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A Real Estate Newsletter for my Clients and Friends |
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Market Statistics and Analysis As of November 30, 2008
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 recently dipped to 5.125% with no points for a 30 year fixed conforming loan as of Thursday, 12/11/08.
Charts that support the market analysis are shown directly after the summary and analysis.
November took a sharp downturn for the number of homes sold in Tahoe Donner. · The number of sales for single family homes in Tahoe Donner were down by 45% comparing November to the three months September to November 2008. · This appears to be more than a seasonal adjustment when compared to previous years. · The number of home sales for Tahoe Donner is still up by 12% comparing the 2008 sales to the 2006 sales. · For December, only eight homes in escrow in Tahoe Donner are scheduled to close, so home sales will continue to be down next month. · The median price for single family homes sold in Tahoe Donner is up by 15% for November. · The median sold price is still down by 4% for the first 11 months in 2008 compared to the same time period in 2007. · For Truckee and North Lake Tahoe the number of sales for single family homes is down by 43% and 18% respectively comparing November sales to the three months from September to November 2008. · For Tahoe Donner, bank owned (REO) and short sales represent 11.03% of the homes for sale, and for Truckee and North Lake Tahoe 10.05% and 6.14% respectively. · 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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November saw a sharp downturn in the number of single family homes sold in Truckee and Tahoe Donner, as shown in the chart below. The number of single family homes sold continued to decrease in North Lake Tahoe. There is still about 7 months of inventory for Tahoe Donner, and about 20 months of inventory for Lake Tahoe. The months of inventory is calculated by dividing the number of active homes for sale by the average number of sales per month for the three months September thru November, 2008. The National Association of Realtors considers six months of inventory as a healthy market. |
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For Tahoe Donner, bank and short sales represented 11.03% of the homes for sale, and for Truckee and North Lake Tahoe 10.05% and 6.14% respectively. |
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John Williamson 530-412-1356
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California Realtor® license 01490822 Nevada Realtor® license S0167613 |
