Truckee Real Estate Market Update

Sales in Truckee have picked up a little in the past couple weeks. 7 new homes came on the market this week in Truckee to make a total of 280 currently listed single family homes. 2 homes went into escrow this week - 1 in in Prosser and 1 in Sierra Meadows. There are currently 17 single family homes under contract in Truckee. 6 homes sold in Truckee this week. 5 of them were listed in the high $300K range to the high $400K range. The most expensive home was one in Northstar that sold for $1,075,000. The average list to sales price was 93%. The absorption rate in Truckee is currently around 6% and there is still about 16 months of inventory for the whole area. Here is a snapshot of the sales activity for the different neighborhoods in Truckee for the week of August 24, 2008-August 31, 2008.

AREA	Current homes/ condos		Low	High	Avg.	Avg. days listed	SFR Pend-ing	Sold SFR
Tahoe Donner	183	33	$299,950	$5.5 mil.	$617,466	106	23	3
Sierra Meadows/ Prosser	51	3	$270K	$2,695K	$780,821	109	7	2
Lahanton	30	0	$1,695K	$7,950K	$3,243,916	241	1	0
Gray’s Crossing/ Old Green.	36	8	$1,149K	$3,995K	$1,960,916	155	0	0
Northstar	41	62	$799K	$4,950K	$1,603,754	157	1	1
Alpine M./ Squaw Vly.	48	90	$499K	$5,750K	$1,787,395	184	6	0
Donner Lake	49	5	$329K	$3,950K	$972,653	165	3	3
Glenshire/ Devonshire	63	0	$279K	$2,950K	$762,077	132	3	2

Tahoe Donner Weekly Market Update

Lots of activity again this week in Tahoe Donner. We have seen quite a few price reductions in the past few weeks as sellers are trying to take advantage of the last couple busy weekends of the summer. There were 27 price reductions on listed properties in Tahoe Donner this week! 4 single family homes and 2 condos went into escrow this week. There are now 23 homes and 2 condos in escrow in Tahoe Donner. Of the homes that went pending, 2 of them were listed over $1.2 million. 3 homes and 2 condos sold this week. The lowest home sold for $407,000 and the highest sold for $690,000. The average list to sales price for these homes was 98%. 9 new homes came on the market this week in Tahoe Donner. These ranged in price from $359,900 to $1,299,950. There are currently 183 homes listed in Tahoe Donner. The market absorption rate is currently 12.5% and there is about 8 months of inventory remaining.

Truckee Best Buys

We have seen quite a few price reductions in the past couple weeks. Seems like sellers are trying to take advantage of the last couple weeks of the busy buying season before things slow down. Here are some of the best values for homes in Truckee right now:

Old Greenwood: 12695 Caleb Drive Amazing golf course view home in Old Greenwood! Almost brand new!
Tahoe Donner: 14627 Alder Creek Another spectacular new listing in Tahoe Donner.
Northstar: 226 Basque One of the best buys in Northstar right now.
Glenshire: 10557 Stuart Staithe Great property in Glenshire! Currently listed as a short sale.

Tahoe/Truckee Mid Year Residential Report 2008

This mid year residential report for the Tahoe/Truckee area was just published by our company. It compares pricing for this year compared to years past. This is what it has to say about Truckee:

Alpine Meadows/Squaw Valley to Truckee – Price declines were more moderate in this area than others. Median prices for single-family homes declined by 2% to $633,000. The average price actually posted a 2% gain to $833,000. Single-family sales volume declined by 16% dropping from $192.7 million to $161.6 million. Units sold were off 18% to 194. The median condo price increased by 7% and the average price moved up 12% to $944,136. These price increases were driven by new condo sales at premier developments in areas like Northstar. Overall, condominium sales declined with volume and unit sales down 31% and 38% respectively.

Click on the picture below to see the full report…

Truckee Real Estate Market Update

Here is a snap shot of the market in the Truckee area for the past week (August 17, 2008-August 24, 2008).

14 new homes came on the market in Truckee this past week. One of them already went pending! 4 other single family homes went into contract this week. There are currently 8 single family homes under contract in Truckee which gives the market an aborption rate of about 15%. One home sold this week. It was a short sale in Prosser that sold for $400K (on the market for 274 days, originally listed for $500K). 52 homes are actively listed giving us about 6 1/2 months of inventory still remaining.

AREA	Current homes/ condos		Low	High	Avg.	Avg. days listed	SFR Pend-ing	Sold SFR
Tahoe Donner	184	38	$299,950	$5.5 mil.	$969,573	117	22	4
Sierra Meadows/ Prosser	52	3	$270K	$2,695K	$783,421	105	8	1
Lahanton	29	0	$1,695K	$7,950K	$3,293,879	242	1	0
Gray’s Crossing/ Old Green.	35	8	$1,149K	$3,995K	$1,946,257	152	0	1
Northstar	41	64	$799K	$4,950K	$1,606,925	150	2	0
Alpine M./ Squaw Vly.	49	92	$499K	$5,750K	$1,777,408	177	6	1
Donner Lake	50	5	$99,900	$3,950K	$959,014	176	6	0
Glenshire/ Devonshire	60	0	$279K	$2,950K	$754,725	131	5	0

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