Tahoe Donner Real Estate - June 2012
The following Figure shows Tahoe Donner Homes Single Family Home activity from Jan 2008 through Jun 2012. Tahoe Donner is a housing community located in Truckee, CA, on Interstate 80, 15 mi North of Lake Tahoe.
The data is obtained from the Tahoe MLS published data. Note, this data is for single family homes only – contact me for data on Tahoe Donner Condos, Lot Sales or data for other Truckee or Lake Tahoe areas.
Tahoe Donner is a great area to study for market activity since it is has over 5000 homes and therefore presents a large database for meaningful statistical analysis. Home prices vary from roughly $300K to over $1.5M and ages range from brand new to over 30 years old.
Tahoe Donner Single Family Home Closings – Jan ’08 to Jun ‘12
Tahoe Donner Homes – Jun ‘12 Closings
Single Family home closings in Jun ‘12 were 16 homes compared to 19 last month and 21 the month before. Note that sales in Tahoe Donner are extremely seasonal and year to year comparisons are significant to get a valid picture of typical sales activity.
Regarding other activity, there are 6 pending, 25 contingent and 9 active contingent short sales with offers in the works. We can expect an increased level of closings for the rest of the year. From a seasonality point of view Jan is typically the slowest month of the year with increasing sales through the rest of the year. Pending’s are higher than last month (5 vs 1) so closings could have been higher if these pending’s had closed. Keep in mind the difference between closings and when the contract is signed can be 4-8 weeks for open and close of escrow for standard sales and longer for short sales and REOs.
Tahoe Donner Homes – Inventory
The number of Single Family listings was 123 listings at the end of Jun, up from 97 in May and 82 in Apr. When you consider we have approximately 5000 single family homes in Tahoe Donner, inventory continues to be very low – only2.5% of the homes in TD. Inventory will continue to rise to approximately 130 homes over the next 2-3 months if the past seasonality repeats itself.
Tahoe Donner Homes – Days on Market (DOM)
Average Days on Market (DOM) was 80 days, which increased from 47 days last month.
Tahoe Donner Single Family Home Median and Average Home Price – Jan ’08 to Jun ‘12
Tahoe Donner Homes - Average and Median Prices
Average price was $581K and the median price was $500K. Note that there is a very nice uptrend over the last 4 months that has cancelled a downtrend for the 5 previous months. The main reason is that the “mix” of sale prices is changing - the downtrend was due to low end home sales (more distressed than standard sales) whereas now high end home sales are picking up.
Average Price per Sq Ft
I have in the past given an average price per sq ft. The vast majority of distressed sales and subsequent price change is in thehttp://truckeehome411.com/blog/for a post about Tahoe Donner distressed sales analysis to see that the low end sales are where the distressed home activity is significant.
Sold Price vs. Last Listed Price
Historic average sold to last list price tends to be 94 to 96% of last listed price. In Jun it was 97% - buyers are paying a bit closer to listed price. So, when you are buying or selling keep this average number in mind.
Tahoe Donner Real Estate – Single Family Home Closings – Jan 2010 through June 2012
So, what’s the net-net of this picture for home prices in Tahoe Donner? Firstly, the low end home sales, less than $500K, continue to be active – especially in Jun with 44% of sales being for homes less than $500K. Higher end homes are also doing better with increased activity in the $900K to $1.2M price band.
Cash buyers are still out in force – 37% of the 19 sales were all cash deals – investors are active. Even more interesting is that 66% of 9 homes sold over $550K were cash deals.
I hope this data, presented in this form was useful to you. MLS data is available and I encourage the buyer or seller to study the data and arrive at their own conclusions before making a buy or sell decision. Contact me if you would like to discuss these results or see additional data. Prices per sq ft can be a big issue and needs to be understood. This figure of merit for a home has been relatively well behaved for high end homes and very volatile for homes less than $500K, where distressed sales are significant. Call me if you have questions about this.
Gary
email: truckeerealestate@gmail.com
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