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Lake Tahoe and Truckee Market Statistics and Analysis As of December 31, 2009
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. · The number of homes for sale in the $100,000 to $400,000 range remain high numbers at North Lake Tahoe and Truckee. However, at Tahoe Donner these homes are almost depleted. · Interest rates remained low at 5.250% for a 30 year fixed conforming loan up to $417,000 as of Monday, 1/4/10. The 30 year fixed super conforming loan was 5.375% for loans up to $562,500. The 30 year fixed Jumbo loans were 5.750%.
Charts that support the market analysis are shown directly after the summary and analysis.
October, November and December have continued the substantial upturn for the number of single family homes sold in Tahoe Donner that started in February, 2009. Recent home sales continue to look very positive: · Tahoe Donner home sales for December were 35 homes, up 33% when compared to the last 3 months. December 2009 is up 291% year over year when compared to December 2008 sales of 12 homes. Tahoe Donner home sales for the last 3 months averaged 27 homes sold per month, and were 67% greater than the average 2008 monthly sales, which exceeded 2006 monthly sales. The last 3 months for Tahoe Donner is up 150% when compared year over year to October thru December, 2008. In short, this was an unusually high number of homes to be sold in Tahoe Donner for December. Most years home sales are down due to the holidays. · For January 2010 an expected 13 homes will sell in Tahoe Donner (sold already in January or scheduled to close in escrow), so the average home sales will likely be below the 2008 monthly average. This may be due to the lack of inventory for buyers to choose homes to own. · The inventory of active homes for sale in Tahoe Donner has decreased from 12 months of inventory in February, 2009, to just 3 months of inventory in December, 2009. Months of inventory is calculated by dividing the active inventory by the average number of homes sold per month for the last three months. · The median price for single family homes sold in Tahoe Donner is up 4% for December compared to the last 3 months. For the last 3 months the median price for home sales is still down 7% when compared to 2008. The continued downward trend in home prices makes homes more affordable which combined with low interest rates will likely continue to sell off the available inventory. · For Truckee the number of sales for single family homes is up by 80%, and for North Lake Tahoe up by 123% comparing the last three months of sales to the 2008 monthly average. Truckee sold 61 homes in December and is expect to sell 33 homes in January. All of Lake Tahoe stretching from Kings Beach to Rubicon Bay sold 21 single family homes in December, and is expected to sell 18 single family homes in January. The months of inventory at Lake Tahoe has shrunk from 28 months in February, 2009, to just 6 months in December 2009. That is a substantial improvement in home sales at Lake Tahoe. · For Tahoe Donner, bank owned (REO) and short sales represent 19% of the homes for sale (these are all short sales with about half in escrow waiting bank approval, there are currently no bank owned properties in Tahoe Donner), and for Truckee 25% and North Lake Tahoe 14%. This continues the substantial jump in the number of short sales and bank owned properties compared to the total active listings. This jump is due to an increase in the number of bank owned and short sales, and a seasonal decrease in the homes for sale as homes have sold or gone into escrow, and owners take homes off the market for the winter to ski lease or use the homes. 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. · 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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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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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 December 31, 2009
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 December 31, 2009
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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