Weekly Sales and Market Activity Report

North Lake Tahoe-Truckee Region

Week of:   April 5^th to April 11^th

Active Inventory Summary:

Active Listings: The active listing inventory for the Tahoe-Truckee remained relatively flat from the previous week.  Currently there are 1,612 active listings - 1,101 residential properties and 511 lots and land listed for sale. 

Active REO-Short Sale Listings:  Of the active listings, there are 158 properties listed as short sales, (10%) and 56 properties listed as REO sales, (4%).

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.

Sales Summary: 

Total Sales 2010 Vs 2009: 

For 2010, year to date (YTD), there have been 315 properties sold in the market as compared to 174 for the same period in 2009 which is an 81% increase in sales.

Of the properties sold, 79 were REO’s, (25%), and 40 were Short Sales, (13%) which results in 38% of the properties sold being a short sales or REO.  In 2009 for the same period, there were 20 REO sales and 17 short sales or 21% total.

For 2010, there have been 198 properties sold priced below $500,000, 88 properties sold between $500,000 and $1,000,000 and 29 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 $511,987.  For the same period in 2009, the median sales price was $461,975 and the average sales price was $607,351 which is a (12%) and (16%) decline in price respectively year over year for the same period of time.

Last Week’s Sales:  For the week of April 5^th – 11^th, a total of 25 properties sold which is above the weekly average for the year.  Of the properties sold last week seven (7) were sold with a price over $750,000.  Coldwell Banker was involved in 10 of the 50 sales sides closed or 20% of the sales.

Pending Sales:  Pending sales remained the same from the previous week from at 171 properties.

Market Activity Summary: 

The month of April is off to a great start and indications suggest it will be the best sales month of the New Year.  Overall, unit sales activity continues to be very encouraging as total sales are up a whopping 81% 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 have gone down as compared to the 2009 prices for the same period.  Median sales prices have decreased by 12% to $405,000 and average sales prices have decreased by 15% to $511,987.  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 38% 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.

Now is a Great Time to Consider Buying a Lake Tahoe and Truckee Property!

Take Advantage of 2003 Prices