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Monthly Update, Market Review November 2007

The Market Monitor
  
November 1, 2007
 
Re: Truckee and Tahoe Real Estate Market
 
Dear Client;
 
Market Overview
 
The market numbers are very much in line with November of 2006. It seems pretty evident the number of sales for the year will end up about the same as 2006.
 
The median price will go down as there have been proportionally many more sales in the lower ranges of the market.
 
The big news is that there were a larger percentage of higher end homes going into contract in October than in previous months. This is being experienced in other areas of the country as well, the high end and lower ends of the market doing the best.
 
The land market is very soft. Currently there is a five year supply of lots on the market. Further softness will be experienced in this market segment. Dramatic price cuts are being experienced to get land sold.
 
The inventory is coming down as sellers are taking their property off the market. In the long run this is healthy. If sellers do not want to price to the current market and what buyers are willing to pay, then ... more

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