Weekly Market Report

Weekly Sales and Market Activity Report


North Lake Tahoe-Truckee Region

Week of: February 22nd to February 28th

Active Inventory Summary:

Active Listings: The active listing inventory for the Tahoe-Truckee market increased slightly from the previous week. Currently there are 1,584 active listings - 1,072 residential properties and 512 lots and land listed for sale.

Active REO-Short Sale Listings: Of the active listings, there are 161 properties listed as short sales, (10%) and 56 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 15-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 162 properties sold in the market as compared to 93 for the same period in 2009 which is a 74% increase in sales.

Of the properties sold, 46 were REO’s, (28%), and 18 were Short Sales, (11%) which results in 39% of the properties sold being a short sales or REO. In 2009 for the same period, there were 12 REO sales and 9 short sales or 22%.

For 2010, there have been 103 properties sold priced below $500,000, 44 properties sold between $500,000 and $1,000,000 and 15 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 $407,500 while the average sale price is $532,274. For the same period in 2009, the median sales price was $394,700 and the average sales price was $531,716 which is a 3% and 1% improvement in price respectively for one year.

Last Week’s Sales: For the week of February 22-28, sales increased nicely from the previous week with 25 properties sold. Of the properties sold last week, four (4) of those sold at a price above $750,000.

Pending Sales: Pending sales are at 143 properties which is relatively flat from the previous week.

Market Activity Summary:
The first two months of 2010 has been very encouraging and needless to say very active. Sales are up 74% 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 sales prices for properties have become more in line with 2009 prices as the median sales price has only increased 4% and the average sales has only increased 1%. 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’s sales are much greater this year than last year for the same period.
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!