Scott Jones Tahoe and Sacramento RE Specialist

Coldwell Banker

2011 Year End Real Estate Market Report

North Lake Tahoe-Truckee Region MLS

Residential Properties – Single Family Homes and Condominiums

2011 Year End Summary:

Sales Summary 2011:

Overall, residential sales for 2011 were up 7.1% from the 2010 calendar year which was encouraging for the Tahoe-Truckee real estate market.

Total Sales:

For 2011, there were 1,217 residential properties sold in the market as compared to 1,136 residential properties sold for the same period in 2010. Of the total sales in the market for 2011, 956 were single family homes, while 261 or 21% of the sales were condominiums. I n 2010, condominiums represented 31% of the sales or 270 units and single family home sales represented 866 units.

REO & Short Sales:

Of the properties sold this year, 206 were REO’s, (16.9%), and 186 were Short Sales, (15.3%) which results in over 32% of the properties sold being distressed properties. In 2010, there were 218 REO sales and 141 short sales or just over 31% of the total sales which was almost identical to this year.

Sales Price Range:

The hottest segment of the market in 2011 were homes priced under $500,000 as 66% or 808 properties have sold in this price range. In 2010, 60% or 682 properties sold in this price range which was significantly lower than this year. Certainly the price declines in the market influenced this trend as homebuyers took advantage of these buying opportunities in the market.

Luxury home sales, homes priced above $1,000,000, were down 24% from 2010 sales as 101 properties or 8.3% of sales occurred in this segment as compared to the 133 properties sold last year. The median sales price of the luxury properties sold in 2011 were $1,625,000 which was up 1.5% from last year’s median sales price of $1,600,000. Conversely, the average sales price of the luxury sales in 2011 was $2,016,821 which was 9% lower than last year’s average price of $2,199,131.

The mid-range market, homes priced between $500,000 and $1,000,000, resulted in 308 properties sold or 25.3% of sales as compared to 321 properties sold or 28.3% of sales in this range in 2010. The mid-range market was very consistent in terms of year over year sales.

Median and Average Sales Prices:

The median sales price for properties sold in 2011 was $397,700 while the average sales price was $535,834. For the same period in 2010, the median sales price was $430,000 and the average sales price was $640,727 which is a (7.5%) and (16.4%) decline in price respectively year over year.

Active Inventory Summary:

Active Listings: The active inventory for residential properties reached a high for the year in August with 1,378 properties listed for sale. At the end of the year, the active listings for residential properties was at the annual low of 854 active listings in the market; 622 single family homes and 232 condominiums for sale. Coldwell Banker has over 15% of the active listings in the market and continues to be the market leader for listings.

REO-Short Sale Listings: Of the active listings, there are 132 properties listed as short sales, (15.5%) and 45 properties listed as REO sales, (5.3%).

Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has roughly 6-months of inventory available.

2011 Summary and 2012 Outlook:

The 2011 Tahoe-Truckee real estate market was almost identical to the 2010 market as we saw an increase in total residential sales which were fueled by decreasing median and average home sales prices. The distressed sales market for both REO’s and short sales was almost identical year over year with roughly 32% of all residential sales being distressed.

While none of us have a crystal ball as to what 2012 has in store, it seems likely that the trends of the past two years may carry forward for 2012 with increased sales, continued pressure on home prices and the existence of distressed properties in the overall sales mix.

With the inventory of great residential properties on the market, homes priced at 10-year lows and some of the lowest interest rates in history, savvy real estate investors will certainly be considering the many advantages this market holds for an investment in the Lake Tahoe–Truckee resort communities.

North Lake Tahoe-Truckee Region MLS

Presented by Coldwell Banker

Residential Properties – Single Family Homes and Condominiums

Week of: November 7^th to November 13^th

Active Inventory Summary:

Active Listings: The inventory for residential properties went down from the previous week to 1,075 active listings in the market; 825 single family homes and 250 condominiums for sale. Coldwell Banker has over 16% of the active listings in the market and continues to be the market leader for listings.

REO-Short Sale Listings: Of the active listings, there are 166 properties listed as short sales, (15.4%) and 49 properties listed as REO sales, (4.6%).

Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has roughly 10-months of inventory available.

Sales Summary: Year-To-Date

Total Sales 2011 Vs 2010:

Total Sales: For 2011, there have been 1,023 residential properties sold in the market as compared to 966 for the same period in 2010 which is a year over year 5.9% increase in sales. Of the total sales in the market for 2011, 809 have been single family homes, while 214 or 21% of the sales were condominiums. I n 2010, condominiums represented 31% of the sales which is significantly higher than in 2011.

