“32% of the properties sold being distressed properties”

North Tahoe Kings Beach (photo by: jankertown)

32%of the properties sold being distressed properties”

This was penciled-in in one of the well written year end reports for North Tahoe and Truckee.

(Note: This report was compiled from North Tahoe- Truckee MLS.)

Some things I thought were interesting:

In 2011…

• 16.9% of sales in North Tahoe was foreclosed homes (206 homes).

• Just a notch below (15.3%) is short sales — 186 homes.

• So just over a third of all real estate sales in North Tahoe was distressed (short sale, REO’s, etc.,).

• Of the active listings, there are 132 properties listed as short sales, (15.5%) and 45 properties listed as REO sales, (5.3%).

• 66% of the homes sold were priced under $500,000 — (investors: Take note.  Liquid market for half a mil and below.)

• There were fewer “luxury homes” over $1 million sold in 2011 — a step back of negative 24%

• Median sales price of luxury homes went up 1.5% from $1.6 m to 1.625 m

As Nevada and California’s economy continues to struggle, I don’t expect the Tahoe real estate market to  find a market bottom, home prices are expected to go down further.  I think the question we should be asking is velocity — are home prices going down in double digits? I hope not.  But I think we can never take it out of the equation.

Worth noting is history shows us that real estate recession in our country lasts 3-5 years.  Were headed toward our 5’th, if you count 2007 as the start of the decline.

If you have any questions regarding short sales, you can schedule a free phone appointment to discuss your options.

Click here If you want to search for North Tahoe Homes .