only 11 luxury properties sold for the same period in 2012.Â Luxury properties sold represents over 13% of sales thus far this year.Â The median sales price for luxury properties in 2013 is $1,637,500 as compared to a median price of $1,250,000 in 2012 which is up 31%.Â As dramatically, the average sales price of luxury homes in 2013 is $2,783,327 as compared to $2,172,727 in 2012 which is a 28% increase.
The mid-range market sales, $500,000 to $1,000,000 are almost identical to last year with 37 properties sold in this segment or 23% of sales as compared to 41 properties sold or 26% of sale in this range in 2012.
Distressed properties, (REOâ€™s and Short Sales), have really lagged 2012 thus far.Â For 2013, short sale properties closed have gone down 32% with 26 closed short sales in 2013 as compared to 38 closed short sales in 2012.Â Similarly, REO properties closed in 2013 have gone down (67%) with 12 properties closed in 2013 as compared to 37 properties closed in 2012.Â Overall, distressed property sales, (REO and Short Sales) represent 23% of the sales in 2013 which is less than the 46% in 2012.
The active inventory on a year over year basis is down roughly 39%.Â However, this past week we had a slight increase in inventory for the first time since early 2012.Â There are a total of 510 residential properties on the market with 328 single family homes and 182 condominiums listed for sale in the market.Â As is the case in many California markets, low inventory levels are the norm and the Tahoe-Truckee market is experiencing similar trends.
There are still many quality properties to choose from throughout the North Lake Tahoe and Truckee area. For more information, please call me at (530) 386-0302.