3rd Quarter 2012
Single Family Homes: As of the end of the 3rd quarter single family home sales were up 13.9% in total dollar volume from all of 2012.
- Total units sold had increased by 17.4%.
- Median Price was up just 1.1% and the Average Price had decreased by 3%.
- 60% of the homes sold were priced under $500,000, an increase over 2012 of 16.8%.
- 30.5 % of the homes sold were priced between $500,000 and $999,999, a 20.5 % increase.
- 9% were priced $1,000,000 or higher, an 11.7% increase.
- Average Days on Market decreased by 4.4%.
Condominiums: Sales were up 13.8% in total dollar volume from all of 2012.
- Total units sold had increased by 9.3%.
- Median Price was down 4.6% and the Average Price was up by 4%.
- 76.9% of the condominiums sold were priced under $500,000, an increase over 2012 of 4.8%.
- 23.1 % of the condominiums sold were priced above $500,000, a 27.8 % increase over 2012.
- Average Days on Market increased by 5.6%.
To recap, total Residential listings for 2012 have been 20% lower than all of last year and at the end of the 3rd quarter we had 12% less listings than at this time last year. What this means to the consumer, is this shortage of inventory drives up the listing prices of what is currently on the market.
An 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.
At this time, it is my opinion that our market has hit the proverbial “bottom” and is now showing signs of being 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 have contributed to the increased activity.
Another point of interest is the total number of Residential units sold. 29% were Distressed Properties (15% Bank Owned and 14% Short Sales). This is similar to last year; however there are two significant changes from last year;
- Only 3% of our current listings are Distressed Properties. Last year it was consistently around 30%.
- 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.
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