Truckee Real Estate Stats: January 2012

Homes sales in the greater area of Truckee (areas 7, 8 and 9) decreased 50% from December  of 2011 to January 2012. Of  these single family home sales, 58% were single family homes sales in Tahoe Donner. Single family home sales in Tahoe Donner show a 18.75% increase from December 2011 to January 2012.

Truckee Real Estate Sales: June, July & August 2011

This chart represents the number of single family homes sold in Truckee during the months of June, July and August of 2011. The chart also shows the Median Sale Prices for these homes.

Tahoe Donner Continues to be the strongest segment of the market with 46% of the total sales in the past three months (June, July and August 2011).

For any of you that are still thinking about selling, get your homes listed now. It’s not too late. There are 166 single family TD houses listed right now. List your house now, price it right and get it sold now!

Truckee Real Estate Sales: 1st QTR 2011

This chart represents the number of single family homes sold in Truckee during the 1st Quarter of 2011. The chart also shows the Median Sale Prices for these homes.

Tahoe Donner Continues to be the strongest segment of the market with 42% of the total sales in the past three months (January, February and March 2011).

Tahoe Donner single family homes sales increased 40% from February to March and more than doubled since January! We are on a good roll. Increased sales in Tahoe Donner indicate that the market is picking up. For any of you that are thinking about selling, get your homes listed now. There are only 77 single family TD houses listed right now. Low inventory for a seller means less competition. List your house now, price it right and get it sold before summer hits and the competition is greater. We know that this works.

Truckee Real Estate Sales: Last 3 Months…

This chart represents the number of single family homes sold in the last three consecutive months in Truckee (November, December, January). The chart also shows the median sale prices for these homes. Tahoe Donner continues to be the strongest segment of the market with 46% of the total sales in the last three months.

Even though Truckee real estate sales were 50% higher the last month of 2010 compared to the first month of 2011, Tahoe Donner sales are still strongest capturing 38% of January’s sales. The snowy weather may have kept Buyers at bay which could be a factor in the slower sales.

Annual 2010 Tahoe Donner Market Summary

What will 2011 hold for our Truckee real estate market? We believe that the market is bouncing along the bottom. There won’t be significant price drops but rather just small up and down bumps. The number of homes sold will most likely increase as people realize the tremendous values.

Our recommendation for buyers is that you get familiar with the market. Let us know what your wishes are so we can keep our eyes open for you! When you find something you like, DON’T WAIT – TAKE ACTION!

For sellers, we recommend that you get your properties on the market now. Prices are not going to increase in the near future. The median sale price in 2010 was down from 2009. This trend will stabilize or possibly go down slightly for 2011. Bottom line, if you are thinking about selling, do it now as you won’t recover your holding costs with short term increased value.

We are grateful for our many repeat clients and their referrals. Thank you. We look forward to another great year filled with opportunities for many of you!

Let’s take a closer look at what happened in 2010.  

Single Family Home Sales by Community…
Where were the majority of the homes sold?

In 2010, 494 single family homes sold in Truckee. Of these homes, 45% or 222 were single family homes that sold in Tahoe Donner. Tahoe Donner is unrivaled with the number of single family homes sales in 2010. Tahoe Donner is a great place to live, enjoy and invest!

“Number” of Single Family Homes Sold in Tahoe Donner by year…

This chart illustrates the number of single family homes sold annually, in Tahoe Donner for the last 7 years (2004 through 2010). We have experienced a 41% decrease in the number of homes sold since 2004. There is only a small difference (2% decrease) between the numbers of homes sold in Tahoe Donner in 2009 compared to 2010.

Median Sale Prices for Single Family Homes in 2010…

This chart shows the median sale prices of single family homes sold in Tahoe Donner from 2004 through 2010. In this analysis, single family home median sale prices were highest in 2005 (“the top of the market”) at $765,000 and have dropped 32% to a low of $520,000 at the end of 2010. This is 8% lower than the median sale price at the end of 2009. Today’s median sale prices are actually 12% less than they were in 2004, the “old” low benchmark. What does this tell buyers? This is a great time to purchase a home in Tahoe Donner. Prices are incredible and interest rates are low. It is a good time to buy a “second” home, a primary residence and it’s also a great time to “buy up”.

