2012 vs. 2011
Our market has changed from a Buyer’s Market with approximately 30% + of the inventory being Distressed Properties to a Seller’s Market with a low level of inventory and only 4% of the listings being Distressed Properties. This change is the result of several years of a continuing improving, active market, most particularly the last two years. Here are the details of 2012.
Single Family Homes: At the end of 2012 single family home sales were up 31.3% in total dollar volume from all of 2011.
- Total units sold increased by 18.4%.
- Median Price was up by 1.3% and the Average Price increased by 10.9%.
- 57.7% of the homes sold were priced under $500,000, an increase over 2011 of 15.9%.
- 30.7% of the homes sold were priced between $500,000 and $999,999, a 20.2% increase.
- 10.5% were priced $1,000,000 or higher, a 27.9% increase.
- Average Days on Market increased by 0.9%.
Condominiums: Sales were up 28.6% in total dollar volume from all of 2011.
- Total units sold had increased by 13.3%.
- Median Price was down 1.7% and the Average Price was up by 13.4%.
- 75.7% of the condominiums sold were priced under $500,000, an increase over 2011 of 5.3%.
- 24.2% of the condominiums sold were priced above $500,000, a 48.9% increase over 2011.
- Average Days on Market increased by 2.7%.
To recap, the total number of Residential listings in 2012 was 13% lower than in 2011 yet the number of units sold and the total dollar volume increased! In 2011 Distressed Properties (Short Sales and Bank Owned ) were 32% of the total number of units sold, in 2012 they were 27%, a drop of 5%. Two other points of interest;
- Only 4% of our current listings are Distressed Properties. Last year, and in 2011, consistently around 30% of the active listings were Distressed Properties.
- We are seeing a decrease in Bank Owned listings due to an increase in Short Sale listings actually closing escrow. Banks seem to be more open to seeing that property owners succeed in selling Short Sale listings rather than the Bank having to foreclose.
Another interesting note, the highest level of sales activity in both units sold and dollar volume has been in the Truckee market. However the Tahoe market has seen the greatest percentage increase in both dollar volume and number of units sold over last year. Squaw Valley and Alpine Meadows have seen a decrease in both units sold and dollar volume.
It is my opinion that our market hit the proverbial “bottom” a few years ago, and is now quite active and strong. This is evidenced by many sales experiencing multiple offers. As with other areas we have been affected by the economic downturn; it has lowered our prices which has contributed to the increased activity.
As the number of Distressed Property listings continues to decrease, the prices for Residential Properties will continue to slowly rise. Low levels of inventory will add to that upward pressure. Presently, only 1/3rd of our current Residential listings are priced under $500,000. Interest rates are still very low. For those considering purchasing a property in the North Tahoe -Truckee market, now is the time to act.
Contact me and I will be glad to put my 30 + years of experience to use helping you find the right property.
530-913-6020 or info@GoSquaw.com
Resort Realty Services, Inc. does not guarantee the accuracy of this information. This data was obtained from the Tahoe Sierra Board of Realtors MLS. Not all real estate transactions in our area go through our MLS, therefore this information may not be completely accurate. DRE License #01204227
