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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 2011. All rights reserved. Contact John Williamson and obtain written permission before using or reproducing any material contained on this site. |
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Lake Tahoe and Truckee Market Statistics and Analysis As of February 28, 2011
Market Summary and Analysis
Charts that support the market analysis are shown directly after the summary and analysis.
Prices are still dropping in North Lake Tahoe (California side), Incline Village, Truckee and Tahoe Donner, making single family homes more affordable for more buyers. · The selection of homes is becoming thin and interest rates are still way down. The number of homes on the market has been decreasing as many of the homes are selling and the unsold homes were pulled off the market for the winter, especially in Tahoe Donner, where there is only 5 months of inventory. · As of Wednesday, 3/2/11, interest rates were: · 4.875% for 30 year fixed conforming loans up to $417,000. · 4.250% for a 15 year fixed conforming loans up to $417,000. · 5.000% for the 30 year fixed super conforming loans up to $562,500. · 5.375% for the 30 year fixed Jumbo loans.
The number of single family homes sold in the last three months has fallen below the 2009 monthly average. · The number of single family homes sold in Tahoe Donner for February was 13 homes, 20% below the average for the last 3 months. Tahoe Donner single family home sales for the last 3 months averaged 16 homes per month, down by 12% when compared to the monthly average for 2010. · For March 2011 an expected 21 single family homes will sell in Tahoe Donner (sold already in March or scheduled to close escrow), which is above the 2010 monthly average. · The median price for single family homes sold in the last 3 months is down 8% when compared to 2010. · Truckee sold 36 single family homes in November and is expect to sell 47 single family homes in March. All of Lake Tahoe stretching from Kings Beach to Rubicon Bay sold 13 single family homes in February, and is expected to sell 28 single family homes in March. The number of sales for single family homes is up 9% for Truckee and down 19% for North Lake Tahoe when comparing the last three months of sales to the 2010 monthly average. · Incline Village showed a 30% decline in sales for the last three months when compared to 2010 homes sales. Prices for homes sold at Incline Village are up 13% from 2010. However, with 162 homes on the market and a 24 month inventory of homes for sale (total homes for sale divided by the monthly average of homes sold for the last 3 months), prices will likely continue falling at Incline Village. · Homes are continuing to sell well in Truckee and North Lake Tahoe. However, for Truckee over the last 3 months one out of every three homes sold is a bank sale or short sale. For North Lake Tahoe over the last 3 months almost one out of every two homes sold is a bank sale or short sale. For Incline Village over the last 3 months, one out of every five homes sold is a bank or short sale. This will continue to drag prices down at Truckee, Incline Village and Lake Tahoe. At Tahoe Donner over the last 3 months one out of every 4 homes sold is a bank sale or short sale. However, delinquencies for the 2011 HOA dues at Tahoe Donner are down significantly, which indicates there may be fewer bank and short sales in 2010 than in 2009 for Tahoe Donner. · A short sale is defined as a sold 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) and the Incline Village Board of Realtors (MLS). This information is deemed reliable but not guaranteed. |
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Local communities with amenities As of February 28, 2011
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 continue to be almost non-existent, except for Incline Village. 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 February 28, 2011
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 |
