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Lake Tahoe and Truckee Market Statistics and Analysis As of August 31, 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. · For Tahoe Donner, home sales are up in August, and expected home sales for September are up also. · The median price for homes sold in Tahoe Donner for 2009 was $565,000, down $200,000 (26%) compared to 2005. · September is a good month to make lower offers for homes you would like to own. The selection of homes is still high, interest rates are still down, and the other buyers are still waiting for the sellers to lower their price and create a “deal”. · Interest rates have dropped slightly to 4.375% for a 30 year fixed conforming loan up to $417,000 and 3.75% for a 15 year fixed as of Friday, 9/3/10. The 30 year fixed super conforming loan was 4.625% for loans up to $562,500. The 30 year fixed Jumbo loans were 4.875%.
Charts that support the market analysis are shown directly after the summary and analysis.
The single family homes sold in August and the homes expected to be sold in September shows a substantial increase in single family home sales over the 2009 monthly average. It will be interesting to see how the fall plays out. · Tahoe Donner single family home sales for August were 24 homes, up 38% when compared to the last 3 months. Tahoe Donner single family home sales for the last 3 months averaged 17 homes sold per month, down 9% from the 19 homes sold per month in 2009. · For September 2010 an expected 28 single family homes will sell in Tahoe Donner (sold already in September or scheduled to close escrow), so the average single family home sales will likely be well above the 2009 monthly average. · The median price for single family homes sold in Tahoe Donner for August is even with the last 3 months. The median price for single family homes sold in the last 3 months is down 7% when compared to 2009. · Truckee sold 40 single family homes in August and is expect to sell 51 single family homes in September. All of Lake Tahoe stretching from Kings Beach to Rubicon Bay sold 21 single family homes in August, and is expected to sell 25 single family homes in September. The number of sales for single family homes is down 9% for Truckee and up 37% 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 12% of the single family homes sold in the last 3 months (these are mostly short sales), and for Truckee 20% and North Lake Tahoe 34%. The number of short sales and bank owned properties has become a significant force in setting prices for Truckee as a whole, and for Lake Tahoe. · 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 only 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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Resort and Second Home Property Specialist |
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11500 Donner Pass Road Truckee, CA 96161 |
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Accredited Buyer Representative |
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Truckee communities with amenities As of August 31, 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”, and Tahoe Donner has the best overall amenities! |
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Truckee communities with fewer amenities As of August 31, 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). |
