Mortgage Foregiveness Debt Relief Extended

January 2, 2013

It was just announced today that the Mortgage Foregiveness Debt Relief Act has been extended for another year.  This ensures that homeowners will not be taxed on debt forgiven by lenders upon negotiating a short sale, principal reduction, loan modification or foreclosure.

Lake Tahoe Weekly Real Estate Market Update for Nevada East Shore 12/7/12

December 7, 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.

There is consistent movement in the Nevada market.  To measure the most current buyer activity, I use the Market Activity Ratio which is the relationship between the number of available homes on the market and the Pending sales.  The Market Activity Ratio is now showing that 20.5% of the available homes are pending sales.  This is just a slight change from the previous week which is due to the number of available homes dropping by 4 as the pending sales remained the same.  The distress sales which are the (short sales and bank owned foreclosures) only represent 4.1% of the available homes on the market yet 57.9% of the pending sales.

There were 5 new sales this past week for a YTD total of 151 sales.  There were two condo sales which were on Rubicon Cr for $$290,000 and a lake view townhome on Cave Rock Villas for $460,000.  There were also 3 homes for sale which were on Cypress Way for $625,000, Ute Way for $525,000 and South Martin for $495,000.  As a result, the 6 month average sales price decreased by 1.3% to $626,711.  The average days on market are 225 days.

Lake Tahoe Weekly Real Estate Market Update for Nevada East Shore 11/23/12

November 23, 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.

Demand for Nevada homes remains strong.  To measure the most current buyer activity, I use the Market Activity Ratio.  This is the relationship between the Available homes on the market and the Pending sales.  This past week the Market Activity Ratio is showing that 22.3% of the available homes are Pending sales in escrow.  This is the result of the number of available homes remaining the same as the Pending sales decreased by 3.  The distress sales (short sales and foreclosures) are quickly disappearing from the market and it only represents 3.9% of the available homes and 54.5% of the Pending sales.

There was 1 new sale this past week for a YTD of 137 sales.  The sale was on Mc Faul Way for $411,500.  Without any recent large sales the 6 month average sales price had decreased by 5.6% to $639,611.  The average days on market are 221 days.

South Lake Tahoe Weekly Real Estate Market Update for 11/23/12

November 23, 2012

As of 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.

This past week we have been seeing falling inventory but not prices.  The buyer activity is remaining strong and to measure the most current buyer activity, I use the Market Activity Ratio.  This is the relationship between the number of homes available on the market and the pending sales.  This past week the Market Activity Ratio showed that 36.7% of the available homes are now pending sales in escrow.  This is a slight dip from the previous week which is a result of the Available homes dropping by 7 as the Pending Sales dropped by 9.  The distress sales (Short sales and bank owned foreclosures) have further loosened it’s grip on the market which now represents 8.2% of the available homes for sale and 40.6% of the pending sales.

This past week there were 22 new sales for a YTD total of 668 homes.  The sales ranged from a low of $55,500 to a high of $3,175,000.  Most of the sales were below $340,000.  The top sales were on Pyramid Cr for $525,000, Christie Dr for $597,000, and Beach Dr for $3,175,000.  With the large number of sales at the bottom end of the market, the 6 month average sales price had decreased by .2% to $320,763 which erased last weeks gain.   The average days on market are 143 days.

Listings per Status
%Jim Wire %Real Estate Lake Tahoe

Area Market Survey
Summary

Listings as of 11/23/12 at 10:57am
Active
Listing Price Range Quantity Average DOM
$60,000 thru $69,999 1 1
$120,000 thru $139,999 2 238
$140,000 thru $159,999 5 86
$160,000 thru $179,999 4 141
$180,000 thru $199,999 6 181
$200,000 thru $249,999 9 149
$250,000 thru $299,999 20 172
$300,000 thru $349,999 14 135
$350,000 thru $399,999 15 194
$400,000 thru $449,999 22 164
$450,000 thru $499,999 9 419
$500,000 thru $549,999 11 178
$550,000 thru $599,999 10 133
$600,000 thru $649,999 7 168
$650,000 thru $699,999 8 194
$700,000 thru $749,999 1 56
$750,000 thru $799,999 2 71
$800,000 thru $849,999 4 281
$850,000 thru $899,999 3 336
$900,000 thru $949,999 1 197
$950,000 thru $999,999 5 497
$1,000,000 thru $1,249,999 4 301
$1,250,000 thru $1,499,999 9 273
$1,500,000 thru $1,749,999 1 21
$1,750,000 thru $1,999,999 4 313
$2,000,000 thru $2,249,999 1 285
$2,500,000 thru $2,749,999 1 83
$2,750,000 thru $2,999,999 1 245
$4,250,000 thru $4,499,999 1 685
$4,500,000 thru $4,749,999 1 8
$4,750,000 thru $4,999,999 1 182
  183 202
 
