Annual 2008 Tahoe Donner Real Estate Market Summary

We all watched the 2008 Real Estate Market with anticipation. With housing prices falling, an unsteady economy and jobs disappearing many people had to make big changes. It is important to remind ourselves that all down cycles eventually trail off and come to and end. While we saw prices going down and homes going into foreclosure some sellers were in a position to take advantage of the market and sold their current properties and bought into larger or better properties. Buyers that were ready to make purchases and “hopped off the proverbial fence” also made some good investments.

SINGLE FAMILY HOMES

Median ”NUMBER” of Single Family Homes Sold in 2008…
indicates Tahoe Donner still maintains the best value in Truckee. While sales of single family homes in the greater Truckee area fell by 5% from 2007 to 2008, in Tahoe Donner single family homes sales increased 9.04% from 2007.

Median ”LISTING PRICES” for Single Family Homes in 2008…
were not significantly different than listing prices in 2007. The median listing price for a single family home in Tahoe Donner in 2007 was $699K and in 2008 the median listing price for a single family home in Tahoe Donner went down to $695K.

Median “SOLD PRICES” for Single Family Homes in 2008…
went down 2.2% from “Sold” prices of Tahoe Donner single family homes in 2007. The median sold price in 2007 was $675K and the median sold price in 2008 was $660K.

Which price range was hottest in Tahoe Donner for 2008 for single family homes?
46% (88 out of 193) of the single family homes sold in Tahoe Donner in 2008 were between $500K and $750K. The median sold price was $675K. Only 1% of single family homes sold in Tahoe Donner in 2008 were over $1.5 million.

What does all of this mean?

For Buyers, we don’t expect to see home prices fall substantially in 2009. The general trend shows that the downward spiral of prices has settled and the increase in the number of Tahoe Donner sales shows us that people are buying!  If you are interested in purchasing Tahoe Donner property, take advantage of the low prices and low interest rates. Although prices may not rise soon interest rates likely will, so the short term is the best buying scenario. Take advantage of this opportunity to buy. 

For Sellers,it looks like home prices have settled. Prices probably aren’t going to fall substantially in 2009 and on the flip side, prices won’t rise in the near future. If you have been thinking about or needing to sell, the most sound advice is to price correctly, get your house on the market and entice the buyers while interest rates are low. 

CONDOS and LOTS:

2008 Condo sales in Tahoe Donner were down 41% (32 to 19) from 2007 and the median sold price of condos was down by 8.5% ($414,450 to $379K).

2008 Lot sales in Tahoe Donner were down 26% (23 to 17) from 2007 and the median sold price was down 12.3% ($285K to $250K).

The data for our Annual 2008 Tahoe Donner Real Estate Market Summary is retrieved from the Tahoe Sierra Board of Realtors and we use “median data” to make our comparisons and draw conclusions on trends or general tendencies. Information derived from “median data” is often used as an indicator of the strength and the direction of the real estate market. 

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