GOOD NEWS!
Sales activity and interest continues to be very encouraging as total sales are up 71% from the same time last year which is a positive indication that we may see more inventory movement in 2010 than in 2009.
As we have been expecting, the median and average sales prices for properties has gone down as compared to the 2009 prices for the same period. Median sales price have decreased by 10% and the average sales have decreased by 9%.
We are continuing to see the trend for sales towards homes priced under $500,000 with 64% of the sales this year being in this price range. REO and Short sales are happening at a much greater rate this year than last year for the same period.
Weekly Sales and Market Activity Report
North Lake Tahoe-Truckee Region
Week of: March 8th – 14th
Active Inventory Summary:
Active Listings: The active listing inventory for the Tahoe-Truckee market stayed relatively flat from the previous week. Currently there are 1,578 active listings - 1,068 residential properties and 510 lots and land listed for sale.
Active REO-Short Sale Listings: Of the active listings, there are 157 properties listed as short sales, (10%) and 58 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 2010 Vs 2009:
For 2010, year to date (YTD), there have been 203 properties sold in the market as compared to 119 for the same period in 2009 which is a 71% increase in sales.
Of the properties sold, 57 were REO’s, (28%), and 21 were Short Sales, (10%) which results in 38% of the properties sold being a short sales or REO. In 2009 for the same period, there were 14 REO sales and 11 short sales or 21% total.
For 2010, there have been 130 properties sold priced below $500,000, 53 properties sold between $500,000 and $1,000,000 and 20 properties sold over $1,000,000.
Median and Average Sales Prices 2010 Vs 2009: The median sales price for properties sold year to date in 2010 is $410,000 while the average sale price is $531,630. For the same period in 2009, the median sales price was $454,475 and the average sales price was $581,385 which is a (10%) and (9%) decline in price respectively year over year for the same period of time.
Last Week’s Sales: For the week of March 8-14, sales were down from the previous week with 15 properties sold. Of the properties sold last week only one (1) was sold with a price over $750,000.
Pending Sales: Pending sales increased nicely from the previous week from 154 to 174 properties.
Market Activity Summary:
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.
Now is a Great Time to Consider Buying a Lake Tahoe and Truckee Property!
Take Advantage of 2003 Prices and Lot’s to Choose From.
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