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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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Lake Tahoe and Truckee Market Statistics and Analysis As of September 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. · For Tahoe Donner, the number of homes sold per month for the last three months exceeded the 2009 monthly average. · Some outstanding long term values are surfacing at Grays Crossing and Old Greenwood. In Old Greenwood a home built in 2005 sold for $1,200,000 in September. The home had 4 master bedrooms, 5.5 bathrooms, 3 car garage with bonus area over the garage, 4500 square foot. At Grays Crossing a home built in 2008 sold for $1,044,000 with 4 master bedrooms, 4.5 bathrooms, 2 car garage, 3444 square foot. Shared ownerships in Old Greenwood are sold for as little as $18,000. Lots in Grays Crossing have sold for as little as $32,000 this year. · October is an excellent month to make lower offers for homes you would like to own. The selection of homes is still high, interest rates are way down, and the other buyers are still waiting for the sellers to lower their price and create a “deal”. · Interest rates are still down to 4.375% for 30 year fixed conforming loans for loan amounts up to $417,000, and 3.75% for a 15 year fixed conforming loan as of Friday, 10/1/10. The 30 year fixed super conforming loan was 4.375% for loans up to $562,500. The 30 year fixed Jumbo loans were 4.875%.
Charts that support the market analysis are shown directly after the summary and analysis.
The single family homes sold in September and the homes expected to be sold in October shows a substantial increase in single family home sales over the 2009 monthly average. It will be interesting to see how the fall continues to play out. · The number of single family homes sold in Tahoe Donner for September was 26 homes, up 24% when compared to the last 3 months. Tahoe Donner single family home sales for the last 3 months averaged 21 homes per month, up 11% over the 19 homes sold per month in 2009. · For October 2010 an expected 23 single family homes will sell in Tahoe Donner (sold already in October 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 Tahoe Donner for September is still about even with the last 3 months. The median price for single family homes sold in the last 3 months is still down 7% when compared to 2009. · Truckee sold 45 single family homes in September and is expect to sell 48 single family homes in October. All of Lake Tahoe stretching from Kings Beach to Rubicon Bay sold 28 single family homes in September, and is expected to sell 27 single family homes in October. The number of sales for single family homes is up 4% for Truckee and up 44% for North Lake Tahoe when comparing the last three months of sales to the 2009 monthly average. · Homes are continuing to sell well in Truckee and North Lake Tahoe, however, 1 out of every five homes sold in Truckee is a bank sale or short sale. For North Lake Tahoe 1 out of every four homes sold is a bank sale or short sale. This will continue to drag prices down at Truckee and Lake Tahoe. At Tahoe Donner only one out of every 12 homes sold is a bank sale or short sale, so this will have minimal effect in Tahoe Donner. · 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). This information is deemed reliable but not guaranteed. |
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Truckee communities with amenities As of September 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 September 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 |
