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A Real Estate Newsletter for my Clients and Friends |
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Market Statistics and Analysis As of January 31, 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 5.125% with no points for a 30 year fixed conforming loan as of Friday, 2/27/09.
Charts that support the market analysis are shown directly after the summary and analysis.
January continued a sharp downturn for the number of homes sold: · Tahoe Donner home sales for January were down 16% when compared to the last 3 months. Tahoe Donner home sales for the last 3 months are down 33% when compared to 2008. · For February 2009, only eleven homes in escrow in Tahoe Donner are scheduled to close (seven homes have sold already), so home sales will continue to be down. · The median price for single family homes sold in Tahoe Donner is down by 35% for January compared to the last 3 months. However, the last 3 months of sales is only down 1% when compared to 2008. · For Truckee and North Lake Tahoe the number of sales for single family homes is down by 10% and 57% respectively comparing January sales to the last three months. All of Lake Tahoe stretching from Kings Beach to Rubicon Bay only sold 4 single family homes in January, and is expected to sell only 6 single family homes in February. · For Tahoe Donner, bank owned (REO) and short sales represent 13% of the homes for sale, and for Truckee and North Lake Tahoe 11% and 6% respectively. For North Lake Tahoe 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 at Tahoe Donner and Truckee. · 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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Truckee communities with fewer amenities As of January 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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January continued a sharp downturn in the number of single family homes sold in Truckee and Tahoe Donner, as shown in the chart below. Expected February sales (sold and in escrow) does show a modest pickup in home sales, especially in Truckee.
For North Lake Tahoe in January, just four single family homes sold for the entire west shore and north shore. The inventory of active homes at Tahoe Donner increased from 7 months to 11 months. North Lake Tahoe increased from 21 months to 27 months of inventory. Months of inventory is calculated by dividing the number of active homes for sale by the average number of sales per month for the last three months November 2008 thru January 2009. The National Association of Realtors considers six months of inventory as a healthy market. |
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John Williamson 530-412-1356
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California Realtor® license 01490822 Nevada Realtor® license S0167613 |
