The Market Monitor

October 2, 2008

Re: Truckee Area Real Estate Market

Dear Client;

Market Overview

How is the market? We get that question wherever we go.

Well, the facts are that in some areas, notably Tahoe Donner and Lahontan, the market is better than a year ago. Inventory has not gotten out of control and that is the most important gauge of the market. Areas in the country that have problems it is because inventory is through the roof. They simply built too many homes there. That is hard to do here do to scarcity of land and approvals.

We actually are seeing multiple offers and back up offers on properties that are priced to or below the market.

Last week, and into this week with the Bailout proposal and markets totally scared, we are seeing offers. Are there people sitting on their hands, you bet? The point is that the market is not stopped.

The segment of the market that is totally upside down is land. There are great deals with prices off 50% and more from the peak. There were only 2 lot sales in the area, both in Grays Crossing, asking price of $160,000 and $150,000

It is a great time to be a buyer.

Tahoe Donner

This area is in high demand. The number of single family home sales is 23% greater than 2007. Dollar volume is up 16%, average sales price is up 6%. The number of homes sold over $1 million is up 142%. Land is another story.

Lahontan

There were no home sales in September however the market is way ahead of last year. There are 11 closed homes so far this year versus 6 at this time last year.

Old Greenwood/Grays Crossing

No home sales in September. These areas have excess inventory and prices have been reduced dramatically.

Northstar

There were 6 residential sales in September. Sales have really been off year to date and then a fury last month

Glenshire/Sierra Meadows/Prosser/Donner Lake

This market is very price sensitive. There were 18 sales, a little off from seasonal norms, however only 4 above $700,000 and none over $1 million.

Squaw Valley / Alpine Meadows

There were 2 home sales in Squaw and no sales in Alpine.

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.

Sincerely,

Bob and Nancy

The Davis ♦ Yoder Realty Group                                                                  

Keller Williams Boice Realty

www.truckeeinfo.com

ryoder@truckeeinfo.com

530-582-3313