Truckee Tahoe Real Estate Market Activity for January 25th to 31st

Weekly Sales and Market Activity Report

North Lake Tahoe-Truckee Region
Week of: January 25th to January 31st

Active Inventory Summary:

Active Listings: The active listing inventory for the Tahoe-Truckee market stayed relatively flat from the previous week. Currently there are 1,543 active listings - 1,040 residential properties and 503 lots and land listed for sale.

Active Listings - REO’s and Short Sales: Of the active listings, there are 157 properties listed as short sales, (10%) and 57 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 16-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:

January sales off to a fast start! On a year to date (YTD) basis there have been 71 properties sold in the market as compared to 36 for the same period in 2009 which is a 97% increase.

For properties sold YTD 2010, 25 were REO’s, (35%), and 7 were Short Sales, (10%) which results in 45% of the properties sold being a short sales or REO. In 2009 for the same period, there were no 2 REO sales and only 4 short sales.

For 2010, there have been 50 properties sold priced below $500,000, 16 properties sold between $500,000 and $1,000,000 and 5 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 $388,000 while the average sale price is $510,732. For the same period in 2009, the median sales price was $377,450 and the average sales price was $506,080 which is a 3% and 1% improvement in price respectively for one year.

Last Week’s Sales: For the week of January 25–31, sales went up from the previous week with 21 properties sold. Of the properties sold last week, two (2) of those sold at a price above $750,000. Coldwell Banker was involved in 7 of the 16 properties sold or 33%.

Pending Sales: Pending sales are at 148 properties which is a slight increase from the previous week.
Market Activity Summary:
In the early going of 2010 sales are up 97% from the same time last year which is a positive indication that 2010 is going to see more inventory movement that in 2009. The median and average prices for properties have increased slightly for the year 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 70% of the sales this year being in this price range. Homes sold as REO’s are 35% 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.
Coldwell Banker currently has over 41 homes in escrow scheduled to close in the next 30-60 days.

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