Lake Tahoe Weekly Real Estate Market Report for the East Shore in Nevada 3/2/12
March 2, 2012
What you are looking at below are charts and numbers derived from the Northern Nevada Regional Multiple Listing Service for Single Family Homes and Condos for the East Shore. I just started tracking condos with homes as of October 28th, 2009 which will be give different results from previous market reports. The reason that I use this segment of the market is that it has the most influence on the general value trends.
The activity level took a little dip as it continues to fluctuate. To measure the most current buyer activity, I use the Market Activity Ration which is the relationship between Active listings and Pending sales. This past week the Market Activity Ratio had decreased from 19.1% to 16.8%. This is the result of the Active listings increasing by 9 as the Pending sales decreased by 3. The distress sales (Short sales and Bank Owned Foreclosures) continue to have an impact as it now represents 14.1% of the Active inventory and 76.7% of the Pending sales.
It was a good week for sales with 4 closings to increase the YTD total to 17. There were 3 condo sales on North Bowl for $400,000, Tramway for $155,100 and Lake Village for $240,000. The 4th sale was a home on Riven Rock for $295,000. This decreased the 6 month average sales price by 2.5% to $699,334. The average days on market are 184 days.