Truckee Tahoe Real Estate Market Activity for January 18th to 24th

Weekly Sales and Market Activity Report

North Lake Tahoe-Truckee Region

Week of: January 18th to January 24th

Active Inventory Summary:

Active Listings: The active listing inventory for the Tahoe-Truckee market increased slightly from the previous week. Currently there are 1,569 active listings - 1,061 residential properties and 508 lots and land listed for sale.

Active Listings - REO’s and Short Sales: Of the active listings, there are 161 properties listed as short sales, (10.3%) and 63 properties listed as REO sales, (4.0%).

Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has a little over 17-months of inventory available. The inventory of homes and land at today’s prices continues to favor the buyer interested in an investment property, vacation home or moving up to a bigger home or better location in the Tahoe-Truckee market.

Sales Summary:

Total Sales Year-to-Date 2010 Vs 2009:

On a year to date (YTD) basis there have been 50 properties sold in the market as compared to 24 for the same period in 2009 which is a 108% increase.

For properties sold YTD 2010, 18 were REO’s, (36.0%), and 2 were Short Sales, (4.0%) which results in over 40% of the properties sold being a short sales or REO. In 2009 for the same period, there were no (0) REO sales and only 2 short sales.

For 2010, there have been 36 properties sold priced below $500,000, 10 properties sold between $500,000 and $1,000,000 and 4 properties sold over $1,000,000.

Median and Average Sales Prices 2010 Vs 2009: The median sales price for properties sold YTD in 2010 is $389,000 while the average sale price is $503,450. For the same period in 2009, the median sales price was $347,750 and the average sales price was $413,037 which is an 11.9% and 21.9% improvement in price respectively for one year.

Last Week’s Sales: For the week of January 18–24th, sales were in line with the previous week at 16 properties sold. Of the properties sold last week, two (2) of those sold at a price above $750,000.
Pending Sales: Pending sales are at 145 properties which is a slight increase from the previous week.

Market Activity Summary:

In the early going of 2010 sales are up 108% from the same time last year to 50 properties sold. If this trend continues 2010 sales will be significantly better than in 2009. While the median and average prices for home has increased for this period, it is still anticipated that median sales prices year over year will ultimately be lower. We are continuing to see the trend for sales towards homes priced under $500,000 with 72% of the sales this year being in this price range. Homes sold as REO’s are 36% of the sales which is a higher amount than our averages for 2009.

We continue to see good activity in the market as buyers are very interested in taking advantage of our large inventory of properties that are priced at 2003 levels.

Tahoe-Truckee Homes Prices are at 2003 Levels…
Now is a Great Time to Buy or Move-Up in this Market!