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Lake Tahoe and Truckee Market Statistics and Analysis As of May 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 in the $100,000 to $400,000 range continue to increase. · Interest rates remained low at 5.625% for a 30 year fixed conforming loan as of Friday, 6/5/09. The 30 year fixed Jumbo loans are currently 6.375%.
Charts that support the market analysis are shown directly after the summary and analysis.
March, April and May have continued the upturn for number of single family homes sold in Tahoe Donner that started in February: · Tahoe Donner home sales for May were up 2% when compared to the last 3 months. Tahoe Donner home sales for the last 3 months are still down 8% when compared to 2008. · For June 2009 an expected 17 homes will sell for Tahoe Donner (sold already in June or expected to close in escrow), so home sales will likely increase and be above the 2008 monthly average. · The median price for single family homes sold in Tahoe Donner is up by 3% for May compared to the last 3 months. However, the last 3 months the median price for home sales is down 13% when compared to 2008. · For Truckee the number of sales for single family homes is up by 19% and for North Lake Tahoe up by 36% comparing May sales to the last three months. All of Lake Tahoe stretching from Kings Beach to Rubicon Bay only sold 15 single family homes in May, and is expected to sell only 17 single family homes in June. · For Tahoe Donner, bank owned (REO) and short sales represent 9% of the homes for sale, and for Truckee and North Lake Tahoe 12% and 9% 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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The below chart shows asking prices for homes are available in the $100,000 to $400,000 range in North Lake Tahoe, Truckee and Tahoe Donner. |
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John Williamson 530-412-1356
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California Realtor® license 01490822 Nevada Realtor® license S0167613 |