Residential sales activity for 2013 has been encouraging as sales are higher than in 2012.Â Thus far, 461 residential properties sold year to date which is up 6% from the 436 sales for the same period last year.Â We are continuing to see significant buyer interest for this market with multiple offer situations occurring more frequently than what we experienced last year.Â 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.Â Similarly the average sales price has gone up a whopping 32% to $674,262 as compared to last yearâ€™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.Â Luxury properties sold represent over 13% of sales thus far this year.Â 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%.Â 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, (REOâ€™s and Short Sales), have really lagged 2012 thus far.Â 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.Â Similarly, REO properties closed in 2013 have gone down (64%) with 32 properties closed in 2013 as compared to 89 properties closed in 2012.Â 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.Â 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.Â As is the case in many California markets, low inventory levels are the norm and the Tahoe-Truckee market is experiencing similar trends.
For more North Lake Tahoe market information, please check out my website at www.lakehomestahoe.com.Â