July 2, 2007
Re: Truckee and Lake Tahoe Real Estate Market
The June blues certainly were evident in the marketplace much like the market up to about the year 2000. The next month will show us if this in fact is the state of the market or that the market has showed further signs of slowing. Sales in the lower end of the market, under $700,000 actually continue to be fairly strong. Stayed tuned.
The hottest market is Kings Beach where redevelopment is having an affect.
On a positive note for the selling side, the overall inventory is not getting out of hand. The number of homes offered for sale is on the low end of the normal range. It is higher than in past years, however as a percentage of the number of homes in the market, the number offered for sale is low. The higher price ranges do have an abnormally high number of homes offered for sale.
There were 11 home sales with the highest price being $899,000. This is consistent with sales numbers last year. There were no lot sales.
There were 2 home sales one of which we represented the buyer. There were 2 lot sales.
Old Greenwood/Grays Crossing
A little flurry of activity in Old Greenwood with 3 sales, 2 of which were on homes that experienced significant price reductions. There were no sales in Grays Crossing. There was one lot sale in Old Greenwood.
There was one home sale and one condo sale, which was not located in the village.
Glenshire/Sierra Meadows/Prosser/Donner Lake
There were 9 home sales with one of those in Pinyon Creek, a new subdivision. The highest priced resale home was $675,000.
Squaw Valley / Alpine Meadows
There was 1 home sale in Alpine and 1 in Squaw Valley. There were no condo sales in Squaw.
Tahoe City / Kings Beach
There were 4 sales in the Tahoe City area with one lakefront and the rest of the homes in the lower price range. There were 10 sales in the Kings Beach area. Redevelopment of Kings Beach is definitely affecting the real estate market.
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.
The Davis ♦ Yoder Realty Group
Keller Williams Boice Realty