|
A Lake Tahoe and Truckee Real Estate Newsletter for my Clients and Friends |
|
John Williamson 530-412-1356
|
|
California Realtor® license 01490822 Nevada Realtor® license S0167613 |
|
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. |
|
Lake Tahoe and Truckee Market Statistics and Analysis As of November 30, 2010
Market Summary and Analysis
Charts that support the market analysis are shown directly after the summary and analysis.
Prices are still dropping in North Lake Tahoe (California side), Incline Village, Truckee and Tahoe Donner, making single family homes more affordable for more buyers. · December is still an excellent month to make an offer for a mountain home. The selection of homes is becoming thin, and interest rates are still way down. The number of homes on the market has been decreasing as many of the homes are selling and the unsold homes are pulled off the market for the winter. · As of Friday, 12/10/10, interest rates were: · 4.875% for 30 year fixed conforming loans up to $417,000. · 4.250% for a 15 year fixed conforming loans up to $417,000. · 5.000% for the 30 year fixed super conforming loans up to $562,500. · 5.125% for the 30 year fixed Jumbo loans.
The number of single family homes sold in the last three months is still high when compared to the 2009 monthly average. · The number of single family homes sold in Tahoe Donner for November was 19 homes, the same as the 2009 monthly average. Tahoe Donner single family home sales for the last 3 months averaged 24 homes per month, still up 25% over the 19 homes sold per month in 2009. · For December 2010 an expected 25 single family homes will sell in Tahoe Donner (sold already in December or scheduled to close escrow), so the average single family home sales will likely continue to be well above the 2009 monthly average. · The median price for single family homes sold in the last 3 months is still down 5% when compared to 2009. · Truckee sold 43 single family homes in November and is expect to sell 56 single family homes in December. All of Lake Tahoe stretching from Kings Beach to Rubicon Bay sold 21 single family homes in November, and is expected to sell 27 single family homes in December. The number of sales for single family homes is up 16% for Truckee and up 35% for North Lake Tahoe when comparing the last three months of sales to the 2009 monthly average. · Incline Village showed a 55% increase in sales for the last three months when compared to 2009 homes sales. Prices for homes sold at Incline Village are down 57% from 2009. However, with 176 homes on the market and a 13 month inventory of homes for sale (total homes for sale divided by the monthly average of homes sold for the last 3 months), prices may continue falling at Incline Village. · Homes are continuing to sell well in Truckee and North Lake Tahoe. However, for Truckee and North Lake Tahoe one out of every four homes sold is a bank sale or short sale. For Incline Village, one out of every five homes sold is a bank or short sale. This will continue to drag prices down at Truckee, Incline Village and Lake Tahoe. At Tahoe Donner only one out of every 10 homes sold is a bank sale or short sale. Although this will have minimal effect in Tahoe Donner, the continuing drop in prices in Truckee and Lake Tahoe tends to drag down prices in Tahoe Donner as well. · A short sale is defined as a sold 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 only about 30% of the short sales actually close escrow.
Market Statistics
All data is from the Tahoe Sierra Multiple Listing Service (MLS) and the Incline Village Board of Realtors (MLS). This information is deemed reliable but not guaranteed. |
|
Resort and Second Home Property Specialist |
|
11500 Donner Pass Road Truckee, CA 96161 |
|
Accredited Buyer Representative |
|
Local communities with amenities As of November 30, 2010
Tahoe Donner still has a wider price range of homes for sale than other Truckee communities with amenities. |
|
The number of home sales in Tahoe Donner continues to be very high. Sales in the other communities with amenities continue to be almost non-existent, except for Incline Village. The reason is likely in the following chart “Median price for homes sold”, and Tahoe Donner has the best overall amenities! |
|
Truckee communities with fewer amenities As of November 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). |
