Lake Tahoe Weekly Real Estate Market Update 6/1/12
June 1, 2012
July 29th, 2009, I began adding Condos to the market statistics. What you are looking at below are charts and numbers derived from the South Tahoe Association Of Realtors Multiple Listing Service for Single Family Homes and Condos. The reason that I use this segment of the market is that it has the most influence on the general value trend.
The inventory in Nevada is begining to rise as well. To measure the most current buyer activity, I use the Market Activity Ratio, which is the relationship between Active listings and Pending sales. This past week the Market Activity Ratio had decreased from 18.3% to 17.8%. This is the result of the Active listings increasing by 6 as the Pending sales remained the same. The distress sales (short sales and foreclosures) only represent 2.5% of the available inventory but it’s 80% of what is selling.
There were 2 new sales this past week for a YTD total of 55 sales. These sales were on McFaul Court for $405,000 and Logan Creek Dr. for $1,100,000. Despite the lake view sale the 6 month average sales price dropped significantly by 7.4% to $579,378. The average days on market are 203 days.