REO & Short Sales: Of the properties sold this year, 177 have been REO’s, (17.3%), and 137 have been Short Sales, (13.4%) which results in over 30% of the properties sold being distressed properties. In 2010 for the same period, there were 192 REO sales and 120 short sales or just over 32% of the total sales which is almost identical to this year.

Sales Price Range: For the year, there have been 673 residential properties sold priced below $500,000, 259 properties sold between $500,000 and $1,000,000 and 91 properties sold over $1,000,000.

Median and Average Sales Prices: The median sales price for properties sold year to date is $400,000 while the average sales price is $547,268. For the same period in 2010, the median sales price was $430,000 and the average sales price was $635,401 which is a (7.0%) and (13.9%) decline in price respectively year over year.

Last Week’s Sales: For the week of November 7^th, a total of 20 properties sold which was a decrease from the previous week’s sales of 28 properties. Of the properties sold last week, five (5) of the properties sold were priced over $750,000 and of these four (4) were greater than $1.0 million.

Pending Sales: Currently there are 161 pending residential sales in the market which went up slightly from the previous week. Of the pending sales, 20 are short sales and 30 are REO properties which are roughly 31% of the pending sales being distressed properties.

Market Activity Summary:

Sales for the first two weeks of November were very similar to the first two weeks of October which was a good month for sales. Last week’s sales went down slightly from the previous week. An encouraging area from last week’s sales was that 20% of the properties sold were at a price over $1.0 million. Coldwell Banker has roughly 16% market share in the north Tahoe and Truckee area and is the market leader in terms of both units sold and sales volume.

Median sales prices have decreased from last year by 7.0% to $400,000 while the average sales prices have decreased by 13.9% to $547,268. This downward trend in price is one of the major factors influencing home sales on a year to date basis for astute investors looking to own a property in this remarkable resort area.

The hottest segment of the market continues to be homes priced under $500,000 as roughly 66% or 673 properties have sold in this price range. In 2010, 60% or 576 properties sold in this price range which was lower than this year primarily because of the drop in home prices.

Luxury home sales, homes priced above $1,000,000, are down 22% from 2010 sales as 91 properties or 8.9% of sales have sold year to date as compared to 117 properties last year in this segment. The median sales price of the luxury properties sold in 2011 is $1,650,000 which is up 3% from last year. Conversely, the average sales price of the luxury sales this year is $2,053,202 which is roughly 2% lower than last year.

The mid range market sales, $500,000 to $1,000,000 are down slightly from last year with 259 properties sold or 25.3% of sales as compared to 273 properties sold or 28.3% in this range in 2010. The gap in this segment of the market has narrowed in the past 90-days as more sales in this price range have occurred of late.

Distressed properties, REO and Short Sales represent 30% of the sales in the market which is almost identical to the quantity of REO and Short sales in 2010. On a comparative basis, 30% of the sales are distressed properties while 20% of the active listings and 31% of the pending sales are distressed properties.

The active inventory of residential properties showed a slight decrease in active listings. The inventory for single family homes is fairly significant as compared to other parts of California where inventory is limited.

With the inventory of great residential properties on the market, homes priced at 10-year lows and some of the lowest interest rates in history, savvy real estate investors are taking advantage of this market for a home in the Lake Tahoe – Truckee resort communities.

Now may be one of the best times for Buyers considering an investment in a vacation home or investment property in the Lake Tahoe-Truckee market.

This entire report can be found by clicking North Tahoe/Truckee MLS Report 11/7/11 - 11/13/11.

Please fee free to use all the resources on our website www.scottandkimselltahoe.com.

Let the snow and snow-making begin!

Not too long ago I decided to drive out in the midst of snow fall to see what kind of action was going on at Squaw Valley. Much to my delight there was a flurry of activity as this classic resort was in rapid preparations - getting the mountain ready for ski season. Not only was the snow steadily falling, but the snow making was in full motion. I don't know about you, but this is extremely exciting to me!

If you go to Lake Tahoe Ski Preview - November 13th, 2011 you can click on a recent article that recently appeared in the San Francisco Chronicle.

In the meantime, enjoy these pictures I took at Squaw Valley during the snowstorn on November 4th.

Winter is coming to Tahoe NOW

Okay, it took a bit, but old man winter is coming! We had an amazing fall run of great weather so it is about time.

It is about 7pm on Thursday night and the wind is blowing so hard! The snow is supposed to start falling soon and we will all see an amazing transformation up here. Of course I will post pictures.

On a side note, my 5 year-old and I went to dinner alone at a place in Lake Tahoe called Spindelshanks. We had an amazing dinner and had a great waiter who I now have a bond with. Turns out he moved out here from New York but he was born in San Francisco and his dad went to Stanford. Well guess what? I was born in San Francisco and my dad went to Stanford. Crazy!

If you get a chance go to dinner at Spindelshanks and say hello to my waiter Ed!