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Lake Tahoe and Truckee Market Statistics and Analysis As of April 30, 2010
Market Summary and Analysis
Single family homes in North Lake Tahoe (California side), Truckee and Tahoe Donner are continuing to be affordable for more buyers. · Numerous homes for sale in the $100,000 to $400,000 range are still available at North Lake Tahoe and Truckee, however, at Tahoe Donner available homes in this price range are still almost depleted. · The median price for homes sold in Tahoe Donner for 2009 was $565,000, down $200,000 (26%) compared to 2005. · Interest rates remained low at 4.875% for a 30 year fixed conforming loan up to $417,000 as of Wednesday, 5/12/10. The 30 year fixed super conforming loan was 5.000% for loans up to $562,500. The 30 year fixed Jumbo loans were 5.50%.
Charts that support the market analysis are shown directly after the summary and analysis.
February, March and April 2010 home sales picked up. However, the homes expected to close escrow in May, 2010 will likely be well below the number of homes sold per month in 2009: · Tahoe Donner home sales for April were 22 homes, up 32% when compared to the last 3 months. Tahoe Donner home sales for the last 3 months averaged 17 homes sold per month, down slightly from the average 2009 monthly sales of 19 homes per month. · For May 2010 an expected 13 homes will sell in Tahoe Donner (sold already in May or scheduled to close escrow), so the average home sales will likely be well below the monthly average for 2009. · The median price for single family homes sold in Tahoe Donner is up 1% for April compared to the last 3 months. For the last 3 months the median price for homes sold is down 23% when compared to 2009. Additional inventory should start coming on the market in late May and June, which may drive prices further downward. · Truckee sold 43 homes in April and is expect to sell 39 homes in May. All of Lake Tahoe stretching from Kings Beach to Rubicon Bay sold 18 single family homes in April, and is expected to sell 20 single family homes in May. The number of sales for single family homes is down by 1% for Truckee and down by 13% for North Lake Tahoe when comparing the last three months of sales to the 2009 monthly average. · For Tahoe Donner, bank owned (REO) and short sales represent 28% of the homes sold in the last 3 months (these are mostly short sales), and for Truckee 42% and North Lake Tahoe 32%. This continues to indicate the short sales and bank owned properties are likely to create a downward pressure on the market. The number of short sales and bank owned properties may become a significant force in setting prices if these percentages hold through the summer of 2010, forcing standard sales to compete with distressed sales. · A short sale is defined as an asking price that is less than owed the lender, so the lender will get less money than owed (shorted) if the lender agrees to the sale. On average about 30% of the short sales actually close escrow.
Market Statistics
All data is from the Tahoe Sierra Multiple Listing Service (MLS). This information is deemed reliable but not guaranteed. |
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A Lake Tahoe and Truckee Real Estate Newsletter for my Clients and Friends |
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John Williamson 530-412-1356
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California Realtor® license 01490822 Nevada Realtor® license S0167613 |
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All content Copyrighted © John Williamson 2010. All rights reserved. Contact John Williamson and obtain written permission before using or reproducing any material contained on this site. |
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Truckee communities with amenities As of April 30, 2010
Tahoe Donner still has a wider price range of homes for sale than other Truckee communities with amenities. |
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The number of home sales in Tahoe Donner continues to be very high. Sales in the other communities with amenities in Truckee continue to be almost non-existent. The reason is likely in the following chart “Median price for homes sold”. |
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Truckee communities with fewer amenities As of April 30, 2010
The price range for communities with fewer amenities is shown in the chart below (Glenshire does have several tennis courts, a swimming pool, and a clubhouse). |
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Resort and Second Home Property Specialist |
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11500 Donner Pass Road Truckee, CA 96161 |
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Accredited Buyer Representative |
