A Real Estate Newsletter for my Clients and Friends

 

Lake Tahoe and Truckee

Market Statistics and Analysis

As of February 28, 2009

 

 

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 remained low at 4.625% with no points for a 30 year fixed conforming loan as of Friday, 3/27/09.  The 30 year fixed Jumbo loans are currently 6.5%.

 

Charts that support the market analysis are shown directly after the summary and analysis. 

 

February showed a small upturn from the recent downturn in the number of single family homes sold:

· Tahoe Donner home sales for February were up 9% when compared to the last 3 months.  Tahoe Donner home sales for the last 3 months are still down 31% when compared to 2008. 

· For March 2009 an expected fourteen homes will sell for Tahoe Donner (sold already in March or expected to close in escrow), so home sales will likely increase and be about the same as the 2008 monthly average. 

· The median price for single family homes sold in Tahoe Donner is up by 19% for February compared to the last 3 months.  However, the last 3 months the median price for home sales is down 4% when compared to 2008.

· For Truckee the number of sales for single family homes is up by 13% and for North Lake Tahoe down by 13% comparing February sales to the last three months.  All of Lake Tahoe stretching from Kings Beach to Rubicon Bay only sold 7 single family homes in February, and is expected to sell only 11 single family homes in March.

· For Tahoe Donner, bank owned (REO) and short sales represent 9% of the homes for sale, and for Truckee and North Lake Tahoe 11% and 8% respectively.  These numbers are low enough that short sales and bank owned properties are a small factor in determining market value; however, there may be an affect.

· 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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