WHICH price range was hottest for Tahoe Donner in 2010?

This chart gives us an idea of which price ranges are selling in Tahoe Donner. 84% (186) of the single family homes that sold in Tahoe Donner in 2010, sold for under $750,000 and half of these homes (99) sold for under $500K.  Only 5% sold for over a million dollars with the highest priced home selling at $1,790,000.

WHEN should you list your property if you are thinking about selling?

The purpose of this chart is to illustrate the seasonal trend in house selling. If we simply draw a line at the 6 month mark, 40% of the homes sold in 2010 sold in the first half of the year and 60% of the homes sold in the second half of the year (summer /fall). There are a couple of things to consider when timing the listing of your property. The average DOM (days on market) was 87 days in 2010 and the average length of an escrow is about 45 days (sometimes longer and sometimes shorter). On average, if you combine the DOM and the escrow period you are looking about 4.5 months from start to finish to get your house from “listing” to “sold”. This doesn’t include any pre-listing time when you may need to do some things to get your house ready for market. If you want to sell your house this coming summer, you’ll want to have it ready for market by early Spring. In order to maximize your selling price and shorten your selling period there are a couple of things you can do: 1) Give us enough time to thoroughly assess your home and advise you of things you will want to do to make your house more “market ready”, 2) Let us develop a marketing plan specifically for your home and determine the best listing price.

As we have seen over the years, spring is the best time to list your house!

Standard Sales? Short Sales? REO Sales?

These days real estate sales are typically classified as “standard”, “short sale” or “REO sale”. In Tahoe Donner, for 2010,  the bulk of the sales (84%) were standard sales, 9% were short sales and 7% were REO sales. Short sale and REO  list prices and sale prices are usually lower than standard list and sale prices and this creates pricing challenges for standard sales that have to compete in the same market.

What does all of this mean for Buyers and Sellers?

For Buyers: What are you waiting for! Take advantage of the opportunities. Don’t wait until it’s too late and then wish that you had made a move sooner. It’s hard to say how much lower prices will go (if at all). Don’t wait too long. If you see a great place – go for it. If you don’t somebody else will.

For Sellers: If you are thinking about listing/selling don’t wait until the last minute. And when you do make the decision to list, put your best foot forward. A house that shows well will sell faster and that means more money in your pocket. We have learned from experience that a thorough cleaning, putting away and getting rid of excess “stuff” and cleaning carpets and windows can make a BIG difference. More and more, sellers are proactively ordering home and pest inspections when listing. Knowing up front what may be called out on your house puts you in a better position to negotiate a an offer. If you discover that there are issues with your house, you have ample time to get work taken care of.

CONDO AND TOWNHOMES - Tahoe Donner…
2010 condo sales are up 23% from 2009 to 2010. Median sale prices for condos are down 4.5% from 2009 to 2010. Condo inventory is very low with only half as many condos on the market this year when compared with last year at the same time (12 vs 24)!

LOTS – Tahoe Donner…
Lot sales are up 75% over last year (12 to 29).

The data for our Annual 2010 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 direction of the real etate market.

Truckee Real Estate Sales: October 2010

Real Estate Sales in the month of October were similar to sales in September (up by 1 sale in October). Tahoe Donner continues to be the leader, contributing to 55% of the total Truckee sales for the month of October.

Truckee Real Estate Sales: September 2010

Closed sales for Single Family Homes in the Greater Truckee area increased 12% from the end of August to the end of September.  57% of these sales were in Tahoe Donner.

Truckee Real Estate Sales: August 2010

Closed sales for Single Family Homes in the Greater Truckee area increased 32% from the end of July to the end of August.

Truckee Real Estate Sales: July 2010

This chart represents the number of single family homes sold in the last three months in the Truckee real estate market. The chart also shows the median sale prices for these homes.

* Sale price only disclosed on one Lahontan home sale.

Truckee Real Estate Sales : June 2010

This chart represents the number of single family homes sold in the last three months in the Truckee real estate market. The chart also shows the median sale prices for these homes.