Real Estate in Truckee Tahoe

Hello! Here is the latest: 

Weekly Sales and Market Activity Report

North Lake Tahoe-Truckee Region

Week of: February 1st to February 7th
Active Inventory Summary:

Active Listings: The active listing inventory for the Tahoe-Truckee market stayed relatively flat from the previous week. Currently there are 1,552 active listings - 1,039 residential properties and 513 lots and land listed for sale.

Active Listings - REO’s and Short Sales: Of the active listings, there are 156 properties listed as short sales, (10%) and 59 properties listed as REO sales, (4%).

Months of Inventory: Based on the current inventory and sales for the previous 30-day period, the market has a little over 18-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:

Tahoe-Truckee Sales are off to a fast start! On a year to date (YTD) basis there have been 91 properties sold in the market as compared to 47 for the same period in 2009 which is a 94% increase in sales.

For properties sold YTD 2010, 27 were REO’s, (30%), and 9 were Short Sales, (10%) which results in 40% of the properties sold being a short sales or REO. In 2009 for the same period, there were 2 REO sales and 5 short sales or 15%.

For 2010, there have been 59 properties sold priced below $500,000, 25 properties sold between $500,000 and $1,000,000 and 7 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 $410,000 while the average sale price is $517,755. For the same period in 2009, the median sales price was $380,000 and the average sales price was $482,476 which is an 8% and 7% improvement in price respectively for one year.

Last Week’s Sales: For the week of February 1-7, sales went down from the previous week with 16 properties sold. Of the properties sold last week, five (5) of those sold at a price above $750,000.

Pending Sales: Pending sales are at 150 properties which is a slight increase from the previous week.

Market Activity Summary:

2010 sales are off to their fastest start in three years and are up 94% from the same time last year which is a positive indication that we may see more inventory movement that in 2009. The median and average prices for properties have increased over 7% respectively thus far but we anticipate median sales prices year over year will ultimately be lower as the year progresses. We are continuing to see the trend for sales towards homes priced under $500,000 with 65% of the sales this year being in this price range. Homes sold as REO’s are 30% of the sales which is a higher amount than our averages for 2009.

We continue to see solid 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!