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Lake Tahoe and Truckee Market Statistics and Analysis As of March 31, 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. · 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 available homes in this price range are still almost depleted. · The median price for homes sold in Tahoe Donner for 2009 was $565,000, down $200,000 (26%) compared to 2005. · Interest rates remained low at 5.000% for a 30 year fixed conforming loan up to $417,000 as of Friday, 4/16/10. The 30 year fixed super conforming loan was 5.125% for loans up to $562,500. The 30 year fixed Jumbo loans were 5.50%.
Charts that support the market analysis are shown directly after the summary and analysis.
January, February and March 2010 home sales have slowed down. However, homes in escrow to close in April looks very positive: · Tahoe Donner home sales for March were 17 homes, up 34% when compared to the last 3 months. Tahoe Donner home sales for the last 3 months averaged 13 homes sold per month, down significantly from the average 2009 monthly sales of 19 homes per month. · For April 2010 an expected 24 homes will sell in Tahoe Donner (sold already in April or scheduled to close in escrow), so the average home sales will likely be well above the 2009 monthly average. · The median price for single family homes sold in Tahoe Donner is up 4% for March compared to the last 3 months. For the last 3 months the median price for home sales is down 11% when compared to 2009. Additional inventory should start coming on the market in late April, May and June, which may drive prices downward some more. · For Truckee, the number of sales for single family homes is down by 14%, and for North Lake Tahoe, they are down by 19% comparing the last three months of sales to the 2009 monthly average. Truckee sold 33 homes in March and is expect to sell 53 homes in April. All of Lake Tahoe stretching from Kings Beach to Rubicon Bay sold 16 single family homes in March, and is expected to sell 19 single family homes in April. The months of inventory at Lake Tahoe has shrunk from 28 months in February, 2009, to just 11 months in March 2010. That is a continued substantial improvement in home sales at Lake Tahoe. · For Tahoe Donner, bank owned (REO) and short sales represent 29% of the homes sold in the last 3 months (these are mostly short sales), and for Truckee 41% and North Lake Tahoe 36%. This indicates 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 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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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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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 March 31, 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”. |
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Truckee communities with fewer amenities As of March 31, 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). |
