The Market Monitor
November 1, 2007
Re: Truckee and Tahoe Real Estate Market
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 it is better to have this inventory off the market. This will bring the market into balance quicker.
It certainly is a great time to be a buyer with lower prices, great inventory to choose from and favorable rates.
Just about identical to 2006 with the same number of sales and just about the same standing inventory. The interesting point is that there were 38 new listings versus 27 a year ago. This could be due to expiring homes being relisted.
There were no lot sales in October.
There was one home sale in October. Another home closed escrowed approximately 10% less than it was purchased for in 2000.
There were no lot sales
Old Greenwood/Grays Crossing
There were no home sales. Lots are selling below original purchase price in The Bluffs at Grays Crossing and some asking prices in The Ridge and The Meadows are below purchase price.
There were no lot sales.
There were 4 home sales and 3 condominium sales with one of those in The Village.
There were no lot sales.
Glenshire/Sierra Meadows/Prosser/Donner Lake
There were 11 home sales with 8 under $600,000.
Squaw Valley / Alpine Meadows
There were 2 home sales in Alpine Meadows and 3 condos in Squaw. One of the home sales in Alpine was a new home offered at $1,895,000 represented by the Davis Yoder Realty Group. It is scheduled to be completed by December 15, 2007
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