The Market Monitor
August 3, 2009
Re: Truckee Area Real Estate Market
We are in the midst of the summer selling season and July was off from the big numbers in June but in line or ahead of the same selling period the last 4 years. The number of sales is still significantly ahead of last year and numerous subdivisions are seeing lots of activity.
The market segment that is getting the most attention is the lower end, under $500,000. It was not very long ago that this market segment did not even exist. First time homebuyers are able to get into the market with lower prices, tax incentives and favorable loan rates.
The upper end especially over $1 million is very challenged. The sales numbers are down dramatically and inventory is up. There have been 50 sales over $1 million this year versus 98 last year. The reduction has been fueled by Tahoe Donner where there are 35 less sales over $1 million this year. The overall inventory has not grown significantly this year and is still below normal levels.
The land market continues to be anemic and prices are down 50% to 75%.
There were 20 home sales with the highest being $859,000. The over $1 million market is way off from last year. There have been 6 sales this year versus 41 last year to this date. From this time forward until the end of 2008 only 2 more homes over $1 million sold. So in other words there were 41 sales the first 7 months of 2008 and there have been 8 in the last year. Currently there are 35 for sale indicating a 4 year supply at this sales level.
The short sale category, those homes that have a higher mortgage than the home value are now growing exponentially. Over 50% of the sales are now short sales.
Inventory levels for the total housing market are below last year.
There were 2 lot sales, one being a multi family lot.
There was 1 home sale in Lahontan and 1 townhome in Timilick. There have been 7 sales so far this year which is right on the historical pace.
There were 2 lot sales in Martis Camp.
Old Greenwood/Grays Crossing
There were 2 home sales in Old Greenwood. There have been 11 home sales in Old Greenwood this year which is right off the charts for sales numbers. There have been 2 home sales in Grays.
There were 2 lot sales in Old Greenwood and 1 in Grays Crossing.
There were 3 home sales, 2 village condo sales and 1 townhome. There have been 11 home sales this year which is right on historical pace.
Glenshire/Sierra Meadows/Prosser/Donner Lake
There were 42 home sales which is a very big month. The median price is $394,000 so it is the entry level of the market. Of these sales about 50% were short sales.
Squaw Valley / Alpine Meadows
There were 8 sales in Squaw and 3 in Alpine Meadows. Prices especially in Squaw have eroded to a level that buyer interest is being generated. There have only been 10 closed sales in Squaw up to this date, so 8 sales in one month is a big jump.
If you would like more detailed information or specific information related to your property, please do not hesitate to call.
If you know anyone that we can assist to become an owner in our beautiful area and be one of your neighbors, please let us know. If there is anything we can do to help you with your business, we would like to know.
Thank you for your support and referrals.
The Davis ♦ Yoder Realty Group
Keller Williams Boice Realty