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A Real Estate Newsletter for my Clients and Friends |
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Market Statistics and Analysis As of December 31, 2008
Market Summary and Analysis
Single family homes in North Lake Tahoe (California), Truckee and Tahoe Donner are continuing to be affordable for more buyers. · Asking prices for homes are available in the $100,000 to $400,000 range. · Interest rates recently dipped to 4.875% with no points for a 30 year fixed conforming loan as of Friday, 1/9/08.
Charts that support the market analysis are shown directly after the summary and analysis.
December continued a sharp downturn for the number of homes sold: · Tahoe Donner home sales were down 31% for December when compared to the 3 months October to December 2008. However, comparing the full year of 2008 to 2006 shows an 8% increase in the number of homes sold. · For January 2009, only six homes in escrow in Tahoe Donner are scheduled to close (three homes has sold already), so home sales will likely continue to be down. · The median price for single family homes sold in Tahoe Donner is up by 34% for December compared to the 3 months October to December 2008. November 2008 was also up in price. · The median price for homes sold is down by 2% for 2008 compared to 2007 and down 7% compared to 2006. · For Truckee and North Lake Tahoe the number of sales for single family homes is down by 21% and 35% respectively comparing December sales to the three months from October to December 2008. · For Tahoe Donner, bank owned (REO) and short sales represent 12.43% of the homes for sale, and for Truckee and North Lake Tahoe 9.5% and 7.3% respectively. These numbers are low enough that short sales and bank owned properties are a small factor in determining market value. · 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.
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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John Williamson 530-412-1356
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California Realtor® license 01490822 Nevada Realtor® license S0167613 |
