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August 2009 Truckee Real Estate Market Update

 
The Market Monitor
 
August 3, 2009
 
Re: Truckee Area Real Estate Market
 
Dear Client;
 
Market Overview
 
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 ... more

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