The Market Monitor
August 1, 2007
Re: Truckee Real Estate Market
We are over half way through the year and the buzz is how is the market doing? There are some interesting numbers to consider. For the Truckee area the number of sales versus 2006 is up 20%, the total dollar volume just about the same as 2006 and the median price is down about 15%. What does this mean? As has been reported, the lower end of the market is where the activity has been, thereby lowering the median sales price. Including the whole market area, Truckee, North Lake Tahoe, Squaw and Alpine, the number of sales are marginally off, the median price down about 12% and the total dollar volume down 13%.
Now you have to factor in the new projects such as Grays, Timilick, Northstar and Martis Camp. These sales are not included in our numbers. Certainly some buyers would have purchased in the other subdivisions if the new offerings were not available. So overall the market is just as we forecast, about the same as last year with the emphasis being on the lower price ranges and the very high price ranges. The Truckee area is where the action is.
Sales for the year are up 122 versus 111 in 2006, the volume is about the same so the median price is down 7%. Sales for July are the lowest we have ever seen in July 10 versus 16 last year which was the lowest. Last year July was abnormally slow and then August and September saw a burst. There were 3 lot sales. A positive note is that a home listed for $2,495,000 just went into contract on August 1. This is very bullish.
There are 32 homes for sale in Lahontan with several coming on recently. This is high for the subdivision and some of the homes being offered may be sellers moving to the new Martis Creek offering. There have been 4 sales so far this year. A normal total for the year would be 12 so we are off on that schedule. There was one lot sale that basically was a golf membership purchase. Lot was discounted and membership included. It was the lowest priced lot in the subdivision.
Old Greenwood/Grays Crossing
There were no home sales however fractional sales are active. Lots in the latest phase, on the golf course by the Sunset Home are now on the market.
There were no sales in Northstar. It is a major construction zone right now with the Ritz, Village and new condos in the old parking lot, all under construction.
Glenshire/Sierra Meadows/Prosser/Donner Lake
There were 17 sales in this area. Two notable sales at one in Pannonia Ranchos offered at $4,540,000 and a Donner Lake front at $2,850,000.
Squaw Valley / Alpine Meadows
There were 4 home sales in Squaw Valley and 1 condo. Two homes were in excess of $2 million. There was one home sale in Alpine.
Tahoe City / Kings Beach
There were 5 sales in Kings Beach and 7 in the Tahoe City area. Two lakefronts.
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