Lake Tahoe Weekly Real Estate Market Update for East Shore Nevada 2/24/12
February 24, 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.
Another good week in Nevada. 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 increased from 15.8% to 19.1%. This is the result of the Active listings decreasing by 9 as the Pending sales increased by 5. The distress sales (short sales and bank owned foreclosures) continue to impact the market as it now represents 13.6% of the available inventory and 81.8% of the pending sales.
There was 1 new sale this past week for a YTD total of 13 sales. The sale was a condo in Lake Village for $202,000. The 6 month average sales price increased by 1.5% to $717,333. The average days on market are 186 days.