Summary Price Information
Minimum $65,900 Maximum $4,950,000
Average $644,714 Median $439,800
Pending
Listing Price Range Quantity Average DOM
$70,000 thru $79,999 1 52
$80,000 thru $89,999 1 191
$90,000 thru $99,999 2 321
$100,000 thru $119,999 4 632
$120,000 thru $139,999 4 154
$140,000 thru $159,999 6 286
$160,000 thru $179,999 11 92
$180,000 thru $199,999 10 102
$200,000 thru $249,999 14 75
$250,000 thru $299,999 8 93
$300,000 thru $349,999 9 97
$350,000 thru $399,999 7 128
$400,000 thru $449,999 8 252
$450,000 thru $499,999 4 78
$500,000 thru $549,999 5 75
$550,000 thru $599,999 2 179
$600,000 thru $649,999 2 156
$650,000 thru $699,999 1 230
$700,000 thru $749,999 1 20
$750,000 thru $799,999 2 54
$850,000 thru $899,999 2 218
$950,000 thru $999,999 1 135
$1,500,000 thru $1,749,999 1 77
  106 148
 
Summary Price Information
Minimum $74,900 Maximum $1,700,000
Average $330,446 Median $249,950
Equal Opportunity Housing * All information deemed reliable, but not guaranteed.
Info deemed reliable but not guaranteed. DOM may not reflect total days property has been on market
Copyright ©2012 Rapattoni Corporation. All rights reserved.
U.S. Patent 6,910,045
 

Area Market Survey
Summary

Listings as of 11/23/12 at 10:57am
Sold
Selling Price Range Quantity Average DOM
$40,000 thru $49,999 1 55
$50,000 thru $59,999 1 66
$60,000 thru $69,999 2 128
$70,000 thru $79,999 1 95
$80,000 thru $89,999 3 81
$90,000 thru $99,999 4 119
$100,000 thru $119,999 13 157
$120,000 thru $139,999 23 195
$140,000 thru $159,999 31 104
$160,000 thru $179,999 32 142
$180,000 thru $199,999 37 144
$200,000 thru $249,999 77 120
$250,000 thru $299,999 51 134
$300,000 thru $349,999 40 149
$350,000 thru $399,999 26 134
$400,000 thru $449,999 23 158
$450,000 thru $499,999 13 227
$500,000 thru $549,999 16 191
$550,000 thru $599,999 12 105
$600,000 thru $649,999 7 73
$650,000 thru $699,999 2 139
$700,000 thru $749,999 4 88
$750,000 thru $799,999 5 57
$800,000 thru $849,999 2 109
$850,000 thru $899,999 3 417
$900,000 thru $949,999 1 202
$950,000 thru $999,999 1 70
$1,000,000 thru $1,249,999 2 214
$1,250,000 thru $1,499,999 5 277
$1,500,000 thru $1,749,999 1 298
$2,250,000 thru $2,499,999 1 250
$3,000,000 thru $3,249,999 1 415
  441 143
 
Summary Price Information
Minimum $48,250 Maximum $3,175,000
Average $320,763 Median $245,500
Equal Opportunity Housing * All information deemed reliable, but not guaranteed.
Info deemed reliable but not guaranteed. DOM may not reflect total days property has been on market
Copyright ©2012 Rapattoni Corporation. All rights reserved.
U.S. Patent 6,910,045

Lake Tahoe Weekly Real Estate Market Update for Nevada East Shore 10/12/12

October 12, 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.

As the number of available homes drop, the buyers are not deterred.  To measure the most current buyer activity, I use the Market Activity Ratio which is the relationship between the number of available homes on the market and Pending sales.  This past week the market activity ratio had increased from 18.3% to 21.5%.  This is the result of the available homes dropping by 10 as the pending sales increased by 6.  The distress sales (short sales and bank owned foreclosures) is impacting the market less as it only represents 6% of the available homes on the market and 47.8% of the pending sales.

This past week there were 4 new sales for a YTD total of 114 sales.  The sales were on Silver Dr for $179,000, Gary Ln for $309,500, condo in Pinewild for $1,690,000 and Chukkar Dr for $1,799,000.  This had increased the 6 month average sales price by 2.1% to $648,907.  The average days on market are 232 days.

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