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Lake Tahoe and Truckee Market Statistics and Analysis As of June 30, 2010
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. · Numerous homes for sale in the $100,000 to $400,000 range are still available at North Lake Tahoe and Truckee. At Tahoe Donner available homes in this price range have rebounded as more homes have come on the market. · The median price for homes sold in Tahoe Donner for 2009 was $565,000, down $200,000 (26%) compared to 2005. · August is the best month to make offers. The selection of homes is at its highest, and the other buyers are still waiting for fall for the “deals”. · Interest rates remained low at 4.50% for a 30 year fixed conforming loan up to $417,000 and 3.875% for a 15 year fixed as of Friday, 7/23/10. The 30 year fixed super conforming loan was 4.625% for loans up to $562,500. The 30 year fixed Jumbo loans were 5.125%.
Charts that support the market analysis are shown directly after the summary and analysis.
Average 3 month home sales for April, May and June 2010 home sales are about the same as sold on average each month in 2009. This trend will likely continue in the month of July, 2010: · Tahoe Donner home sales for June were 15 homes, down 12% when compared to the last 3 months. Tahoe Donner home sales for the last 3 months averaged 17 homes sold per month, down slightly from the average 2009 monthly sales of 19 homes per month. · For July 2010 an expected 17 homes will sell in Tahoe Donner (sold already in July or scheduled to close escrow), so the average home sales will likely be below the monthly average for 2009. · The median price for single family homes sold in Tahoe Donner for June is equal to the average for the last 3 months. The median price for homes sold in the last 3 months is down 4% when compared to 2009. Additional inventory should start coming on the market in August, which may drive prices further downward. · Truckee sold 32 homes in June and is expect to sell 37 homes in July. All of Lake Tahoe stretching from Kings Beach to Rubicon Bay sold 25 single family homes in June, and is expected to sell 31 single family homes in July. The number of sales for single family homes is down 1% for Truckee and up 5% for North Lake Tahoe when comparing the last three months of sales to the 2009 monthly average. · For Tahoe Donner, bank owned (REO) and short sales represent 16% of the homes sold in the last 3 months (these are mostly short sales), and for Truckee 33% and North Lake Tahoe 33%. This continues to indicate the short sales and bank owned properties are likely to create a downward pressure on the market. The number of short sales and bank owned properties may become a significant force in setting prices if these percentages hold through the summer and fall of 2010, forcing standard sales to compete with distressed sales. · 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. On average about 30% of the short sales actually close escrow.
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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All content Copyrighted © John Williamson 2010. All rights reserved. Contact John Williamson and obtain written permission before using or reproducing any material contained on this site. |
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Truckee communities with amenities As of June 30, 2010
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”, and Tahoe Donner has the best overall amenities! |
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Truckee communities with fewer amenities As of June 30, 2010
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 |
